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AUSTRALIA ECONOMY |
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Australia's economic development was slow at first and based on the export
of wool. This all changed with the discovery of gold in 1851 and mining has,
overall, been the most important sector of the Australian economy. By the
late 20th century, Australia had a prosperous Western-style mixed economy,
with a per capita GDP on par with the four dominant Western European
economies. In recent years, the Australian economy has been resilient in the
face of global economic downturn, with steady growth. Rising output in the
domestic economy has been offsetting the global slump, and business and
consumer confidence remains robust. Australia's emphasis on reforms is
another key factor behind the economy's strength. In the 1980s, the Labor
Party, led by Prime Minister Bob Hawke and Treasurer Paul Keating, played a
crucial role in modernizing Australia's economy. |
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Since the recession "Australia had to have" (P. Keating) in the early 1990s,
the Australian economy has not suffered a recession or "trough" in the
business cycle in 11 years. Even the downturn of the early 2000s did not
affect its consistent GDP growth.
Many raw materials (including resources postulated to exist but yet to be
discovered) remain mostly unexploited. Australia is often referred to by
economists as the "world's farm", but despite this emphasis on the
agriculture sector, in recent years the Australian government has been
focusing on the tourism, education and technology markets. |
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