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===Mining boom===
===Mining boom===
The establishment of a [[mining industry]] continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and [[Western Australia]] itself has benefited strongly from mining [[iron-ore]] and [[gold]] from the 1960's and 1970's which fueled the rise of suburbanisation and [[consumerism]] in [[Perth]], the capital and most populous city of WA as well as other regional centres.


===Global financial crisis===
===Global financial crisis===

Revision as of 01:35, 1 December 2012

Economy of Australia
Sydney's central business district, a major financial and business services hub.
CurrencyAustralian dollar (A$ or AUD)
1 July – 30 June
Trade organisations
APEC, WTO and OECD
Statistics
GDP$1.57 trillion (2012 est.)[1]
GDP growth
2.0% (2011 est.)
GDP per capita
$69,007(nominal)[2]
GDP by sector
agriculture: 4%, industry: 24.6%, services: 71.4% (2011 est.)
1.6% March 2012 est.[3]
0.331 (2009)[4]
Labour force
12.05 million (2011 est.)
Labour force by occupation
agriculture: 3.6%, industry: 21.1%, services: 75% (2009 est.)
Unemployment5.1% (August 2012)[5]
Main industries
mining, industrial and transportation equipment, wine, wool, brewing, tourism, natural gas, fishing, Diamonds, food processing, chemicals, steel
External
Exports$272.1 billion (2011 est.)
Export goods
coal, iron ore, gold, meat, wool, alumina, wheat, wine, diamonds, natural gas, machinery and transport equipment
Main export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% (2011)
Imports$243.4 billion (2011 est.)
Import goods
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Main import partners
China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7% (2011)
FDI stock
$329.1 billion (31 December 2010 est.)
Public finances
6% of GDP (2011–12.)[6]
Revenues$473.2 billion (2011–12)[7]
Expenses$521.8 billion (2011–12)[7]
Economic aiddonor: ODA, $7.7 billion (2012)[8]
Standard & Poor's:[9]
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable
Moody's:[10]
Aaa
Outlook: Stable
Fitch:[11]
AAA
Outlook: Stable
$41.212 billion (March 2011)[12]
All values, unless otherwise stated, are in US dollars.


Throughout this article, the unqualified term "dollar" and the $ symbol refer to the Australian dollar unless as noted.

Australia is one of the world's rich, developed countries. Australia is one of the world's industrialized countries. The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion.[13] Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP[14] 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. Economy of Australia is quarterly fore-casted by the Reserve Bank of Australia. [15] Australian National University also supplements Probabilistic interest rate setting project for the Australian Economy, which is compiled by Shadow Board Members from the ANU academic staff. [16]

The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP – the total mining sector is 19% of GDP.[17] Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market.[18] IT related jobs (such as computer system design and engineering) belong to the category of Professional, Scientific and Technical Services as defined by the Department of Education, Employment and Workplace Relations of Australia that its job creations appear mostly in the state capital cities of Australia.[19]

The Australian Securities Exchange is the largest stock exchange in Australia and in the South Pacific[20] and ranks 9th in the world in terms of market capitalization.[21] Australia is home to some of the largest (commodity) 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.[22] The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu.

Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free-trade agreements with ASEAN, Chile, New Zealand, Thailand, and the United States.[23] The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.[24]

History

Main article: Economic history of Australia
Quarterly per-capita GDP percentage growth since 1973 (seasonally adjusted).

Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually.

Economic liberalisation

From the early 1980s onwards, the Australian economy has undergone a continuing economic liberalisation. In 1983, under Prime Minister Bob Hawke, but mainly driven by Treasurer Paul Keating, the Australian dollar was floated and financial deregulation was undertaken.

Early 1990s recession

Main article: Early 1990s recession

Mining boom

The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself has benefited strongly from mining iron-ore and gold from the 1960's and 1970's which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of WA as well as other regional centres.

Global financial crisis

Main article: 2007–2012 global financial crisis

Australia's economy grew at an average annual rate of 3.6% for over 15 years, well above the OECD average of 2.5%.[25] The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[26] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[27][28] The growth rate was reported to be 4.3% year-on-year.[29]

The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[30] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0 per cent in 2012 and 3.5 per cent in 2013",[31] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[32] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[33] In August 2012, Deutsche Bank warned that there was risk of recession in Australia in 2013.[34]

Overview

Australia's annual inflation rate (percentage change in CPI) since 1949.

