Australia Economic Review

Australia economic review reveals that economy of Australia is dominated by service sector, although agricultural and mining sectors account for a sizable portion in economy of Australia. Wayne Swan, treasurer of Australia has reported that economic performance of nation is good for 2008- 2009, which implies that Australian economy is prosperous and is continually developing.

As per economic review in Australia economic performance has placed this country in a better position to withstand present financial crunch that most other countries of world. Expansionary monetary policies are implemented by Reserve Bank of Australia. This is done by reduction of cash rate and this has added to deflation of Australian dollar. In fiscal 2009, it is expected that Australian dollar will drop in value and in future lower rates will be offered.

Economic review of Australia informs that in December 2008 quarter, inflation figures decreased by 0.3 percent, as per reports from Australian Bureau of Statistics. GDP purchasing power parity of Australia as estimated in fiscal 2008 was $824.9 billion. Official exchange rate of GDP as was predicted in 2008 was $1.069 trillion. Real growth rate to GDP was 2.5 percent. $39,300 is GDP – per capita as was projected in 2008.

As per Australia economic review economy of Australia is included among laissez-faire industrial economies of world. More focus is given on exports of commodities rather than manufacturing. Australia economic review projects that 10,033,480 people were employed as per reports of 2007.

It has been found that service sector of economy, which comprises tourism, education and financial services compose 69 percent of GDP of Australia. Largest export markets of Australia are Japan, China, US, South Korea and New Zealand. Other than industrial and service goods, Australia also exports agricultural products like wheat, wool, iron-ore, gold, liquefied natural gas and coal. Australia economic review reports that Australia has a labor force of about 11.21 million. Mining sector of Australia has developed largely in recent times.

Australia economic review reveals that strength of economy of Australia is maintained by its reforms. For modernization of Australian economy, Australian Labor Party and Liberal Party of Australia have always been instrumental. Present development areas, as has been pointed out by Australia Economic Review, are large current account deficit, a real estate bubble, absence of export-oriented industry and elevated levels of net foreign debt.