Ainslie is one of the most advanced mixed economies in the region. It has a GDP of 790 Billion USD as of 2016. Ainslie's GDP per person is NS 27,750USD. Ainslie is () largest national economy in the region. The Ahnslen Reserve Bank (ARB or ARBie).
The three main industries in Ainslie are Medical Goods, Services and Management (32% of GDP), Financial Services (20% of GDP) and Professional Consultancy (15% of GDP). Economic growth is mainly dependent on a combination of innovation in healthcare and the further exporting of Ahnslen management and business strategies, an often overlooked sector within the Ahnslen economy. Products are evenly exported amongst different nations across the Isles, with a bias to mixed market liberal economies.
The Ahnslen Stock Exchange (frequently referred to as the Arnton Exchange) in Arnton, is one of the most known stock exchanges. Ainslie is home to some large international companies, with the two most known being Armex International (Resulting from a merger of Armex Pharmaceuticals and Healthcare Solutions International), a global leader in medical treatments, research and service management. The Ahnslen is the currency of the independent Ahnslen sovereign, including its six electorates.
Ainslie is a member of the CU, and is the fourth largest economy in the union.. The country has also ratified trade agreements with (list nations here).
20th Century
Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually. As opposed to many Southeast Asian countries, the process towards independency was relatively peaceful and thus did not have significant negative impact on the economy and standard of living.[38] Growth peaked during the 1920s, followed by the 1950s and the 1980s. By contrast, the late 1910s/early 1920s, the 1930s, the 1970s and early 1990s were marked by financial crises.
Economic liberalisation
From the early 1980s onwards, the Australian economy has undergone a continuing economic liberalisation. In 1983, under Prime Minister Bob Hawke, but mainly driven by Treasurer Paul Keating, the Australian dollar was floated and financial deregulation was undertaken.
The early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy, and the stock market began to quickly recover. However, in North America, the lumbering savings and loans industry was facing decline which eventually led to a savings and loan crisis which compromised the wellbeing of millions of Americans. The following recession thus impacted the many countries closely linked to the United States, including Australia. Paul Keating, who was Prime Minister at the time, famously referred to it as "the recession that Australia had to have."[39] During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%.[40] Despite this, there was a beneficial reduction in inflation.
Mining
The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself benefited strongly from mining iron-ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres. Australia's economy grew at an average annual rate of 3.6% for over 15 years[when?], well above the OECD average of 2.5%.[41]
The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[42]
The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[43] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[44][45] The growth rate was reported to be 4.3% year-on-year.[46]
The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[47] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",[48] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[49] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[50] Deutsche Bank in August 2012, and Societe Generale in October 2012, warned that there is risk of recession in Australia in 2013.[51][52]
While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.[53][54][55]
Overview
Australia's annual inflation rate (percentage change in CPI) since 1949.
Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[56][57] Australia's sovereign credit rating is "AAA", higher than the United States of America.
According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[47] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[47] Average wealth was $US397,000, the world's second-highest after Switzerland.[58] The 2014 issue of the Credit Suisse Global Wealth report explains that this reflects a large endowment of land and natural resources relative to population, as well as being a result of high urban real estate prices.[59]
The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[41]
Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[60] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[61]
Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[62]
In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.
The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[63]
Local anomalies
Due to the different industries Ainslie hosts and cultivates, different electorates are in various situations. Currently, there is economic growth in Wesland and Norlands. The declining agricultural sector in Ainslie, specifically in Lower Verd and Dallama have been a major factor in the region experiencing economic decline.oy
Manning historically is seen as an electorate with a stable economy, which frequently sees economic growth. This is in comparison to the booming industries in Wesland and the traditional economic powerhouse of Ainslie, the electorate of Norlands. Lower Verd often sees economic decline, due to recently failing harvests and frequent bushfires, limiting their output.
