Behind the universal popularity of Australia–as a leading immigration hotspot–is the nation’s economy. It’s quite robust and inspiring even while the same acts as a powerful magnet and attracts visitors from far and wide. In Oz, they see their dream destination. They believe that this ‘Land of Opportunities’ can fulfill their aspirations, and help them do very well in their life.
The Australian economy is arguably the largest capitalist economy in the world. It is ruled by the service sector which comprises of 68% of the total GDP. The major contribution is from the mining and agricultural products which are exported mainly to the East Asian countries. The total wealth of the Kangaroo Land is about 6.4 trillion dollars. In terms of exports and imports, the country stands at 19th rank.
A daily turnover of A $ 4,685 billion and the capitalization funds A $1.6 trillion makes the Kangaroo Land stock exchange grab a place among the world’s top ten exchange groups. It emphasizes on investing assets efficiently so that risks can be minimized. Any tiny up-and-down which effects the stock exchange effects the economy on a whole.
Remarkably, Australia bank is placed at the 17th position amongst the biggest banks of the world. It plays a remarkable role in adding to the economy of the Kangaroo Land. It aims at meeting daily challenges of the economy and society. In addition to banks, the various investments, financial advisory services and funds management are provided by the Macquire Group Limited. It’s the largest bank with head quarter in Sydney.
The major part of the income to Australia economy is from the food and eatables. The largest food retailer to name is Woolworth Ltd providing quality food to people worldwide. Moreover, it’s the main retailer of take away liquor. As compared to 0.6 % point contribution of finance and insurance industry, mining contributes 1.1 % to the annual growth. This makes the mining the king of the Aussie land. Thus, adding to the economy of the country with more of funds available at their disposal.
With notable increase in the productivity of labour, the annual growth accelerated by 2%. If the value added per hour is worked upon, than the growth is 2.4% which resulted in reducing labour costs and remarkable progress in the production.
Melbourne, Brisbane, and Sydney are the leading commercial cities of Oz and contribute handsomely to the economy of the country. Some products, like mining and food, constitutes for higher GDP. Machinery, mineral resources, iron and steel, chemical industries are some of the chief industries of the country. Oz is known for the production of the valuable stones, like opals and diamonds, besides its valuable resources like gold, silver, nickel, uranium, etc.
The country is rich in food items and food production along with the raising of sheep, which is the major occupation of the residents of the country. Country land is full of tobacco, dairy and vineyards. Balance of trade is maintained by the country. Their export consists of cereals, transport and machinery equipments, meat and wool whereas it imports computers, crude oil, and telecommunication equipment and petroleum products. The main trading partners are Japan, China, and US.