INTRODUCTION

Australia is a developed country with a mixed-market economy that is highly

dependent on international trade. The country has a relatively high standard of living
and is known for its natural resources, strong financial sector, and well-developed
infrastructure.

Gross Domestic Product (GDP) and Sectoral Composition: According to the World
Bank, Australia's GDP was approximately US$1.4 trillion in 2020. The country has a
highly diversified economy, with services accounting for around 62% of GDP,
followed by mining (10%), manufacturing (6%), construction (8%), and agriculture
(2%). The service sector includes areas such as finance, education, healthcare,
tourism, and retail.

International Trade: Australia is highly dependent on international trade, with exports

accounting for around 22% of GDP in 2020. The country is a major exporter of
natural resources such as coal, iron ore, and natural gas, as well as agricultural
products such as meat, dairy, and wine. Its largest trading partners include China,
Japan, the United States, and South Korea.

Employment and Unemployment: The unemployment rate in Australia was 4.6% in

February 2023, according to the Australian Bureau of Statistics. The country has a
relatively low unemployment rate compared to many other developed countries. The
labor force is highly skilled and educated, with a strong focus on technical and
vocational education and training.

Fiscal and Monetary Policy: Australia has a well-developed system of fiscal and
monetary policy. The government has a long-standing commitment to sound
economic management, with a focus on achieving budget surpluses and reducing
public debt. The Reserve Bank of Australia is responsible for setting monetary policy,
with a focus on achieving a target inflation rate of 2-3%.

Challenges: Australia faces several economic challenges, including the need to

diversify its economy away from natural resources, address rising income inequality,
and manage the impacts of climate change. The country is also grappling with the
ongoing COVID-19 pandemic, which has had significant economic impacts,
particularly in the tourism and hospitality sectors.

In conclusion, Australia has a diversified and relatively robust economy, with a strong
focus on international trade and sound fiscal and monetary policy. However, the
country faces several economic challenges, which will require ongoing attention and
investment to address.
 A. Total Population:

1. Growth Rates: According to the Australian Bureau of Statistics, the estimated resident
population of Australia in September 2022 was 25.9 million, with an annual growth
rate of 1.3%.
2. Number of Live Births: In 2020, there were 303,159 registered live births in Australia,
according to the Australian Bureau of Statistics.
3. Birthrates: The crude birth rate in Australia in 2020 was 11.7 births per 1,000
population.

B. Distribution of Population:

1. Age: According to the Australian Bureau of Statistics, the median age of the
Australian population in 2021 was 38.5 years. The age distribution of the population
is fairly evenly spread, with around 15% of the population aged 65 years and over.
2. Sex: In 2021, the estimated sex ratio in Australia was 98.5 males per 100 females.
3. Geographic Areas: Australia is predominantly an urban country, with around 86% of
the population living in urban areas. The majority of the population lives along the
eastern and southeastern coasts, with the largest cities being Sydney, Melbourne,
Brisbane, Perth, and Adelaide.

Australia is a highly developed country with a market-oriented economy that is

characterized by its abundant natural resources, a well-educated and skilled
workforce, and a stable political environment. Here are some key economic statistics
and activities of Australia:

1. Gross Domestic Product (GDP): In 2021, the GDP of Australia was estimated at
US$1.39 trillion, making it the 13th largest economy in the world.
2. Unemployment rate: As of February 2023, the unemployment rate in Australia was
4.5%, which is relatively low compared to many other developed countries.
3. Key industries: Some of the major industries in Australia include mining, agriculture,
manufacturing, and services. The mining industry is particularly significant, with
Australia being one of the world's leading producers of coal, iron ore, and other
minerals.
4. Trade: Australia is a major trading nation, with exports accounting for around 20% of
its GDP. The country's major trading partners include China, Japan, South Korea, and
the United States.
5. Tourism: Tourism is a significant contributor to Australia's economy, with millions of
international visitors arriving in the country each year to enjoy its natural beauty and
cultural attractions.
6. Government debt: As of 2021, the Australian government's debt-to-GDP ratio was
around 44%, which is relatively low compared to many other developed countries.
7. Inflation: Inflation in Australia has been relatively low and stable in recent years, with
an average rate of around 2% over the past decade.

Overall, Australia's economy is considered to be one of the most stable and

prosperous in the world, with a diverse range of industries and a well-educated and
skilled workforce.

E. Minerals and resources:

Australia is a country rich in natural resources and minerals. Some of the major minerals and
resources found in Australia include coal, iron ore, gold, copper, natural gas, and uranium.
Australia is one of the world's leading producers of these minerals and resources, and they are
important exports for the country.

