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AUSTRALIA’S ECONOMY - Iowa State University

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AUSTRALIA’S
ECONOMY
Agron/Econ 496
Sergio Lence
February, 2008
Australian Economy
пЃ® Prosperous, Western-style market economy
пЃ®
World Bank classification:
пЃ®
Low-income economies
 53 countries (e.g., Haiti)
пЃ®
Lower-middle income economies
 55 countries (e.g., Guatemala)
пЃ®
Upper-middle income economies
 41 countries (e.g., Mexico)
пЃ®
High-income economies
 60 countries (e.g., Australia)
Composition of GDP (%)
пЃ® Agriculture
пЃ® Industry
пЃ® Services
Australia
3.7
25.6
70.7
U.S.
0.9
20.6
78.5
Composition of Exports (%)
Australia
пЃ® Minerals and Metals
60
пЃ® Rural Goods
17
пЃ® Manufactured Goods
18
U.S.
?
9
82
Australian Economy
пЃ® Major economic reforms starting in the 1980s
 First reform: Labor Party’s floating of AUD in 1983
пЃ® Free-trade agreements and reduction of trade barriers
пЃ® Financial sector deregulation, including 1992 access
for foreign bank branches
пЃ® Rationalization and reduction of trade unions
пЃ® Restructuring of centralized system of industrial
relations and labor bargaining
пЃ® Better integration of individual state economies into
federal system
пЃ® Improvement and standardization of national
infrastructure
пЃ® Privatization (e.g., Australian Wheat Board)
AUSTRALIA:
Annual Changes in GDP and CPI
CPI
GDP
Australian Economy
пЃ® Current concerns
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
Large current account deficit
Absence of export-oriented manufacturing
industry
Real estate bubble
High levels of net foreign debt owed by the
private sector
Pressure on environment
POPULATION, 2004
пЃ® Australia
пЃ® United States
пЃ® China
пЃ® India
пЃ® World
20 million
294 million
1,300 million
1,073 million
6,390 million
World Population Density
пЃ® Population (bottom) and Internet (top) densities
Australian Population Density
0-100
100-200
200-300
>300
R
F
H
ed
er
at
i
un on
R ga
e p ry
S
u
lo
v a P b lic
o
k
R la n
ep d
ub
lic
G Ita
er
l
m y
an
Ja y
B pa
el n
U
gi
ni
te F u m
d in l
K an
in
gd d
S om
w
ed
A en
u
D st
e n r ia
m
ar
E k
U
F 15
ra
n
G ce
re
P e
N or ce
e t tu
he g
r la a l
nd
S No s
w rw
i
O tz e a y
E
r
C la n
D
d
T
ot
a
K
l
or
ea
S
pa
C in
h
Ic in a
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a
Lu C a nd
xe na
U
ni m b da
te o
N d ur
ew S g
ta
Z te
ea s
A la n
us d
tr
a
I r l ia
el
an
B d
ra
T z il
ur
k
S M ey
ou e
t h x ic
A o
fr
ic
a
In
di
a
ch
an
ze
si
C
us
Annual Population Growth,
1992-2005
пЃ® Australia
пЃ® U.S.
1.16% per year
1.12% per year
2
1 .5
1
0 .5
0
-0 .5
ni
N
S
d
in
an
pa
a
l
ly
ad
ga
ia
nd
Ita
el
S
Ir
ia
g
s
nd
al
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la
an
or
C
P
us
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tr
ur
la
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itz
Z
A
w
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e
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ay
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ta
T
re
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D
m
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xe
te
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ed
or
y
s
om
an
gd
w
N
in
S
K
m
e
k
lic
nd
ub
r la
er
he
G
E
Lu
U
d
O
te
et
nc
ar
ry
nd
пЃ® U.S.
ni
N
ra
y
d
lic
ga
la
m
ep
F
en
R
D
in
un
F
ub
ke
an
ur
ol
ep
H
R
T
P
пЃ® Australia
U
k
ch
va
ze
lo
C
S
Net Immigration Rate,
2000-2005
0.58% of total population
0.40% of total population
1 .4
1 .2
1 .0
0 .8
0 .6
0 .4
0 .2
0 .0
-0 .2
S
a
ia
nd
al
la
tr
er
ad
en
s
ia
te
tr
ed
ta
an
us
it z
A
w
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e
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e
d
e
um
ec
nd
nc
an
us
w
C
S
d
A
k
ay
ag
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re
el
G
B
ra
el
r la
F
Ir
er
l
in
ar
w
m
or
av
he
te
et
D
ni
N
C
N
en
pa
ga
lic
N a tio n a ls (c itiz e n s )
U
E
D
tu
ub
ry
nd
ga
la
ly
пЃ® U.S.
