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Australia’s Economy and Major Events Essay

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Updated: May 3rd, 2022

Australia is highly developed. It is ranked fifth among countries with the highest per capita income in the world. It is also the 13th-largest country with the largest economy and military expenditure. Australia is also ranked highly when it comes to national performance in terms of health, quality of life, political rights, education and economic freedom (John & Kenneth 120).

The economic market in Australia is characterized by high GDP per capital. The poverty rate is also low in the economic market. There are numerous resources in Australia, and that is why they prefer to export goods instead of manufacturing them. Australia is a growing nation; over the last 15 years, the nation has recorded an annual growth rate of 3.6 %. Australia has recorded a significant increase in its terms of trade as a result of the rise in prices of the commodity. Australia has a negative payment balance. However, despite this, Australia currently has huge account errors.

Australia Dollar (AUD) is the currency used in the nation. The currency unit/symbol used internationally is “A$”. Just like the United States dollar, the Australian dollar is also divided into cents comprising of 100 smaller units. Today, the Australian dollar is ranked third in the world among most traded currencies with United States dollar taking the lead. By January 2012, the exchange rate between Australia and the United States was: U.S. $1.037 = A$1.

Being a modern and industrialized nation, there are both professional jobs and ordinary jobs in Australia. Most people in Australia are farmers. They grow cereal crops which are then exported to different parts of the world (Macintyre 102). There are also many mining industries in Australia which offer jobs to the citizens. There are also scientific and medical researchers in Australia and this means that the country has a huge number of educated persons.

Australian’s major exports are Iron ore, gold, oil, coil, wheat, gas, travel services and education services. Goods worth $276.6 billion were exported in 2010-2011. On the other hand, Australia’s major imports are petroleum, medicaments, motor vehicles, freight transport services, telecom equipment and refined petroleum (Robinson &Tranter).

Goods worth $276.6 billion were imported in Australia in 2011-2012. Major markets or trade partners of Australia are China, United States, India, Japan, the United Kingdom, and Korea. Australia’s major suppliers are Singapore, China, Thailand, the United States, and Japan.

Major history events in Australia

1891 – 1901- severe depression felt in Australia with major banks poor performance, high rate of unemployment, and many people lost their jobs.

1902- Women gave their voting rights in federal elections in Australia.

1912- Australian women are sent to play in the Olympic Games for the first time.

1932-Sydney Harbor Bridge officially opened for use.

1939-71 deaths caused by bushfires of Victoria. The day was marked as Black Friday.

1939- Australia affirms war on Germany.

1942- Darwin and many centers in the northern parts of Australia are bombed by Japanese.

1950- Tremendous decline in the Australian population as a result of post-war immigration. Ten thousands of immigrants from different parts of the world brought to Australia to populate the nation.

1954-Petrov Affair

1965-Australian army sent to take part in the Vietnam War as major allies of the United States.

1966- Australian currency is adopted.

1973-Sydney Opera House official opening.

1975-Whitlam is dismissed of his duties

1983-75 killed by bushfires from the southern parts of Australians. The day marked as Ash Wednesday.

1989- Newcastle earthquake resulting in fatalities.

Works Cited

John, Wild & Kenneth, Wild. International Business: The Challenges of Globalization, Sixth Edition. Prentice: Prentice Hall, 2011. Print.

Macintyre, Stuart. A Concise History of Australia. Cambridge: , 2000. Print.

Robinson, Marlin &Tranter, Peter. Australia and New Zealand: economy, society and environment. London: Arnold Publishers, 2000. Print.

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