F. Surface transportation:

1. Modes: Surface transportation in Australia primarily consists of road, rail, and air transport. Road
transport is the most common mode of transportation in the country, with a well-developed
network of highways and roads connecting major cities and towns. Rail transport is also
significant, particularly for the transportation of minerals and resources from remote areas to
ports.
2. Availability: Surface transportation is generally available throughout the country, although some
remote areas may have limited access to transportation services. The quality and availability of
transportation infrastructure varies across different regions of the country.
3. Usage rates: The usage rates of surface transportation in Australia are generally high, particularly
for road transport. Australians rely heavily on cars and other road vehicles for transportation, with
around 19 million registered vehicles in the country as of 2021. Rail transport is also widely used,
particularly for the transportation of goods.
4. Ports: Australia has a number of major ports, including Port of Brisbane, Port of Melbourne, Port
of Sydney, and Port of Fremantle. These ports are important for the transportation of goods and
minerals, and play a key role in the country's economy. Many of these ports are located on the
east coast of the country, which is the most densely populated region of Australia.

Working conditions of Australia –

1. Employer-employee relations:

The Australian industrial relations system is a complex web of federal and state laws
and regulations, as well as industry awards and enterprise agreements. Employers are
required to comply with a range of legislation and regulations relating to minimum
wages and conditions, anti-discrimination, health and safety, and other employment
matters.

The Fair Work Act 2009 is the key piece of legislation governing employer-employee
relations in Australia. It sets out the rights and obligations of employers and
employees, including the minimum wage, working hours, leave entitlements, and the
 process for resolving disputes. Employers are required to provide a safe and healthy
workplace, and must take steps to prevent discrimination, harassment, and bullying.

2. Employee participation:

Employee participation in decision-making is encouraged in Australia, and many

employers have systems in place for consulting with employees on workplace issues.
The Fair Work Act 2009 provides for enterprise bargaining, which allows employees
to negotiate with their employer for better wages and conditions.

There are also a number of employee representative bodies in Australia, such as

trade unions and employee associations, which provide support and advocacy for
workers. Employees are entitled to join a union or association of their choice, and
employers are prohibited from discriminating against employees on the basis of
union membership.

3. Salaries and benefits:

The minimum wage in Australia is set by the Fair Work Commission, and is reviewed
annually. As of July 2021, the minimum wage for full-time adult employees is $20.33
per hour. However, many employees receive higher wages through industry awards
or enterprise agreements negotiated with their employer.

In addition to wages, employees in Australia are entitled to a range of benefits,

including annual leave, sick leave, and parental leave. Superannuation, or retirement
savings, is also a mandatory benefit for most employees, with employers required to
contribute a minimum of 10% of an employee's salary into a nominated fund.

Other benefits may vary depending on the employer and industry, but may include
health insurance, flexible working arrangements, and training and development
opportunities.

Principal Industries in Australia:

1. Mining: The mining industry is one of the most significant industries in Australia,
contributing around 10% of the country's GDP. This industry is primarily focused on
the extraction of minerals and resources, including coal, iron ore, gold, and natural
gas.
2. Agriculture: Agriculture is also an important industry in Australia, contributing around
3% of the country's GDP. The industry is diverse and includes the production of crops
such as wheat, barley, and cotton, as well as the production of livestock and dairy
products.
3. Manufacturing: The manufacturing industry is significant in Australia, contributing
around 6% of the country's GDP. This industry includes the production of a range of
goods, including machinery, transport equipment, and food products.
4. Services: The services sector is the largest industry in Australia, contributing around
70% of the country's GDP. This industry includes a diverse range of services,
including finance, healthcare, education, tourism, and professional services.
5. Ratio of private to publicly owned industries:

In Australia, the majority of industries are privately owned. According to a 2021

report by the Australian Bureau of Statistics, around 84% of businesses in Australia
are classified as being in the private sector, while the remaining 16% are in the public
sector. The mining and manufacturing industries are primarily privately owned, while
the services sector includes a mix of private and public organizations, including
government agencies and non-profit organizations.

International trade statistics-

1. Major exports: a. In 2020, Australia's major exports were iron ore ($97.3 billion), coal
($51.6 billion), natural gas ($18.3 billion), education-related travel services ($12.9
billion), and gold ($12.7 billion) (Source: Australian Bureau of Statistics). b. The trend
for Australia's major exports has generally been increasing over the past decade, with
the exception of coal, which has experienced some fluctuations. Iron ore and natural
gas have been the top two exports since 2011.
2. Major imports: a. In 2020, Australia's major imports were refined petroleum ($10.8
billion), crude petroleum ($9.5 billion), personal travel services ($9.1 billion),
passenger motor vehicles ($8.5 billion), and telecommunications equipment ($7.4
billion) (Source: Australian Bureau of Statistics). b. The trend for Australia's major
imports has also generally been increasing over the past decade, with the exception
of personal travel services, which experienced a significant decline in 2020 due to
COVID-19 travel restrictions. Refined petroleum and crude petroleum have
consistently been the top two imports since 2011.

