"Australia.gov.au." Our Government. N.p., n.d. Web. 09 Oct. 2013. <http://australia.gov.au/about-australia/our-government>.
"The Australian Flag." The Australian Flag. N.p., n.d. Web. 09 Oct. 2013. <http://www.anbg.gov.au/oz/flag.html>.
"The Australian Flag." The Australian Flag. N.p., n.d. Web. 09 Oct. 2013. <http://www.anbg.gov.au/oz/flag.html>.
Current Events
Australia was the first country to have upper education be free at the point of entry and then require it to be paid off by percentage of future income, they have had this set up since 1989 and it has been extremely successful given that there is no such thing as a student loan default in Australia. The government is now looking back on it and realizing that even though the tuition subsides, this loan scheme’s costs are extremely high. Every year, student loan debt coincided with Australia’s inflation rate. Because the government’s own borrowing costs have been way above inflation, students and graduates are benefiting. In the earlier years of this scheme, this was not a major issue because fewer Australians went to university and they did not have to borrow as much money then they do now. (New York Times)
Today, about one in 15 Australians holds an average debt of US$15,000. (New York Times) Another major cost issue is the student’s debt not being repaid. Although unpaid debt is not written off until death, the government’s accounts show yearly estimates of these eventual costs. As of now, anyone earning less than around US$45,000 has no repayments. Which means people who only work part-time usually pay nothing for their schooling. Because repayments are collected at the taxation office, many students will go to school in Australia and then go and work over seas so they do not have to pay it off.
Norton, Andrew. "Australian Plan Has Helped Students, at a Cost." Room for Debate. The New York Times Co., n.d. Web. 9 Oct. 2013. <www.nytimes.com>.
Today, about one in 15 Australians holds an average debt of US$15,000. (New York Times) Another major cost issue is the student’s debt not being repaid. Although unpaid debt is not written off until death, the government’s accounts show yearly estimates of these eventual costs. As of now, anyone earning less than around US$45,000 has no repayments. Which means people who only work part-time usually pay nothing for their schooling. Because repayments are collected at the taxation office, many students will go to school in Australia and then go and work over seas so they do not have to pay it off.
Norton, Andrew. "Australian Plan Has Helped Students, at a Cost." Room for Debate. The New York Times Co., n.d. Web. 9 Oct. 2013. <www.nytimes.com>.
The average wealth of adult Australians is the highest level in the world—standing at $US219, 505 ($A233, 504), according to the Credit Suisse 2013 Global Wealth Report. In the past year, the country's household wealth per adult grew by 2.6 percent. Even though it was still slower than the global average, which was 4.9 per cent, Australian distribution of wealth among the established nations is the best. The number of millionaires has grown from 38,000 to 1.123 million people just within the past few years. “Australians were shown to have a much higher level of wealth held in property and non-financial assets - 58.5 per cent compared to the world average of 45 per cent and just 38 per cent in the US.” (ninemsn) Even though the US has the most millionaires, with 13.2 million people “topping the seven-figure mark and nearly 46,000 people in the ultra-high net worth $US50 million-plus category” (ninemsn), Australia still wins as the wealthiest country because of its disbursement.
"Aussies the World's Richest People: Report." Finance. N.p., 9 Oct. 2013. Web. 09 Oct. 2013. <http://finance.ninemsn.com.au/newsbusiness/aap/8736195/aussies-the-worlds-richest-people-report>.
"Aussies the World's Richest People: Report." Finance. N.p., 9 Oct. 2013. Web. 09 Oct. 2013. <http://finance.ninemsn.com.au/newsbusiness/aap/8736195/aussies-the-worlds-richest-people-report>.
STATISTICS: Crude Oil & Petroleum
CRUDE OIL
Production: 482, 500 bbl/day
Exports: 250, 000 bbl/day
Imports: 380, 900 bbl/day
PETROLEUM
Consumption: 1.023 million bbl/day
Production: 674,700 bbl/day
Exports: 64, 730 bbl/day
Imports: 332,900 bbl/day
Australia has about 0.3 per cent of the world oil reserves. Most of Australia’s known remaining oil resources are condensate and liquefied petroleum gas (LPG) associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins. In addition oil resources are identified in the Perth, Canning, Amadeus, Cooper/Eromanga, Bowen/Surat, Otway, Bass and Gippsland basins. Australia has a large unconventional and currently non-producing identified shale oil resource of 131 600PJ (22 390mmbbl) which could potentially contribute to future oil supply if economic and environmental challenges can be overcome. The majority of Australian shale oil resources of commercial interest are located in Queensland, in the vicinity of Gladstone and Mackay. Identified resources of crude oil, condensate and liquefied petroleum gas are more limited and Australia is increasingly reliant on imports for transport fuels (Geoscience Australia). Australia is not known for their oil, but throughout its history, there have been few occasions where massive amounts of oil have been found. Even though Australia does not have an abundance of oil and petroleum, it was the world's second largest coal exporter in 2011 and the third largest exporter of liquefied natural gas.