Australia's per-capita GDP is higher than that of the UK, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005. [2] [3] Australia's sovereign credit rating is "AAA", higher than the United States of America and Australia's four 'Big Banks' are among the 'World's 50 Safest Banks' as of April 2012.[35] The four largest banks in Australia are also known as the "Big Four".

According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[30] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[30] Average wealth was $US397,000, the world's second-highest after Switzerland.[36]

The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[25]

Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[37]

Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[38]

In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.

The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[39]

Regional differences

Much of the economic growth in Australia is attributed to areas of the country where mining- and resource-based industries and services are mostly located. In Western Australia and the Northern Territory there is economic growth.[40][41] In 2012, it was reported that there is a recession in Queensland, Tasmania, South Australia, New South Wales and Victoria.[42][43] The Australian economy is characterised as a "two-speed economy".[44][45][46][47][48][49][50][51][52][53]

Taxation

Quarterly taxation revenue ($millions) since 1959.
Main article: Taxation in Australia
See also: Income tax in Australia, Goods and Services Tax (Australia), and Fiscal imbalance in Australia

Taxation in Australia is levied at the federal, state, and local government levels. The federal government raises revenue from personal income taxes and business taxes. Other taxes include the goods and services tax (GST), excise and customs duties. The federal government is the main source of income for state governments. As a result of state dependence on federal taxation revenue to meet decentralised expenditure responsibilities, Australia is said to have a vertical fiscal imbalance.

Besides receipts of funds from the federal government, states and territories have their own taxes, in many cases as sightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-machine tax on businesses that offer gambling services, land tax on people and businesses that own land and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states, unlisted shares in others, and even sales of contracts in some states).

The states effectively lost the ability to raise income tax during the Second World War. In 1942, the Canberra invoked its Constitutional taxation power (s. 51 (ii)) and enacted the Income Tax Act and three other statutes to levy a uniform income tax across the country. These acts sought to raise the funds necessary to meet burgeoning wartime expenses and reduce the unequal tax burden between the states by replacing state income taxes with a centralised tax system. The legislation could not expressly prohibit state income taxes (s. 51(ii) does not curtail the power of states to levy taxes) but the federal government's proposal made localised income tax extremely difficult politically. The federal government offered instead compensatory grants authorised by s. 96 of the Constitution for the loss of state income (State Grants (Income Tax Reimbursement) Act 1942)).

The states rejected Canberra's regime and challenged the legislation's validity in the First Uniform Tax Case (South Australia v Commonwealth) of 1942. The High Court of Australia held that each of the statutes establishing Commonwealth income tax was a valid use of the s. 51(ii) power, in which Latham CJ noted that the system did not undermine essential state functions and imposed only economic and political pressure upon them.

The Second Uniform Tax Case (Victoria v Commonwealth (1957)) reaffirmed the court's earlier decision and confirmed the power of the federal government's power to make s. 96 grants conditionally (in this case, a grant made on the condition that the recipient state does not levy income tax).

Since the Second Uniform Tax Case, a number of other political and legal decisions have centralised fiscal power with the Commonwealth. In Ha vs. New South Wales (1997), the High Court found that the Business Franchise Licences (Tobacco) Act 1987 (NSW) was invalid because it levied a customs duty, a power exercisable only by the Commonwealth (s.90). This decision effectively invalidated state taxes on cigarettes, alcohol and petrol. Similarly, the imposition of a Commonwealth goods and services tax (GST) in 2000 transferred another revenue base to the Commonwealth.

Consequently, Australia has one of the most pronounced vertical fiscal imbalances in the world: the states and territories collect just 18% of all governmental revenues but are responsible for almost 50% of the spending areas. Furthermore, the centralisation of revenue collection has allowed Canberra to force state policy in areas well beyond the scope of its constitutional powers, by using the grants power (s.96) to mandate the terms on which the states spend money in areas over which the it has no power (such as spending on education, health and policing).