Balance-of-payments situation
a. Surplus or deficit?

The balance of payments (BoP) is a record of a country's transactions with the rest of
the world. It includes trade in goods and services, investment flows, and transfers
such as aid and remittances.

As of the latest available data for 2021, Australia has been experiencing a current
account surplus in its balance of payments. This means that Australia's exports of
 goods and services are greater than its imports, and that it is earning more from
foreign investments and remittances than it is paying out. This is a positive indicator
of Australia's economic health.

b. Recent trends

Australia's balance of payments has been relatively stable in recent years, with a
consistent surplus in the current account. This has been driven by a number of
factors, including:

 Strong demand for Australian commodities such as iron ore, coal, and natural gas,
particularly from China
 A decline in imports due to reduced demand during the COVID-19 pandemic, which
has helped to boost the trade surplus
 A weakening of the Australian dollar, which has made exports more competitive and
boosted earnings from overseas investments

However, there are also some potential risks to the balance of payments. For
example, a slowdown in Chinese demand for Australian commodities could have a
significant impact on the trade surplus. Additionally, the ongoing pandemic and
associated travel restrictions could impact on service exports, such as education and
tourism, which are important sources of income for Australia.

Exchange Rates

a. Single or multiple exchange rates?

Australia operates with a flexible exchange rate regime, meaning that it does not
have a fixed exchange rate with any other currency. Instead, the Australian dollar
(AUD) is allowed to float freely in the foreign exchange market, with its value
determined by market forces of supply and demand. As such, there is a single
exchange rate for the Australian dollar against other currencies, but this rate is
subject to fluctuations depending on a range of economic and political factors.

b. Current rate of exchange

The current exchange rate for the Australian dollar varies depending on the currency
it is being exchanged with. As of March 22nd, 2023, the exchange rate for AUD/USD
(Australian dollar to United States dollar) is approximately 0.77, meaning that one
Australian dollar can be exchanged for 0.77 US dollars.
 It's important to note that exchange rates can be highly volatile and subject to
frequent fluctuations due to various factors such as global economic conditions,
central bank policies, geopolitical events, and market sentiment.

c. Trends

Exchange rate trends for the Australian dollar can be influenced by a range of factors,
including interest rates, inflation, economic growth, and global commodity prices.

In recent years, the Australian dollar has experienced significant fluctuations due to
global economic events, such as the COVID-19 pandemic and ongoing trade
tensions between the United States and China. In general, a weaker Australian dollar
tends to be more favorable for exporters and the tourism industry, as it makes
Australian goods and services more competitive on the global market

Trade restrictions in Australia

1. Embargoes: An embargo is a trade restriction that prohibits trade with a particular

country or group of countries. Australia has implemented embargoes on certain
countries, including North Korea, Syria, and Iran, as well as specific individuals and
organizations that are subject to targeted sanctions.
2. Quotas: A quota is a trade restriction that limits the quantity of a particular product
that can be imported into a country. Australia has implemented quotas on certain
agricultural products, such as sugar and dairy, to protect its domestic producers from
foreign competition.
3. Import taxes: Import taxes, also known as tariffs, are fees imposed on imported
goods at the point of entry into a country. Australia has a system of import tariffs
that varies depending on the product and the country of origin. The purpose of these
tariffs is to protect Australian industries from foreign competition, and to generate
revenue for the government.

It is important to note that trade restrictions can have both positive and negative
effects on the economy. While they can protect domestic industries and promote
national security, they can also increase the cost of imported goods for consumers
and limit international trade.

4. Tariffs: Tariffs, also known as customs duties, are taxes imposed on goods that are
imported into a country. Australia has a system of tariffs that is designed to protect
its domestic industries from foreign competition. Tariffs vary depending on the type
of product, its country of origin, and the tariff classification.
5. Licensing: Import licensing is a trade restriction that requires importers to obtain a
license from the government before they can import certain products. Australia has
import licensing requirements for a range of products, including firearms, certain
chemicals, and controlled substances. The purpose of import licensing is to regulate
the importation of potentially harmful goods and to ensure compliance with
domestic laws and regulations.
6. Customs duties: Customs duties, also known as customs fees or import duties, are
charges levied by the government on imported goods. These fees are used to
generate revenue for the government, and to protect domestic industries from
foreign competition. Australia has a system of customs duties that varies depending
on the type of product and the country of origin.