S
or
ep
P
R
in
un
F
y
d
lic
Ita
ub
ke
an
ur
ep
H
R
T
ol
пЃ® Australia
O
k
ch
va
ze
lo
C
S
P
Foreign-Born Population,
circa 2000
23%
11%
N o n -n a tio n a ls (n o n -c itiz e n s )
25
20
15
10
5
0
U
n
it e
U
n
S
n
o
n
s
15
te
U
pa
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om
e
ly
ai
ic
an
ta
E
Ja
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ra
er
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e
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K
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e
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B
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la
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er
A
it z
th
it e
d
e
w
o
ug
ub
rt
ep
o
N
R
P
ar
ar
nd
d
nd
пЃ® U.S.
S
ch
ng
nm
u
e
H
la
g
L
lic
an
la
el
in
Ir
ea
F
Z
ur
IS
ub
bo
ep
m
R
D
w
k
xe
пЃ® Australia
N
ze
e
va
Lu
N
lo
C
S
Gross Domestic Product,
2005 (billion U.S. dollars, PPP)
700
12,400
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
0
World Gross Domestic Product
(1999)
Earth’s Satellite Picture at Night
Lu
ni
S
m
s
d
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ur
w
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or
te
an
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er
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al
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te
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he
A
tr
ar
a
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en
A
D
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nd
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e
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om
gi
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el
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B
ed
la
gd
w
in
S
K
et
d
N
te
in
pa
an
nc
ec
34,200 (GDP)
41,800 (GDP)
U
ni
F
m
ra
Ja
er
F
GNP
ly
60 000
I ta
in
nd
ea
pa
la
l ic
l
GDP
re
S
ea
or
ub
ga
ry
70 000
G
Z
K
ep
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ga
пЃ® U.S.
G
ew
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or
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o
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lic
an
ub
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ep
P
H
R
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ic
ke
ex
ur
пЃ® Australia
U
N
k
ch
va
ze
lo
C
S
M
T
Per Capita GDP and GNP,
2005 (U.S. dollars, PPP)
32,900 (GNP)
41,700 (GNP)
80 000
50 000
40 000
30 000
20 000
10 000
0
n
w
xe
m
bo
ur
y
g
a
s
nd
te
rw
ta
o
S
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k
ia
ar
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er
el
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us
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om
na
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e
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l ia
en
nd
e
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um
a
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a
in
it z
th
D
K
ite
Lu
U
S
e
d
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Ir
el
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ed
la
nc
an
pa
G ro s s n a tio n a l in c o m e
N
ite
w
in
ra
m
us
B
A
S
F
F
er
e
ly
in
ec
I ta
Ja
a
nd
pa
re
S
la
l
ic
e
bl
ga
y
lic
ar
or
ea
G
Z
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w
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u
tu
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or
ng
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o
y
пЃ® U.S.
n
e
R
P
u
an
ic
ub
ol
ep
H
R
P
ke
ex
ur
пЃ® Australia
U
N
k
ch
va
ze
lo
C
S
M
T
Per Capita GNI and NNI,
2005 (U.S. dollars, PPP)
32,900 (GNI) 27,700 (NNI)
41,700 (GNI) 36,400 (NNI)
60000
N e t n a tio n a l in c o m e
50000
40000
30000
20000
10000
0
Nominal GDP vs. PPP GNP
Australian Dollar (AUD, A$, AU$)
пЃ® Currency of the Commonwealth of Australia
пЃ® Includes Australia, Christmas Island, Cocos (Keeling)
Islands, and Norfolk Island, as well as the independent
Pacific Island states of Kiribati, Nauru and Tuvalu.
пЃ® Introduced in 1966
пЃ® Not only replacing the Australian pound (distinct from the
pound sterling since 1929) but also introducing a decimal
system.
пЃ® Sixth-most-traded currency in world foreign exchange
markets (behind U.S. dollar, euro, yen, pound sterling,
and swiss franc)
пЃ®
AUD accounts for 4–5% of worldwide foreign exchange
transactions.