Local governments (called councils in Australia) have their own taxes (called rates) to enable them to provide services such as local road repairs, local planning and building management, garbage collection, street cleaning, park maintenance services, libraries, and museums. Councils also rely on state and federal funding to provide infrastructure and services such as roads, bridges, sporting facilities and buildings, aged care, maternal and child health, and childcare.

In 2000, a goods and services tax (GST) was introduced, similar to the European-style VAT.

Employment

The seasonally adjusted unemployment rate since 1978

According to the Australian Bureau of Statistics, the seasonally adjusted unemployment rate in August 2012 was estimated to be 5.1% of an estimated labour force of 12,000,000.[5]

According to Roy Morgan Research the unemployment rate was estimated to be 9.8% in August 2012.[54] 17.5% (2.1 million) Australians were estimated to be either unemployed or underemployed. Over 2 million workers, or about 40% of the Australian workforce, were estimated to be currently part-time or casual.[55]

Rank States Unemployment rate (ABS)[5][56]
1 Tasmania 6.8%
2 Queensland 5.9%
3 South Australia 5.7%
4 Victoria 5.6%
5 New South Wales 4.8%
6 Northern Territory 4.2%
7 Western Australia 3.9%
8 Australian Capital Territory 3.6%

Sectors

Main article: List of companies of Australia

Industry

Resources

Main articles: Coal companies of Australia, Energy in Australia, and Mining in Australia
Australian energy resources and major export ports map

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.[57] In fiscal year 2008/09, 487 million tonnes of coal was mined, and 261 million tonnes exported.[58] Australia is the world's leading coal exporter.[59]

Manufacturing

Main article: Manufacturing in Australia

The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in 2007.[60]

Agriculture

Main articles: Agriculture in Australia and Australian wine

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%.[61] 60% of farm products are exported. Irrigation is an important and widespread practice for a country where many parts receive low rainfall.

Services

Tourism

Monthly short-term arrivals in Australia since 1991
Main article: Tourism in Australia

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.[62] Domestic tourism is a significant part of the tourism industry, and was responsible for 73% of the total direct tourism GDP.[62] The 2010–11 financial year saw a record number of overseas arrivals in the financial year, with 5.9 million short-term visitor arrivals to Australia (588 extra visitors a day).[62] Tourism employed 513,700 people in Australia in 2010–11, or which 43.7% of total tourism employed persons were part-time. Tourism also contributed 8.0% of Australia's total export earnings in 2010–11.[62]

Media

Main articles: Media of Australia and Telecommunications in Australia

Education

Main article: Tertiary education in Australia

Logistics

Main article: Transport in Australia

Finance

Mergers and acquisitions

Between 1991 and 2010, 31,131 mergers and acquisitions with a total known value of US$1,811 billion with the involvement of Australian firms have been announced.[63] In the year 2010, 2,326 transactions valued at US$183 billion had been announced which was a slight increase in terms of numbers (+3.8%) and value (+13.6) compared to 2009. The largest takeover or merger transaction involving Australian companies was the 2007 takeover of the Coles Group by Wesfarmers, totalling A$22 billion.[64]

Infrastructure

Main articles: Energy in Australia and Transportation in Australia

Energy

Australian renewable power plants

The Australian economy is dependent on imported crude oil and petroleum products, the economy’s petroleum import dependency is around 80% – crude oil + petroleum products.[65]

Trade and economic performance

Treemap of Australian Exports (2009)
Australian exports in 2006.

In the second half of the twentieth century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.[66]

In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years.[67] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.[68] The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.

Current areas of concern

Further information: Australian national debt

Current areas of concern to some economists include Australia's large current account deficit, Australia’s current account deficit for the 2007– 2008 financial year was up 4% to $19.49 billion (according to the Australian Bureau of Statistics), the absence of a successful export-oriented manufacturing industry, an Australian property bubble, and high levels of net foreign debt owed by the private sector. Professor Steve Keen has written extensively about consumer/household indebtedness and the level of home prices relative to income. Increasing levels of government debt triggered by federal government spending are an emerging public policy issue.