Developments in science and technology

Australia has made significant developments in science and technology in recent

years. Here are some of the key areas of development:

1. Medical research: Australia has a strong reputation for medical research, with a
number of world-class research institutions and universities. The country has made
significant contributions to the fields of cancer research, genetics, and neuroscience,
among others.
2. Renewable energy: Australia has invested heavily in renewable energy in recent years,
particularly in solar and wind power. The country is a world leader in rooftop solar
power and has set ambitious targets for the adoption of renewable energy sources.
3. Space exploration: Australia has a growing space industry, with a number of
companies involved in satellite manufacturing, rocket launch services, and space
exploration. The country has also established a space agency, the Australian Space
Agency, which is focused on promoting the growth of the domestic space industry.
4. Information technology: Australia has a strong information technology sector, with a
number of innovative companies involved in software development, artificial
intelligence, and other cutting-edge technologies. The country has also established a
number of tech hubs and accelerators to support the growth of the sector.
5. Biotechnology: Australia has a growing biotechnology industry, with a number of
companies involved in drug discovery, medical device development, and other areas
of biotech research. The country has a highly skilled workforce in this field and has
established a number of research centers and institutes to support the growth of the
industry.

Availability and Costs of Media in Australia:

1. Television: Television is widely available in Australia, with free-to-air and
subscription-based services. The three main free-to-air networks are the Australian
Broadcasting Corporation (ABC), the Special Broadcasting Service (SBS), and the
Seven, Nine, and Ten Network. Subscription-based services include Foxtel and
Netflix. The cost of subscription-based services varies depending on the package
selected, with some plans starting from as low as AUD 10 per month.
2. Radio: Radio is widely available in Australia, with a range of free-to-air and
subscription-based services. The Australian Broadcasting Corporation (ABC) and the
Special Broadcasting Service (SBS) both offer national and local radio services.
Commercial radio stations are also available, with a range of formats and genres. The
cost of radio services is generally free for the listener, with some subscription-based
services available for those who want to listen to ad-free or premium content.
3. Print: Print media in Australia includes newspapers, magazines, and books. Major
newspapers include The Australian, The Sydney Morning Herald, and The Age. The
cost of print media varies depending on the publication and format, with newspapers
and magazines generally priced between AUD 2 and AUD 10 per issue.
4. Internet: The internet is widely available in Australia, with a range of internet service
providers offering broadband and wireless services. The cost of internet services
varies depending on the speed and data allowance selected, with some plans starting
from as low as AUD 50 per month.
5. Other media: Other media in Australia includes cinema, outdoor advertising, and
other forms of advertising. The cost of cinema varies depending on the cinema and
film selected, with prices generally ranging from AUD 10 to AUD 25 per ticket.
Outdoor advertising costs vary depending on the location and format of the
advertisement.

Overall, the cost of media in Australia varies depending on the type of media and the
service selected. Free-to-air services are generally available for television and radio,
while subscription-based services are available for television, radio, and internet
services. The cost of print media varies depending on the publication and format,
while other forms of media such as cinema and outdoor advertising have their own
cost structures.

Executive summary-

Australia is a developed and diversified economy that has experienced consistent

economic growth over the past few decades. The country has a strong services
sector, with financial services, healthcare, and education being major contributors to
the economy. In addition, Australia has a significant mining sector, which has been a
major driver of economic growth and export revenues. The country has also made
significant investments in renewable energy and has established a strong reputation
for innovation in areas such as medical research and information technology.
However, Australia faces a number of challenges, including a relatively high cost of
living, a relatively small domestic market, and a reliance on commodity exports. In
addition, the country has experienced some economic headwinds in recent years,
including a slowdown in the mining sector and weak consumer spending. The
COVID-19 pandemic has also had a significant impact on the economy, with the
country experiencing a recession in 2020.

To address these challenges, the Australian government has implemented a range of

policies aimed at supporting economic growth, including investments in
infrastructure, tax reform, and trade agreements with other countries. The
government has also focused on promoting innovation and entrepreneurship,
particularly in areas such as renewable energy and biotechnology.

Overall, Australia is a resilient and dynamic economy that has weathered a range of
economic challenges over the years. The country has a strong foundation for
continued economic growth, with a highly skilled workforce, a stable political
environment, and a diverse range of industries. However, ongoing efforts will be
needed to address the country's challenges and ensure that the economy remains
competitive and resilient in the years to come.