The overview of the Australian economy

Australian economy consists of three industries :

Primary industry ( agricultural and pastoral industries),secondary industry(manufacturing industry) and tertiary industry(service industry)

Development of Australian economy

After the World War 2 the Australian’s economy has changed from mainly agricultural production(p 192 primary industry) to a mature and diverse one in which manufacturing industry is growing and service industry is developing .

Cause spurred a expansion of the secondary production

demands of World War 2 and a strong post war

Immigration program.

Overall situation of Australian primary industry

Australia is one of the world’s major exporters of agricultural products. It has about 125 000agricultural and pastoral; properties .The agricultural sector account for less then five per cent of gross domestic product but account for about of export income.

The wool -growing industry among Austria ’s agricultural export leader

It is the world’s largest single export of beef and veal

All Australian’s substantial production of pig and poultry meat is sold on the domestic market.

Dairy ,Australia’s fourth largest agricultural industry .

Wheat production averages about 15 million tone a year

Australia’s main coarse grain crops are barley ,oats,sorghum.maize and triticale with small area of rye and millet also being grown

Overall situation of Australian manufacturing industry

Australia has a dynamic economy ,with political stability , abundant natural resources , skillful workforce , steady population growth and substantial domestic and foreign investment.The manufacturing represent more than a quarter of Australia’s total export,service industry is the largest segment of the Australian economy.

Feature of the manufacturing : the economy has been undergoing major restructuring ,in order to meet the needs flexibility and efficiency for completing successfully in a global market

Advantages:1)it has the advantage of being geographically

investment part of the Asia-Pacific2)it has high capital ,many Australian companies manufacture under license from oversee,

Tertiary industry-service industry

Trade: Australia is a key supplier to the world of many import commodities ,has a broad mix of exports and runs a large merchandise trade surplus .The exports in which it leads the world are alumina ,wool ,beef and veal,coal ,mineral sands ,and refined lead. Other import commodities of which it is a key supplier include wheat,sugar,iron ore,and bauxite,nickel ,zinc and its ore

Resources and energy:

There were gold discoveries ,followed by other metal ores and coal in the history in Australia

It now has the world’s bauxite(from which comes alumina)

The largest alumina exporter and a major producers of mineral and metals.It has major deposits of black and brow coal ,mineral sands ,gold lead ,zinc,iron, copper, nickel manganese, uranium and diamonds

It is the world;s largest exporters of coal and a major exporters of uranium , and exports significant quantities of light crude oil and liquefied natural gas

Trade

Australia is a key supplier to the world of many important commodities ,has a broad mix of exports and runs a large merchandise trade surplus.(p 189 ,pa 1)

Change in the pattern of Australia’s international trade in the last 25 years.

a decline in the rural sector’s share of total exports

a growth in Japan’s importance as a trading partner a decline in Britain’s ;and a deliberate and successful diversification.

Australia ‘s import pattern is: it imports a lot of capital equipment and relative little food or raw materials