Australian household finances – debt and interest

The price of housing in terms of median incomes has been highlighted by a recent demographic survey with Australian capital city residential housing being among the most expensive in the world. A long drought and its impacts on retail food costs and export volumes of crops and meat and the possible impacts of climate change on agriculture has also been of concern.[citation needed]

Chinese investment

There is substantial export to China of iron ore, wool, and other raw materials and over 120,000 Chinese students study in Australian schools and universities. China is the largest purchaser of Australian debt.[69] In 2009, offers were made by state-owned Chinese companies to invest 22 billion dollars in Australia's resource extraction industry.[69]

Trade agreements

FTA (Free Trade Agreement) effective[70]
  • FTA with New Zealand (effective January 1983)
  • FTA with Singapore (effective July 2003)
  • FTA with United States (effective January 2005)
  • FTA with Thailand (effective January 2005)
  • FTA with Chile (effective March 2009)
  • FTArea with AANZFTA (ASEAN, New Zealand) (effective January 2010)
 FTA (Free Trade Agreement) negotiation

Australia's balance of payments

Australia's current account (in $M) since 1959.
Main article: Australia's balance of payments

In trade terms, the Australian economy has had persistently large current account deficits (CADs) for more than 50 years.[25] One single factor that undermines balance of payments is Australia's narrow export base.

Dependent upon commodities, the Australian government has endeavoured to redevelop the Australian manufacturing sector. This initiative, also known as microeconomic reform, helped Australian manufacturing to grow from 10.1% in 1983–1984 to 17.8% in 2003–2004.[71]

There are other factors that have contributed to the extremely high current account deficit in Australia such as lack of international competitiveness.[72]

However, as Australia's CAD is almost entirely generated by the private sector, as outlined in Professor John Pitchford's 'Consenting Adults Thesis' in the early 1990s, there is an argument that the CAD is not a significant issue. Historically, Australia has relied on overseas capital to fill the gap between domestic savings and investment, and many of these investment opportunities could not have been pursued if Australia did not have access to foreign savings. This suggests that Australia's apparently low savings level and CAD are not necessarily a significant problem. As long as the investment that is being funded by overseas capital inflow generates sufficient returns to pay for the servicing costs in the future, the increase in foreign liabilities can be viewed as sustainable in the longer term.[73]

