Australia’s Industry Sectors
In 2010, Australia’s GDP composition was as follows –
agriculture (3.8 percent), industry (24.9 percent), services (71.3
percent).
As with most advanced economies, Australia has a dynamic service
sector. This includes industries such as banking, insurance and finance;
the media and entertainment industries; consulting, tourism and retail;
services provided by government, such as education, health and welfare;
and other personal and business services.
Among these industries, banking, finance and insurance are the best
performers; providing the highest gross-value as well as being among the
fastest growing industries in Australia. The Australian share market is
the second largest in the Asia–Pacific region behind Japan, based on
free-float market capitalisation. The Australian Securities Exchange is
also the 11th largest stock exchange in the world going by market capitalisation.
While the service industry remains the backbone of Australia’s economy, Australia’s mining industry has been the catalyst for economic growth in the past decade.
Large quantities of minerals and resources can be found in Australia.
Australia has the world’s largest resources of recoverable brown coal,
lead, rutile, zircon, nickel, tantalum, uranium and zinc, and ranks
second in the world for bauxite, copper, gold, ilmenite and silver. Iron
ore is another extremely valuable asset, with high demand from China.
Find out more about Australia's Industry Sectors on Economywatch.com
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