Australia’s Economic Structure
This been obtained through a stable and modern institutional and regulatory structure. Australia was ranked third in the 2011 Economic Freedom Index behind Hong Kong and Singapore and continues to provide an ideal environment for business and environment.
Domestically, Australia’s economy can also be characterised by an east/west divide.
The eastern part of Australia is home to the majority of Australia’s
service and financial industries. It also contains Australia’s capital
city Canberra, the heart of Australia’s political and economic policies.
Western Australia, on the other hand, controls the majority of
Australia’s natural resources, including iron ore, gold, oil and natural
gas.
The contrast between these two regions has often led to disagreements
within the Australian government over developmental plans. Although
Australia’s GDP is still dominated by its service and financial
industries, these industries have been struggling in recent years. On
the other hand, Australia’s resources and commodities industries are
currently experiencing a boom period. According to Canberra-based Access
Economics, growth in regions endowed with minerals and oil and gas will
far outstrip growth in the country’s more populous states next year.
However, concerns have also been raised on whether the resource and
commodities industries are too reliant on exports to China.
Find out more about Australia's Economic Forecast on EconomyWatch.com
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