See also

Notes

  1. ^ "Australia". IMF website. Washington, D.C.: International Monetary Fund. Retrieved 3 January 2012.
  2. ^ "World Economic Outlook Database-September 2011". International Monetary Fund. Retrieved 3 January 2012.
  3. ^ "6401.0 – Consumer Price Index, Australia, Mar 2012". Abs.gov.au. 24 April 2012. Retrieved 24 July 2012.
  4. ^ Australian Bureau of Statistics 6523.0 Household Income and Income Distribution, Australia, 2007–08, (released 2009-08-20, page 16)
  5. ^ a b c Chris Zappone (6 September 2012). Jobless rate falls as job seekers give up. Brisbane Times. Fairfax Media. Retrieved on 24 October 2012.
  6. ^ "Federal debt tipped to come in $100b lower". The Age. Melbourne. 7 May 2010. Retrieved 24 July 2012.
  7. ^ a b "Australian Government budget aggregates". Budget.gov.au. 10 May 2011. Retrieved 11 September 2011.
  8. ^ Updated 11 May 2012, 15:38 AEST (11 May 2012). "Australian FM defends deferral of foreign aid | Connect Asia | ABC Radio Australia". Radioaustralia.net.au. Retrieved 24 July 2012.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 14 January 2012.
  10. ^ "Moody's affirms Australia's AAA rating". ABC. Retrieved 14 January 2012.
  11. ^ "TEXT: Fitch Upgrades Australia's Foreign-Currency IDR to 'AAA'". Reuters. 28 November 2011.
  12. ^ "International Reserves and Foreign Currency Liquidity – AUSTRALIA". International Monetary Fund. 6 May 2011. Retrieved 31 May 2011.
  13. ^ "Central Intelligence Agency". Cia.gov. Retrieved 24 July 2012.
  14. ^ Field listing – GDP (official exchange rate), CIA World Factbook
  15. ^ http://www.rba.gov.au/publications/smp/2012/index.html
  16. ^ http://cama.crawford.anu.edu.au/pro-pol/
  17. ^ Tim Colebatch (24 October 2009). "Economic Irrationalism". Sydney Morning Herald. Retrieved 25 July 2012.
  18. ^ http://www.dfat.gov.au/media/releases/department/2011/dfat-release-20110817.html
  19. ^ http://www.deewr.gov.au/Employment/ResearchStatistics/Documents/AustralianJobs.pdf
  20. ^ http://wfe.if5.com/ReportGen.aspx?year=2012&month=10&currency=usd&type=pdf&idTable=0
  21. ^ http://www.sfc.hk/web/doc/EN/research/stat/a01.pdf
  22. ^ "Australia's 40 Largest Companies". Forbes. 3 December 2007.
  23. ^ "International agreements on trade and investment". Austrade. Retrieved 11 September 2011.
  24. ^ "Australia New Zealand Closer Economic Agreement (ANZCERTA)". Austrade.gov.au. 1 January 2007. Retrieved 11 September 2011.
  25. ^ a b c "The Australian economy: Downwonder The "lucky country" may not be so for too much longer". The Economist. 29 March 2007. Retrieved 11 June 2011.
  26. ^ "World Bank expects Australian GDP growth of 3.2% in 2011 and 3.8% in 2012 | The Stump". Blogs.crikey.com.au. 13 January 2011. Retrieved 24 July 2012.
  27. ^ "Australia's economy expands 0.4% in the fourth-quarter". BBC News. 7 March 2012.
  28. ^ "Australia Posts 1.3% GDP; Aussie Dollar Soars – International Business Times". Au.ibtimes.com. 6 June 2012. Retrieved 24 July 2012.
  29. ^ Creighton, Adam (6 June 2012). "GDP growth surges 1.3pc for first quarter". The Australian.
  30. ^ a b c "Australia wealthiest nation in world: report". Finance.ninemsn.com.au. 20 October 2011. Retrieved 24 July 2012.
  31. ^ "Australian economy to outperform the world: IMF | SBS World News". Sbs.com.au. Retrieved 24 July 2012.
  32. ^ "NAB Cuts Australia's Growth Forecast to 2.9% – International Business Times". Au.ibtimes.com. 11 April 2012. Retrieved 24 July 2012.
  33. ^ "JP Morgan Cuts Australian 2012 GDP Forecast To 2.7% Vs 3.0%". The Wall Street Journal. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help) [dead link]
  34. ^ Glynn, James (21 August 2012). "Deutsche Bank Warns of Australian Recession Risk". The Wall Street Journal.
  35. ^ "WORLD'S 50 SAFEST BANKS 2012 | Global Finance". Gfmag.com. Retrieved 24 July 2012.
  36. ^ 2011 Global Wealth Report
  37. ^ Department of Foreign Affairs and Trade (2003). Advancing the National Interest, Appendix 1[dead link]
  38. ^ Australian Government, DFAT, Composition of Trade Australia 2008–09 http://www.dfat.gov.au/publications/stats-pubs/cot_fy_2008_09.pdf
  39. ^ [1][dead link]
