Economy of Australia

Learn about the economic situation in the country

The economy of Australia is known for being stable and one of the strongest in the world. 💰

This is due to the low-interest rate and low inflation during the last 25 years of unstoppable economic growth in the country.

Generally speaking, Australia is considered a “lucky country” for not being directly affected during critical moments in the global economy such as the crisis in 2008, for example.

However, this favorable situation is changing in the post-pandemic scenario.

Want to understand more about this subject? Keep reading our post!

Photo by Pixabay from Pexels

KEY POINTS IN THE ECONOMY OF AUSTRALIA

  • Currency: The official currency in the country is the Australian dollar.
  • Main export partners: China, Japan, South Korea, United States, India, and New Zealand.
  • Main import partners: China, United States, Japan, Germany, Thailand, and the United Kingdom.
  • Mining: Australia is the biggest exporter of diamonds, aluminum, and coal.
  • Agriculture: The main imported products are sugar, cotton, wheat, barley, grape, among others.
  • Industry: It is a diverse activity and some of the main items of production are foods, machines, and technological types of equipment.
  • Tourism: One of the most relevant sectors in the country, that employs around 500,000 people. Australia receives more than 6 million tourists every year and international students are a big part of this number.
Mining is one of the main sector in the economy of Australia
Photo by Artyom Korshunov on Unsplash

COVID-19 AND THE ECONOMIC SITUATION

We all know the effects that Coronavirus is having in our daily lives.

It has affected the main economies in the world such as the United States, Canada, Japan, the United Kingdom, France, Italy, and Germany. Unfortunately, Australia has not left behind.

The country is now facing the first recession after 30 years due to the pandemic and one of the worst bushfires at the beginning of 2020.

According to The Guardian, the unemployment rate in Australia is now 7.5%, with more than one million Australians out of work.

The strict measures imposed during the lockdown and the closure of many establishments contributed to the high rate of unemployment.

On the other hand, the Australian government has been helping its citizens with JobSeeker and JobKeeper stimulus. They are incentives to support businesses and employees that are dealing with financial hardship because of the pandemic.

Also, as mentioned above, Tourism is one of the main sectors in the economy of Australia. The area has been massively affected due to the closure of international borders since March.

Even though the statistics are not in favour of Australia at the moment, the workforce is continuing its activities according to the “new normal”.

Photo by Artyom Korshunov on Unsplash

If you are keen on learning more about the economy of Australia, visit The Treasury of the Australian Government website here.

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