A vital component to this growth has been the gradual shift of markets by Australia’s industry sectors. Previously, Australia’s industry sectors main focus was to serve the needs of the European and North America markets; however Australia’s decision to turn its attentions to the East Asian markets, particularly China and Japan, has coincided with Australia’s recent economic progress.
In 2010, Australia’s GDP was made up of agriculture (3.8 percent), industry (24.9 percent), services (71.3 percent).
Australia has a dynamic service industry which includes banking, insurance and finance; the media and entertainment industries; consulting, tourism and retail; services provided by government, such as education, health and welfare; and other personal and business services.
Among these industries, banking, finance and insurance are the best performers; providing the highest gross-value as well as being among the fastest growing industries in Australia. The Australian share market is the second largest in the Asia–Pacific region behind Japan, based on free-float market capitalisation. The Australian Securities Exchange is also the 11th largest stock exchange in the world going by market capitalisation.