Manning and Dallama both appear to have stable agricultural industries, but Lower Verd does not seem to share this trend. It is often blamed, as a colloquialism, on the ‘jealous farmers in Verdon, who for years saw the thriving agricultural industry in the electorate’. Many farmers in Lower Verd are beginning to invest in cattle and animals, rather than crops. Local economists project economic growth in the electorate because of this.
Taxation
Taxation in the Unified Electorates is collected at the local (in the form of a Services and contribution fee) and federal levels (Through personal and business income tax). The only other mandatory tax is the Goods and Services Tax. Other taxes or federal money collection are done based on circumstances, or specific situations citizens involve themselves in. The federal government collects the main amount of taxation revenue, with the Electoral Council being given a fixed amount of money to be distributed amongst the electorates, with Judicial Council approval.
Electorates additionally tax their residents, whilst receiving funds allocated to them by the Electoral Council. Due to the existence of the Electoral Council, there is practically no inconsistencies between electorates in regards to taxation. Electorates tax large businesses who operate within their borders. However, it is normal for some electorates to counter this nationwide tax with some sort of incentive, but the reduction of money paid to electorates is up to the individual jurisdiction. Additionally, electorates tax shares, additional assets, excessive acquisition of assets and taxation in order to disincentivise the usage of cigarettes, alcohol and poker machines.
Previous Judicial Council rulings have discouraged the electorates to pursue a form of income tax. These rulings are based off early documents outlining the structure and conduct of government activities. These early documents are not legally binding nor have constitutional power, but rather recommend and provide a basis for the Judicial Council to provide rulings (These are similar to Legal Writings, a source of International Law). These rulings have appeared to be enough to discourage them, but the Ahnslen Senate is eager to pass legislation which would extend the powers of the federal government, with sole income taxation at the federal level being a provision. However, part of this bill is not to the Judicial Council’s approval, so it is a policy area where not much progress is being made in.
Local governments (Called prefectures in Ainslie) have their own taxes (Called ‘contributions’) to enable the delivery and maintenance of essential basic services, management, planning and public buildings. Prefectures may seek funding from the electorate’s budget.
Employment
According to the Ministry of Ahnslen Affairs, the unemployment rate in the Unified Electorates is at 3.8%. The young ahnslen’s (15-24) unemployment rate is 10.2%. According to Cullen Research Limited, the unemployment rate in March 2017 is 3.6%. Ahnslens who are either unemployed or underemployed number around 8%. 2.3 million people are in part time or casual employment, 23% of the total workforce.
Electorates ranked by unemployment rates
_______________________________________________________________________________
Services
IT related jobs (such as computer system design and engineering) are defined as Professional, Scientific and Technical Services by the Department of Education, Employment and Workplace Relations of Australia. IT job creation occurs mostly in the state capital cities of Australia.[113]
Finance
Australia's four 'Big Banks' are among the 'World's 50 Safest Banks' as of April 2012.[114] The four largest banks in Australia are also known as the "Big Four".
Between 1991 and 2013, 36,720 mergers and acquisitions with a total known value of US$2,040 billion with the involvement of Australian firms have been announced.[115] In the year 2013, 1,515 transactions valued at US$78 billion had been announced which was a decrease in terms of numbers (−18%) and value (−11%) compared to 2012. The largest takeover or merger transaction involving Australian companies was the 2007 takeover of the Coles Group by Wesfarmers, totalling A$22 billion.[116]
Tourism
Monthly short-term arrivals in Australia since 1991
In the financial year 2010–11, the tourism industry represented 2.5% of Australia's GDP, at a value of about $35 billion to the national economy – equivalent to $94.8 million a day to the Australian economy.[117] Domestic tourism is a significant part of the tourism industry, and was responsible for 73% of the total direct tourism GDP.[117] The 2010–11 financial year saw a record number of overseas arrivals in the financial year, with 5.9 million short-term visitor arrivals to Australia (588 extra visitors a day).[117] Tourism employed 513,700 people in Australia in 2010–11, of which 43.7% were part-time. Tourism also contributed 8.0% of Australia's total export earnings in 2010–11.[117]
School attendance is compulsory in Australia, from the age of 5 up until approximately 16 (although it varies between each state and territory).[118] Australia also has an adult literacy rate that was estimated to be 99% in 2003.[119]
In 2004, the average educational acquirement of the adult population in OECD countries was 11.9 years. This is based on the duration of formal educational programmes. Australia ranked relatively highly in the study, with the population recording slightly over 12 years in education, ranking similarly to many European countries such as Sweden, Ireland and Poland. Australia was, however, outperformed by Canada, Germany and the United States—which all measured close to 14 years in education.[120]
In the Programme for International Student Assessment, Australia regularly scores among the top five of thirty major developed countries (member countries of the Organisation for Economic Co-operation and Development). Catholic education accounts for the largest non-government sector.
