Australia Economic Analysis: Banking and Mining Forward

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Australian economy has been doing consistently well in last few years. Although, global economic crisis has affected it to a certain extent, Australia is still one of world’s countries with economic stability. Australian government reforms introduced at various points in time has been largely responsible for economic development of this country. Australia economic analysis reveals a lot about its economic prosperity.

Australia GDP growth


Australian economy has been doing consistently well in last few years. Although, global economic crisis has affected it to a certain extent, Australia is still one of world’s countries with economic stability. Australian government reforms introduced at various points in time has been largely responsible for economic development of this country. Australia economic analysis reveals a lot about its economic prosperity.

Australia GDP growth
Australia gross domestic product rose by 2.6 percent in 2008. Future predictions indicate that Australia’s GDP is likely to hover around 2.1 percent. Throughout 2009-2013, gross domestic product growth in Australia is likely to be about 2.4 percent. Australia’s gross domestic product is 17th largest in world.

Australia trade
By May 2008, total exports made by Australia had reached about $21.9 billion. Export sector has been a major contributor to Australia’s economy. Imports, around same time, had registered a growth of about 17.0 percent over previous year figure. Imports in Australia had reached around $22.8 billion.

Rising inflation
In September 2008, inflation rate touched 5 percent. Interest rates have been increased by Reserve Bank of Australia to counter this problem.

Australia economic analysis: Strengths and weaknesses
Australia’s strong banking system had a major role to play in this nation’s economic prosperity. It has proved to be a major factor that has helped Australia to counter problems raised by current global economic and financial crisis. Financial sector has been doing quite well given factors like high profitability, efficient management, and strong capitalization working in its favor.

Mining sector has played an important part in protecting Australia from effects of global economic crisis. But of late, mining sector has been facing certain challenges that is likely to affect Australia’s economy. Mining sector is also responsible for taking up a large percentage of Australia’s labor force and resources. High inflation has also caused a few problems for people living in Australia.

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