This information raises two questions:
Where does Australia get most of its oil and why does this country give it to them?
What is Australia trading in return for their oil?
"Geoscience Australia." Petroleum Resources -. N.p., n.d. Web. 21 Oct. 2013. <http://www.ga.gov.au/energy/petroleum-resources.html>.
This information raises two questions:
Where does Australia get most of its oil and why does this country give it to them?
What is Australia trading in return for their oil?
"Geoscience Australia." Petroleum Resources -. N.p., n.d. Web. 21 Oct. 2013. <http://www.ga.gov.au/energy/petroleum-resources.html>.
The History of Economic Systems
Australia’s originally primarily served as a jail to Britain. Colonization however began an essential change for resources for that area of the world. By the 1890s, the economy set up by the newly settled had been highly successful. From 1788 to 1820, Australia was in an economy defined as a “Bridgehead Economy”. During these times, the continent was primarily used for convicts and people who worked for the jails. Through this time, however, not a lot of attention was given to the country because of the war with France. The early beginnings of the Australian economy was made as a private economy to support the penal regime. With that, agriculture was developed on the land of the many senior officials and emancipated convicts. Although the basis of the economy at this time mostly depended on the government as a supplier of all goods and money and foreign exchange, individual rights in property and labor were recognized, and private markets for both started to function. As laborers, craftsmen, clerks and tradesmen, many convicts had the skills required for the new settlements. As time went on and these convicts terms grew to be expired, these people stayed on the big island for a permanent free land. From the 1820s, “economic growth was based increasingly upon the production of fine wool and other rural commodities for markets in Britain and the industrializing economies of northwestern Europe” (The Economic History of Australia). Unfortunately the growth was put at a stand still because of two major depressions during the 1840s and 1890s. “Agriculture, local manufacturing and construction industries expanded to meet the immediate needs of growing populations, which concentrated increasingly in the main urban centers” (The Economic History of Australia). As the economy grew, “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” (The Economic History of Australia). Immigration was funded by the colonial governments because they were coming primarily from the United Kingdom and bringing services that helped the economy's growth. Skipping to 1891, the creation of the Commonwealth of Australia on 1 January 1901 increased the opportunities for public involvement in private markets. The substantial growth of the economy though, began in mid 19th century with the wool industry and the gold rush. The gold rush was also responsible for the huge population growth which was very much needed at that point of time for the country. The second phase of economic boom began during the Second World War and it continued till 1970.
The Current Economic System
The main characteristics of the economic system of Australia is based off the Free Market. Australia is among the first five developed countries of the world because of how quickly and remarkably easy the growth of the economy was for Australia. The four main factors of the economic system are “trade, manufacturing, services and finance”. The standard of living of Australia has risen considerably in the last decade and it is now just below America. “Industrialization, private enterprises, large scale productions, high technology and natural resources are Australian economic system” (Economic Systems Australia). Small businesses in Australia also play an important role in the economy.
Key Economic Indicators in Comparison to Other Countries of the World
Employment in Australia has increased over the years primarily because of the flourishing economy. The government jobs can be divided into two parts State & Territory Government Jobs and Australian Government Jobs. In the past few years employment in Australia has made a significant increase: in 2013, “unemployment rate has touched five percent which was around 11% in 1992. Currently Australia has the lowest unemployment rate since 1970s” (Employment Australia). The government of Australia tries to ensure the citizens have enough job opportunities.
New Zealand Unemployment rate is 6.4%
United States Unemployment rate is 7.2%
Greece Unemployment rate is 27%
These numbers indicate that other than a few third world countries, Australia’s unemployment rate is around normal for the world.
Although Australians are known to be the richest people in the world, research shows the number of people struggling below the poverty line is increasing for the country. “Australia’s poverty rate has increased since 2000/01 from 10.2 per cent to 11.8 per cent. Almost one-quarter of the 2.6 million Australians living under the poverty line are dependent children aged under 25, according to the UnitingCare Poverty, Social Exclusion and Disadvantage in Australia report” (The poor reality of rich Australia). Australia is around 2% below the global poverty line. The research also shows the poverty rate for single parent families is around 20% which is double that of the poverty rate for couples.
Many Countries in Africa are over 80% below the global poverty line
America & the majority of Europe are under 2% below the global poverty line.
The majority of South America lives between 6 and 20 % under the global poverty line.
These numbers indicate that although the poverty in Australia is increasing, it is still around the smallest in the world.
GDP
67,035.57 USD (2012) Australia, GDP per capita
"Economic System Australia." Economic System Australia. N.p., n.d. Web. 29 Oct. 2013. <http://www.australiaonnet.com/economy-business/economic-system.html>.
"Employment Australia." Employment Australia. N.p., n.d. Web. 29 Oct. 2013. <http://www.australiaonnet.com/economy-business/employment.html>.
