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Economy of Australia

The economy of Australia is one of the largest mixed market economies in the world, with a GDP of AUD$1.62 trillion as of 2015. Australia's total wealth is AUD$6.4 trillion. In 2012, it was the 12th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes quarterly forecasts of the economy.

The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 7% of GDP; including services to mining, the total value of the mining industry in 2009-10 was 8.4% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector (12% of GDP) with the products to be exported mainly to the East Asian market. Despite the recent decline of the mining boom in the country, the Australian economy has remained resilient and stable.

The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific and ranks 14th in the world in terms of market capitalisation. Australia is home to some of the largest companies in the world, including but not limited to, BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank,Woolworths and AMP - which also are the 10 largest companies in Australia.

Sectors

Mining

Coal is mined primarily in Queensland, New South Wales and Victoria. 54% of the coal mined in Australia is exported, mostly to East Asia. In 2000/01, 258.5 million tonnes of coal was mined, and 193.6 million tonnes exported. Coal provides about 85% of Australia's electricity production. Australia is the world's leading coal exporter.

Manufacturing

The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in 2007.

Agriculture

Agriculture contributes 3% of Australia's GDP at the farm gate and when value-added processing beyond the farm is included this figure rises to 12%. 60% of farm products are exported.

Services

IT related jobs (such as computer system design and engineering) are defined as Professional, Scientific and Technical Services by the Department of Education, Employment and Workplace Relations of Australia. IT job creation occurs mostly in the state capital cities of Australia.

Finance

Australia's four 'Big Banks' are among the 'World's 50 Safest Banks' as of April 2012. The four largest banks in Australia are also known as the "Big Four".

Tourism

In the financial year 2010-11, the tourism industry represented 2.5% of Australia's GDP, at a value of about $35 billion to the national economy - equivalent to $94.8 million a day to the Australian economy. Domestic tourism is a significant part of the tourism industry, and was responsible for 73% of the total direct tourism GDP.

Media

In 2011-12, Australia was ranked 30th out of 179 countries in accordance to press freedom. Media is a strong industry in Australia, with Fairfax Media and News Corporation representing two of the country's largest media companies.



This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Australia"

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