Australia's Natural Resources
- Australia has many natural resources. These resources include mineral resources, such as copper, gold and diamonds, energy resources, such as coal, oil, and uranium, and land resources that are used for farming and logging. These resources are economically important to Australia. Many people believe that Australia's economy is resource dependent, which means that if these resources were to be depleted, Australia's economy would suffer.
- Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports, so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe.
- The relative size of the manufacturing sector has been declining for several decades, and now accounts for just under 12 percent of GDP.
- Australia is one of the world's leading mineral resources nations.
- Australia’s exports increased to an all time high of A$29,970 million in February 2014 from A $29,850 million in the previous month. Australia is rich in natural resources and is one of the major exporters of commodities.
- Australia is export-oriented
Agricultural Information
- Australia is self-sufficient in food, and the raising of sheep and cattle and the production of grain have long been staple occupations.
- Tropical and subtropical produce—citrus fruits, sugarcane, and tropical fruits—are also important, and there are numerous vineyards and dairy and tobacco farms.
Economic Connections
- The economy of Australia would suffer without these natural resources because they are major in exports and Australia's economy is mostly export oriented and dependent.
- If exports increase at a faster pace as compared to imports, nothing can stop an economy from being a developed one
- Having natural resources is support for their economy because for example they can keep the amount of oil they need, but they can export the excess to other countries