University attendance in Australia is expensive, particularly in comparison to other developed nations such as the New Zealand, Canada, and France.[121]
Infrastructure
Australian renewable power plants
Energy
The Australian economy is dependent on imported crude oil and petroleum products, the economy's petroleum import dependency is around 80% – crude oil + petroleum products. Despite that Australian oil exports are very high and comprise a relatively big part of its GDP.[122]
Trade and economic performance
Australia Export Treemap by Product (2014) from [1] Harvard Atlas of Economic Complexity
Australian exports in 2006.
In the second half of the 20th century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.[123]
In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years.[124] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.[125] The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Australia's current account deficit for the 2007–08 financial year was up 4% to $19.49 billion (according to the Australian Bureau of Statistics), due to the absence of a successful export-oriented manufacturing industry, an Australian property bubble, and high levels of net foreign debt owed by the private sector. Increasing levels of government debt triggered by federal government spending are an emerging public policy issue.
Australian household finances – debt and interest
The price of housing in terms of median incomes has been highlighted by a recent demographic survey with Australian capital city residential housing being among the most expensive in the world. A long drought and its impacts on retail food costs and export volumes of crops and meat and the possible impacts of climate change on agriculture has also been of concern.[citation needed]
Chinese investment
There is substantial export to China of iron ore, wool, and other raw materials and over 120,000 Chinese students study in Australian schools and universities. China is the largest purchaser of Australian debt.[126] In 2009, offers were made by state-owned Chinese companies to invest 22 billion dollars in Australia's resource extraction industry.[126]
The Signing of the China-Australia Free-Trade Agreement, signed November 2014, has the potential to drastically increase Chinese Investments as agriculture and services become more lenient..
In trade terms, the Australian economy has had persistently large current account deficits (CADs) for more than 50 years.[41][128] One single factor that undermines balance of payments is Australia's narrow export base.
Dependent upon commodities, the Australian government has endeavoured to redevelop the Australian manufacturing sector. This initiative, also known as microeconomic reform, helped Australian manufacturing to grow from 10.1% in 1983–1984 to 17.8% in 2003–2004.[129]
There are other factors that have contributed to the extremely high current account deficit in Australia such as lack of international competitiveness.[130]
However, as Australia's CAD is almost entirely generated by the private sector, as outlined in Professor John Pitchford's 'Consenting Adults Thesis' in the early 1990s, there is an argument that the CAD is not a significant issue. Historically, Australia has relied on overseas capital to fill the gap between domestic savings and investment, and many of these investment opportunities could not have been pursued if Australia did not have access to foreign savings. This suggests that Australia's apparently low savings level and CAD are not necessarily a significant problem. As long as the investment that is being funded by overseas capital inflow generates sufficient returns to pay for the servicing costs in the future, the increase in foreign liabilities can be viewed as sustainable in the longer term.[131]
Wealth
GNI per capita in 2015
Australia was identified by the Credit Suisse Research Institute as the nation with the second-highest average wealth per adult in 2013.[132] According to a report released in October 2013, the nation's poverty rate increased from 10.2 per cent to 11.8 per cent, from 2000/01 to 2013.[132][133]
The three main industries in Ainslie are Medical Goods, Services and Management (32% of GDP), Financial Services (20% of GDP) and Professional Consultancy (15% of GDP). Economic growth is mainly dependent on a combination of innovation in healthcare and the further exporting of Ahnslen management and business strategies, an often overlooked sector within the Ahnslen economy. Products are evenly exported amongst different nations across the Isles, with a bias to mixed market liberal economies.