"The Economic History of Australia from 1788: An Introduction." Economic History Services. N.p., n.d. Web. 29 Oct. 2013. <http://eh.net/encyclopedia/article/attard.australia>.
"The Poor Reality of Rich Australia." The Sydney Morning Herald. N.p., n.d. Web. 29 Oct. 2013. <http://www.smh.com.au/national/the-poor-reality-of-rich-australia-20131012-2vemb.html>.
Australia’s originally primarily served as a jail to Britain. Colonization however began an essential change for resources for that area of the world. By the 1890s, the economy set up by the newly settled had been highly successful. From 1788 to 1820, Australia was in an economy defined as a “Bridgehead Economy”. During these times, the continent was primarily used for convicts and people who worked for the jails. Through this time, however, not a lot of attention was given to the country because of the war with France. The early beginnings of the Australian economy was made as a private economy to support the penal regime. With that, agriculture was developed on the land of the many senior officials and emancipated convicts. Although the basis of the economy at this time mostly depended on the government as a supplier of all goods and money and foreign exchange, individual rights in property and labor were recognized, and private markets for both started to function. As laborers, craftsmen, clerks and tradesmen, many convicts had the skills required for the new settlements. As time went on and these convicts terms grew to be expired, these people stayed on the big island for a permanent free land. From the 1820s, “economic growth was based increasingly upon the production of fine wool and other rural commodities for markets in Britain and the industrializing economies of northwestern Europe” (The Economic History of Australia). Unfortunately the growth was put at a stand still because of two major depressions during the 1840s and 1890s. “Agriculture, local manufacturing and construction industries expanded to meet the immediate needs of growing populations, which concentrated increasingly in the main urban centers” (The Economic History of Australia). As the economy grew, “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” (The Economic History of Australia). Immigration was funded by the colonial governments because they were coming primarily from the United Kingdom and bringing services that helped the economy's growth. Skipping to 1891, the creation of the Commonwealth of Australia on 1 January 1901 increased the opportunities for public involvement in private markets. The substantial growth of the economy though, began in mid 19th century with the wool industry and the gold rush. The gold rush was also responsible for the huge population growth which was very much needed at that point of time for the country. The second phase of economic boom began during the Second World War and it continued till 1970.
The Current Economic System
The main characteristics of the economic system of Australia is based off the Free Market. Australia is among the first five developed countries of the world because of how quickly and remarkably easy the growth of the economy was for Australia. The four main factors of the economic system are “trade, manufacturing, services and finance”. The standard of living of Australia has risen considerably in the last decade and it is now just below America. “Industrialization, private enterprises, large scale productions, high technology and natural resources are Australian economic system” (Economic Systems Australia). Small businesses in Australia also play an important role in the economy.
Key Economic Indicators in Comparison to Other Countries of the World
Employment in Australia has increased over the years primarily because of the flourishing economy. The government jobs can be divided into two parts State & Territory Government Jobs and Australian Government Jobs. In the past few years employment in Australia has made a significant increase: in 2013, “unemployment rate has touched five percent which was around 11% in 1992. Currently Australia has the lowest unemployment rate since 1970s” (Employment Australia). The government of Australia tries to ensure the citizens have enough job opportunities.
New Zealand Unemployment rate is 6.4%
United States Unemployment rate is 7.2%
Greece Unemployment rate is 27%
These numbers indicate that other than a few third world countries, Australia’s unemployment rate is around normal for the world.
Although Australians are known to be the richest people in the world, research shows the number of people struggling below the poverty line is increasing for the country. “Australia’s poverty rate has increased since 2000/01 from 10.2 per cent to 11.8 per cent. Almost one-quarter of the 2.6 million Australians living under the poverty line are dependent children aged under 25, according to the UnitingCare Poverty, Social Exclusion and Disadvantage in Australia report” (The poor reality of rich Australia). Australia is around 2% below the global poverty line. The research also shows the poverty rate for single parent families is around 20% which is double that of the poverty rate for couples.
Many Countries in Africa are over 80% below the global poverty line
America & the majority of Europe are under 2% below the global poverty line.
The majority of South America lives between 6 and 20 % under the global poverty line.
These numbers indicate that although the poverty in Australia is increasing, it is still around the smallest in the world.
GDP
67,035.57 USD (2012) Australia, GDP per capita
"Economic System Australia." Economic System Australia. N.p., n.d. Web. 29 Oct. 2013. <http://www.australiaonnet.com/economy-business/economic-system.html>.
"Employment Australia." Employment Australia. N.p., n.d. Web. 29 Oct. 2013. <http://www.australiaonnet.com/economy-business/employment.html>.
"The Economic History of Australia from 1788: An Introduction." Economic History Services. N.p., n.d. Web. 29 Oct. 2013. <http://eh.net/encyclopedia/article/attard.australia>.
"The Poor Reality of Rich Australia." The Sydney Morning Herald. N.p., n.d. Web. 29 Oct. 2013. <http://www.smh.com.au/national/the-poor-reality-of-rich-australia-20131012-2vemb.html>.