Economic History
- Since the early 1980s, successive governments have deregulated financial and labor markets and reduced trade barriers.
- While the Australian economy fell into a severe recession in the late 1980s, it experienced an extended period of growth beginning in the 1990s.
- It then suffered somewhat from the Asian economic slump of the 1990s and from the "Big Dry" drought of the early 21st cent., while also benefiting from increased mineral exports to China during the same period.
- Australia is one of the Asia–Pacific’s wealthiest nations and has enjoyed more than two decades of economic expansion. Australia emerged from the global recession relatively unscathed, but stimulus spending by the previous Labor government generated a fiscal deficit.
- Australia is internationally competitive in services, technologies, and high-value-added manufactured goods.
- Mining and agriculture are important sources of exports.
Economic Connections
- Export growth is important because of its effect on internal trade and economic stability. Even more, the rate of economic growth and the distribution of income and wealth in a country are closely related to export growth.
- Export instability stimulates inflation. Meaning that as inflation rises in a country, the products and services tend to be costlier
- Even the type of weather they have affected their economy
- They're land sources, such as natural resources, are important to it's economy for exports