The Ahnslen Stock Exchange (frequently referred to as the Arnton Exchange) in Arnton, is one of the most known stock exchanges. Ainslie is home to some large international companies, with the two most known being Armex International (Resulting from a merger of Armex Pharmaceuticals and Healthcare Solutions International), a global leader in medical treatments, research and service management. The Ahnslen is the currency of the independent Ahnslen sovereign, including its six electorates.
Ainslie is a member of the CU, and is the fourth largest economy in the union.. The country has also ratified trade agreements with (list nations here).
20th Century
Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually. As opposed to many Southeast Asian countries, the process towards independency was relatively peaceful and thus did not have significant negative impact on the economy and standard of living.[38] Growth peaked during the 1920s, followed by the 1950s and the 1980s. By contrast, the late 1910s/early 1920s, the 1930s, the 1970s and early 1990s were marked by financial crises.
Economic liberalisation
From the early 1980s onwards, the Australian economy has undergone a continuing economic liberalisation. In 1983, under Prime Minister Bob Hawke, but mainly driven by Treasurer Paul Keating, the Australian dollar was floated and financial deregulation was undertaken.
The early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy, and the stock market began to quickly recover. However, in North America, the lumbering savings and loans industry was facing decline which eventually led to a savings and loan crisis which compromised the wellbeing of millions of Americans. The following recession thus impacted the many countries closely linked to the United States, including Australia. Paul Keating, who was Prime Minister at the time, famously referred to it as "the recession that Australia had to have."[39] During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%.[40] Despite this, there was a beneficial reduction in inflation.
Mining
The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself benefited strongly from mining iron-ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres. Australia's economy grew at an average annual rate of 3.6% for over 15 years[when?], well above the OECD average of 2.5%.[41]
The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[42]
The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[43] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[44][45] The growth rate was reported to be 4.3% year-on-year.[46]
The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[47] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",[48] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[49] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[50] Deutsche Bank in August 2012, and Societe Generale in October 2012, warned that there is risk of recession in Australia in 2013.[51][52]
While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.[53][54][55]
Overview
Australia's annual inflation rate (percentage change in CPI) since 1949.
Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[56][57] Australia's sovereign credit rating is "AAA", higher than the United States of America.
According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[47] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[47] Average wealth was $US397,000, the world's second-highest after Switzerland.[58] The 2014 issue of the Credit Suisse Global Wealth report explains that this reflects a large endowment of land and natural resources relative to population, as well as being a result of high urban real estate prices.[59]
The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[41]
Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[60] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[61]
Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[62]
In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.
The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[63]
Local anomalies
Due to the different industries Ainslie hosts and cultivates, different electorates are in various situations. Currently, there is economic growth in Wesland and Norlands. The declining agricultural sector in Ainslie, specifically in Lower Verd and Dallama have been a major factor in the region experiencing economic decline.oy
Manning historically is seen as an electorate with a stable economy, which frequently sees economic growth. This is in comparison to the booming industries in Wesland and the traditional economic powerhouse of Ainslie, the electorate of Norlands. Lower Verd often sees economic decline, due to recently failing harvests and frequent bushfires, limiting their output.
Manning and Dallama both appear to have stable agricultural industries, but Lower Verd does not seem to share this trend. It is often blamed, as a colloquialism, on the ‘jealous farmers in Verdon, who for years saw the thriving agricultural industry in the electorate’. Many farmers in Lower Verd are beginning to invest in cattle and animals, rather than crops. Local economists project economic growth in the electorate because of this.
