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industry in Australia

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Industry in Australia Australia has a mixed market economy and is considered the largest mixed market economy with a gross domestic product of about A$1.69 trillion

A mixed market economy is defined as the type of economy in which the private and public sectors share the means of production; It is also sometimes referred to as the dual economy. The industry is also involved in the tourism, media, entertainment and healthcare sectors

Various industries in Australia have played a major role in ensuring that the economy of this great nation remains stable and at the top

types of industries in australia

Services sectorThe service sector comprises more than 70% of GDP and dominates the economy and employs more than 79% of the workforce in this sector. The employment index in this sector ranges from high wages to low wages, between full-time or part-time work, and between high-skilled and low-skilled.Logistics, education and finance as shown belowtourism sectorAustralia is one of the most desirable tourist destinations due to its beautiful landscapes, coastal areas, red desert and rainforests. Over 7 million tourists visited Australia in 2017, attracted by the beautiful sandy beaches, unique flora and fauna, the country’s most important hospitality, and world-class food and wine.All of this adds about Aus38 billion to the economy, employs nearly a million people, and the large number of tourists comes from China, Singapore, Japan, Great Britain and the United States.healthcare sectorHealthcare is Australia’s fourth most important contributor to GDP and has been ranked as the second best healthcare system in the world according to the Common Wealth Fund’s 2017 report.Currently 13% of the healthcare workforce is employed and is expected to rise to 15% by 2020. Moreover, another 160,000 full-time jobs will be added with the launch of the National Disability Insurance Scheme.Media and entertainmentThe media and entertainment industry accounts for $29.1 billion which is made up of $17 billion in direct production. Seven percent of them are generated online. Advertising is expected to contribute $40 billion to the economyfinancial sectorWith a well-developed modern financial sector, strong Australian economic performance and experience make Australia a preferred place to do business and a global trading hub.In 2015 the World Bank ranked Australia as the fastest place to start a business as the business services sector is worth A$1.7 trillion and adds up to 11% of the national GDP equivalent to A$118 billion, attracting investors from within the country, Asia and from all over the world.mining sectorMining is a driving force for Australian outlying exploration and industrial advancement with more than A$120 billion currently invested in new projects and the GDP from mining rose to A$26 billion in the first quarter of 2018 from A$24 billion in the fourth quarter of 2017.Manufacturing sectorThe manufacturing industry currently accounts for 6 per cent of GDP, is worth A$96 billion in goods and employs 860,000 people, and manufactured goods sold in international markets have grown exponentially.agriculture sectorThe agricultural sector accounts for three per cent of Australian GDP Agriculture contributed 0.5% of the overall 1.9% increase in GDP It employed more than 300,000 people and covered 60% of the land mass Overall exports more than $50 billion and about 60 % of farm produce annually

The importance of industry in Australia

The manufacturing sector contributes significantly to Australia’s GDP as it is the second largest economy in the world in terms of wealth owned by every adult as well as having the largest mixed market economy with a total GDP of about A$1.69 trillionAustralia has one of the largest economies in the world with a GDP index above the $1.5 trillion mark. In 2011, the Australian economy was the thirteenth largest economy in the world with nominal GDP figures and seventeenth largest when measured. In terms of BPP-adjusted GDP, Australia is the 19th largest exporter of the world and occupies exactly the same position as imports are most concerned. The Australian share in the global economy is only 2% lower and considered a very impressive symbol since the Australian population is very small About 23 million people The Australian economy is driven by the service sector, which accounts for two-thirds of the gross domestic product. Mining is the single largest contributor to the Australian gross domestic product, as 20% of the gross domestic product is generated from natural resources. The major sectors of the economy along with mining, industrial equipment and transportation Wine, wool, beer, tourism, natural gas, fishing, diamonds, food processing, chemicals, and steel is the dollar Australian is the currency of the nation including the Christmas portion, Cocos Keeling Islands and Norfolk Island as well as the independent Pacific island states of the Caribbean, Nauru and Tuvalu

Australia is an industrially fortunate country

Australia is blessed with abundant natural resources and is considered a very wealthy city in that it is often called a lucky country. This highly developed country is proud of the 12th highest economy in the world. Australia, located in the southern Pacific region, has the fifth largest income per capita in the world with an average of $66,984. Australia’s enviable unemployment Australia ranks highly in many international comparisons such as quality of life, health, education, economic freedom, protection of civil liberties and political rights, while most of the world’s developed economies struggle to deal with the global financial crisis. It is puzzlingly close to some of the world’s rapidly developing economies enjoying GDP growth Low unemployment and very low interest rates The South Pacific country is among the few developed countries to have a AAA rating from all international rating agencies, and the International Monetary Fund predicted in 2012 that Australia would become the world’s best performing advanced economy over the course of two years. According to Credit Suisse’s Global Wealth Report 2011, Australia has a median wealth of $222,000, the highest in the world and nearly four times that of every American adult.

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