AUSTRALIA'S ECONOMIC ANALYSIS

Australia's Economic Analysis



Australia's Economic Analysis

Introduction

Australia is a highly developed industrial-agrarian country with a diversified economy and a high scientific and technical potential. It occupies 12th place among the members of the Organization for Economic Cooperation and Development (OECD) on main statistical indicators, including the standard of living.

In recent years, the country's restructuring of their economies. As a result of the eighties and fundamental structural changes due to significant capital invested in the Australian economy (especially in mining and energy sector, which plays a key role in the economy), as well as introduction of new technologies, in Australia there is a steady economic recovery.

Discussion

Australia has very large reserves of energy and mineral resources (oil, natural gas, coal, lignite, iron, manganese and uranium ore, bauxite, etc.). Developed in this chemical, electrical, metallurgical industry, the automotive industry (Poke & Wells, 2009). Reserves of iron ore of superior quality, Australia ranks second in the world, has large reserves of oil and natural gas, is one of the largest manufacturers and exporters of coal, aluminum, copper, titanium ore, uranium, diamonds, among the five largest manufacturers in the world gold zinc and lead. Electricity production per capita, Australia is one of the first places in the world.

Assortment of products in Australia is very, very wide - from food and fashion, from electronics and household items to complex product precision instrument and most modern facilities for the oil industry and the plastics industry. Australia is the world's largest producer and supplier of high quality wool, one of the leading exporters of meat and wheat. An important part of Australia's exports are dairy products, rice, sugar, fruits, high-quality wines, as well as cotton (Dowrick & Quiggin, 1993). Trade relations associate Australia with almost 200 countries around the world. The growth rate of exports of Australian manufactured goods is almost twice the average growth rate of exports to countries that are OECD members.

Significant contribution to the Australian economy, as well as the whole world of science and technology is made by Australian scientists and researchers, who own a large number of inventions and developments of new technologies in the mining industry, agriculture, processing and other industries that use high technology, as well as in medicine, education, and in several other sectors of the economy.

The advantage of living in Australia is the level of wages, or rather even say - revenue minus the cost of living. The main plus and trump card - earn well in Australia (compared with the Ukraine, but worse than in the States) (Haig, 1989). The minimum wage - $ 10 per hour (hereinafter all prices in Australian dollars 1,55 AU $ = a US $). In reality, a Russian programmer and earn 15 and 20 an hour (but it is - not minusuya taxes). After taxes is about 12-15, in the worst case net of 500-450 dollars a week out. Living expenses (weekly) Housing - 160-200, the products - 60 - 80 accounts - 50-80, transport - ...