Taxation
Taxation in the Unified Electorates is collected at the local (in the form of a Services and contribution fee) and federal levels (Through personal and business income tax). The only other mandatory tax is the Goods and Services Tax. Other taxes or federal money collection are done based on circumstances, or specific situations citizens involve themselves in. The federal government collects the main amount of taxation revenue, with the Electoral Council being given a fixed amount of money to be distributed amongst the electorates, with Judicial Council approval.
Electorates additionally tax their residents, whilst receiving funds allocated to them by the Electoral Council. Due to the existence of the Electoral Council, there is practically no inconsistencies between electorates in regards to taxation. Electorates tax large businesses who operate within their borders. However, it is normal for some electorates to counter this nationwide tax with some sort of incentive, but the reduction of money paid to electorates is up to the individual jurisdiction. Additionally, electorates tax shares, additional assets, excessive acquisition of assets and taxation in order to disincentivise the usage of cigarettes, alcohol and poker machines.
Previous Judicial Council rulings have discouraged the electorates to pursue a form of income tax. These rulings are based off early documents outlining the structure and conduct of government activities. These early documents are not legally binding nor have constitutional power, but rather recommend and provide a basis for the Judicial Council to provide rulings (These are similar to Legal Writings, a source of International Law). These rulings have appeared to be enough to discourage them, but the Ahnslen Senate is eager to pass legislation which would extend the powers of the federal government, with sole income taxation at the federal level being a provision. However, part of this bill is not to the Judicial Council’s approval, so it is a policy area where not much progress is being made in.
Local governments (Called prefectures in Ainslie) have their own taxes (Called ‘contributions’) to enable the delivery and maintenance of essential basic services, management, planning and public buildings. Prefectures may seek funding from the electorate’s budget.
Employment
According to the Ministry of Ahnslen Affairs, the unemployment rate in the Unified Electorates is at 3.8%. The young ahnslen’s (15-24) unemployment rate is 10.2%. According to Cullen Research Limited, the unemployment rate in March 2017 is 3.6%. Ahnslens who are either unemployed or underemployed number around 8%. 2.3 million people are in part time or casual employment, 23% of the total workforce.
Electorates ranked by unemployment rates
- Wesland - 2.1%
- Norlands 3.8%
- Manning - 3.2%
- Burnett - 3.6%
- Lower Verd - 4.0%
- Dallama - 4.4%
_______________________________________________________________________________
Services
IT related jobs (such as computer system design and engineering) are defined as Professional, Scientific and Technical Services by the Department of Education, Employment and Workplace Relations of Australia. IT job creation occurs mostly in the state capital cities of Australia.[113]
Finance
Australia's four 'Big Banks' are among the 'World's 50 Safest Banks' as of April 2012.[114] The four largest banks in Australia are also known as the "Big Four".
Between 1991 and 2013, 36,720 mergers and acquisitions with a total known value of US$2,040 billion with the involvement of Australian firms have been announced.[115] In the year 2013, 1,515 transactions valued at US$78 billion had been announced which was a decrease in terms of numbers (−18%) and value (−11%) compared to 2012. The largest takeover or merger transaction involving Australian companies was the 2007 takeover of the Coles Group by Wesfarmers, totalling A$22 billion.[116]
Tourism
Monthly short-term arrivals in Australia since 1991
In the financial year 2010–11, the tourism industry represented 2.5% of Australia's GDP, at a value of about $35 billion to the national economy – equivalent to $94.8 million a day to the Australian economy.[117] Domestic tourism is a significant part of the tourism industry, and was responsible for 73% of the total direct tourism GDP.[117] The 2010–11 financial year saw a record number of overseas arrivals in the financial year, with 5.9 million short-term visitor arrivals to Australia (588 extra visitors a day).[117] Tourism employed 513,700 people in Australia in 2010–11, of which 43.7% were part-time. Tourism also contributed 8.0% of Australia's total export earnings in 2010–11.[117]
School attendance is compulsory in Australia, from the age of 5 up until approximately 16 (although it varies between each state and territory).[118] Australia also has an adult literacy rate that was estimated to be 99% in 2003.[119]
In 2004, the average educational acquirement of the adult population in OECD countries was 11.9 years. This is based on the duration of formal educational programmes. Australia ranked relatively highly in the study, with the population recording slightly over 12 years in education, ranking similarly to many European countries such as Sweden, Ireland and Poland. Australia was, however, outperformed by Canada, Germany and the United States—which all measured close to 14 years in education.[120]
In the Programme for International Student Assessment, Australia regularly scores among the top five of thirty major developed countries (member countries of the Organisation for Economic Co-operation and Development). Catholic education accounts for the largest non-government sector.