  40. ^ Tim Colebatch (8 March 2012). "State close to recession". Sydney Morning Herald. Retrieved 25 July 2012.
  41. ^ Tim Colebatch (24 October 2009). "No place for political stunts in tackling economic crisis". Sydney Morning Herald. Retrieved 25 July 2012.
  42. ^ "Victoria in a state of decay". Herald Sun. Australia. 10 March 2012.
  43. ^ "State close to recession – National News – National – General". Melbourne Times Weekly. 8 March 2012. Retrieved 24 July 2012.
  44. ^ Creighton, Adam (8 June 2012). "Reserve Bank governor says Australia has long had a two-speed economy". The Australian.
  45. ^ http://www.brokernews.com.au/article/hia-bursts-swans-economic-bubble-129795.aspx. {{cite news}}: Missing or empty |title= (help)
  46. ^ "Banking made tricky by '10-speed' economy: Clyne". The Sydney Morning Herald. 14 August 2012.
  47. ^ Tim Colebatch (24 October 2009). "No place for political stunts in tackling economic crisis". The Age. Melbourne. Retrieved 24 July 2012.
  48. ^ "David Walsh: MONA economic benefits for Tasmania". Crikey. 8 June 2012. Retrieved 24 July 2012.
  49. ^ "Rate cut may save NSW sliding into recession". The Daily Telegraph. Australia. 10 June 2012. Retrieved 24 July 2012.
  50. ^ "Flow across Tasman tipped to reverse". Stuff.co.nz. 9 June 2012. Retrieved 24 July 2012.
  51. ^ "Warning to drop recession row". Australian Broadcasting Corporation. 7 June 2012. Retrieved 24 July 2012.
  52. ^ "South Australia is in recession, Westpac warns". adelaidenow. 4 April 2012. Retrieved 24 July 2012.
  53. ^       (7 June 2012). "Giddings rejects figures". The Mercury – The Voice of Tasmania. Retrieved 24 July 2012. {{cite web}}: Text "  7 June, 2012 12.01 am" ignored (help)CS1 maint: extra punctuation (link)
  54. ^ "[Roy Morgan Research] Morgan Poll". Roymorgan.com.
  55. ^ "[Roy Morgan Research] Morgan Poll". Roymorgan.com. Retrieved 25 July 2012.
  56. ^ http://www.businessspectator.com.au/bs.nsf/Article/Unemployment-falls-against-expectations-pd20120906-XV3PD?OpenDocument&src=mp
  57. ^ "The Importance of Coal in the Modern World – Australia". Gladstone Centre for Clean Coal. Archived from the original on 8 February 2007. Retrieved 17 March 2007.
  58. ^ "Australia Mineral Statistics 2009– June Quarter" (PDF). Australian Bureau of Agricultural and Resource Economics. Retrieved 3 October 2009.[dead link]
  59. ^ International Energy Agency. (2008-08-31) Coal Information 2008. Organisation for Economic Cooperation & Development. ISBN 92-64-04241-5
  60. ^ http://www.blakemore.com.au/papers/Australia%20Made%20Paper.pdf
  61. ^ "Farm Facts". National Farmers Federation. Retrieved 25 October 2012.
  62. ^ a b c d Australian Bureau of Statistics. "Tourism Satelite Account 2010–11:Key Figures".
  63. ^ "Statistics on Mergers & Acquisitions (M&A) – M&A Courses | Company Valuation Courses | Mergers & Acquisitions Courses". Imaa-institute.org. Retrieved 11 September 2011.
  64. ^ Carson, Vanda (2 July 2007). "Wesfarmers buys Coles". The Age. Melbourne. Retrieved 12 June 2011.
  65. ^ "Oil import dependency Australia". Crude Oil Peak. 2010. Retrieved 11 June 2011. {{cite web}}: Unknown parameter |month= ignored (help)
  66. ^ Blackie, Tony (10 July 2008). "Battle of the Brfukuands". Business Review Weekly. Vol. 30, no. 27. pp. 32–35.
  67. ^ "Downwonder: The “lucky country” may not be so for too much longer" @ The Economist – 29 March 2007
  68. ^ "Australia in the Global Economy"[dead link] by Malcolm Edey the Assistant Governor (Economic) – Address to the Australia & Japan Economic Outlook Conference 2007 – Sydney – 16 March 2007
  69. ^ a b "Australia Feels Chill as China’s Shadow Grows" article by Michael Wines in The New York Times 2 June 2009
  70. ^ "Australia's Trade Agreements | Australian Government Department of Foreign Affairs and Trade". Dfat.gov.au. Retrieved 11 September 2011.
  71. ^ Leading Edge, R: "Australia in the Global Economy", Tim Dixon and John O'Mahomy, page 133.
  72. ^ http://www.iadb.org/regions/re1/econ/caballero_cowan_kearns.pdf
  73. ^ Tim Dixon & James O'Mahoney, Australia in the Global Economy 2010, Leading Edge Education, Pearson Australia

References

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