University attendance in Australia is expensive, particularly in comparison to other developed nations such as the New Zealand, Canada, and France.[121]
Infrastructure
Australian renewable power plants
Energy
The Australian economy is dependent on imported crude oil and petroleum products, the economy's petroleum import dependency is around 80% – crude oil + petroleum products. Despite that Australian oil exports are very high and comprise a relatively big part of its GDP.[122]
Trade and economic performance
Australia Export Treemap by Product (2014) from [1] Harvard Atlas of Economic Complexity
Australian exports in 2006.
In the second half of the 20th century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.[123]
In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years.[124] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.[125] The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Australia's current account deficit for the 2007–08 financial year was up 4% to $19.49 billion (according to the Australian Bureau of Statistics), due to the absence of a successful export-oriented manufacturing industry, an Australian property bubble, and high levels of net foreign debt owed by the private sector. Increasing levels of government debt triggered by federal government spending are an emerging public policy issue.
Australian household finances – debt and interest
The price of housing in terms of median incomes has been highlighted by a recent demographic survey with Australian capital city residential housing being among the most expensive in the world. A long drought and its impacts on retail food costs and export volumes of crops and meat and the possible impacts of climate change on agriculture has also been of concern.[citation needed]
Chinese investment
There is substantial export to China of iron ore, wool, and other raw materials and over 120,000 Chinese students study in Australian schools and universities. China is the largest purchaser of Australian debt.[126] In 2009, offers were made by state-owned Chinese companies to invest 22 billion dollars in Australia's resource extraction industry.[126]
The Signing of the China-Australia Free-Trade Agreement, signed November 2014, has the potential to drastically increase Chinese Investments as agriculture and services become more lenient..
In trade terms, the Australian economy has had persistently large current account deficits (CADs) for more than 50 years.[41][128] One single factor that undermines balance of payments is Australia's narrow export base.
Dependent upon commodities, the Australian government has endeavoured to redevelop the Australian manufacturing sector. This initiative, also known as microeconomic reform, helped Australian manufacturing to grow from 10.1% in 1983–1984 to 17.8% in 2003–2004.[129]
There are other factors that have contributed to the extremely high current account deficit in Australia such as lack of international competitiveness.[130]
However, as Australia's CAD is almost entirely generated by the private sector, as outlined in Professor John Pitchford's 'Consenting Adults Thesis' in the early 1990s, there is an argument that the CAD is not a significant issue. Historically, Australia has relied on overseas capital to fill the gap between domestic savings and investment, and many of these investment opportunities could not have been pursued if Australia did not have access to foreign savings. This suggests that Australia's apparently low savings level and CAD are not necessarily a significant problem. As long as the investment that is being funded by overseas capital inflow generates sufficient returns to pay for the servicing costs in the future, the increase in foreign liabilities can be viewed as sustainable in the longer term.[131]
Wealth
GNI per capita in 2015
Australia was identified by the Credit Suisse Research Institute as the nation with the second-highest average wealth per adult in 2013.[132] According to a report released in October 2013, the nation's poverty rate increased from 10.2 per cent to 11.8 per cent, from 2000/01 to 2013.[132][133]