Monetary Conversion Rates
пЃ® AUD per U.S. dollar
2 .5
E x c h a n g e R a te
PPP
2
1 .5
1
0 .5
04
20
02
20
00
20
98
19
96
19
94
19
92
19
90
19
88
19
86
19
84
19
82
19
80
19
78
19
76
19
74
19
72
19
19
70
0
1 /2 /0 8
1 0 /2 /0 7
7 /2 /0 7
4 /2 /0 7
1 /2 /0 7
1 0 /2 /0 6
7 /2 /0 6
4 /2 /0 6
1 /2 /0 6
1 0 /2 /0 5
7 /2 /0 5
4 /2 /0 5
1 /2 /0 5
1 0 /2 /0 4
7 /2 /0 4
4 /2 /0 4
1 /2 /0 4
1 0 /2 /0 3
7 /2 /0 3
4 /2 /0 3
1 /2 /0 3
Exchange Rate
пЃ® AUD per U.S. dollar
AUD per US$
2 .0 0
1 .8 0
1 .6 0
1 .4 0
1 .2 0
1 .0 0
0 .8 0
0 .6 0
0 .4 0
0 .2 0
0 .0 0
w
Ja
it z p a
er n
G la n
er
d
m
an
y
Ita
ly
F
ra
n
B
c
el e
gi
u
P
or m
tu
g
A al
us
D
tr
N e n ia
m
et
a
h
e r rk
la
C
ze S nd
ch w e s
R de
O ep n
E
ub
C
D lic
T
U
ot
ni
al
te
B
d
K ra z
in
g d il
om
S Me
ou
x
t h ic o
A
fr
ic
a
S
pa
i
N
or n
w
a
U
n i G re y
te
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d
c
S e
ta
t
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in
la
C nd
an
a
N H u da
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g
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ea
A la n
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us d
us
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si
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an
I c l ia
F e la
ed
n
er d
at
io
n
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L
S u x u rk
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va
y
k bo
ur
R
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ub
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ol
an
K d
or
e
a
In
d
Ir ia
e
la
n
C d
hi
na
S
Real Annual GDP Growth,
1992-2005
пЃ® Australia
пЃ® U.S.
3.8%
3.2%
10
8
6
4
2
0
K
in
l ia
s
15
Ita
ur
g
om
tra
bo
s
ea
nd
gd
us
m
A
xe
d
Lu
te
rla
U
ar
k
a
nd
te
la
ar
ta
E
o
S
he
ur
d
ea
m
l
Ic
el
ly
an
d
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pa
in
K
or
N ea
or
w
a
Ire y
la
n
P
or d
tu
C
ga
ze
G
re l
ch
S
R ec
lo
va ep e
ub
k
R
e p lic
ub
lic
P
ol
an
H
un d
ga
M ry
ex
ic
Tu o
rk
ey
ni
et
E
te
Z
en
ad
ta
пЃ® U.S.
N
ni
ew
d
en
um
To
gi
an
D
el
C
C
B
D
E
a
y
ce
an
ed
nl
w
Fi
S
an
tri
an
us
Fr
A
n
nd
pa
la
m
er
Ja
er
it z
G
w
пЃ® Australia
U
U
N
O
S
Annual Inflation (GDP Deflator),
1992-2005
2.4%
2.1%
15
5 3 .5
12
9
6
3
0
-3
Long-Term Interest Rates,
1994-2005
пЃ® Australia
6.6%
5.5%
пЃ® U.S.
10
A u s tra lia
9
8
7
6
U n ite d
S ta te s
5
Japan
4
3
U n ite d
K in g d o m
2
1
E u ro
a re a
4
2
0
0
2
2
0
0
0
2
0
0
8
1
9
9
6
9
9
1
1
9
9
4
0
Unemployment Rates, 1994-2005
пЃ® Australia
пЃ® U.S.
6.9%
5.1%
20
15
10
5
0
l
y
k
g
n
al om
ry
l ia b l i c
ay nds
es
nd
n d re a
n d o ta
d a iu m a n
r ia p a n
15
ar
ur
de
U
la r tu g
la
la
ra
st
at
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d
o
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r
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n
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er
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or
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ec
пЃ® U.S.
lo
ni
G
P
d
R
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te
E
ni
ch
O
U
ze
re
pa
пЃ® Australia
S
U
C
G
Ja
Government Net BorrowingLending as % of GDP, 2003-2005
1.6%
-4.4%
12
9
6
3
0
-3
-6
-9
Ja
re
pa
ec
n
e
ly
um
I ta
gi
al
e
ea
ot
nc
l
y
ga
ar
T
el
G
B
o
D
ur
C
ra
tu
an
a
1995
E
E
F
or
m
ia
ad
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s
ry
te
s
en
nd
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d
ay
nd
ta
an
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r la
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w
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or
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in
nd
pa
ol
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om
la
gd
k
lic
ar
ub
in
P
F
in
N
K
ep
nd
пЃ® U.S.
w
d
R
m
пЃ® Australia
S
te
k
en
d
ea
ia
an
la
el
ea
Ic
al
or
tr
K
us
Z
D
ew
va
ni
lo
U
S
N
A
Government Debt as % of GDP
1.6%
-4.4%
180
2005
160
140
120
100
80
60
40
20
0
U
N
n
d
y
n
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n
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ra
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it e
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e
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пЃ® U.S.
n
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e
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u
e
p
M
e
P
R
пЃ® Australia
U
e
k
ch
N
va
ze
lo
C
S
Taxes on Income and Profits as %
of GDP, 2004
18.2%
11.1%
30
25
20
15
10
5
0
S
D
S
ta
et
he
ub
ri
a
m
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or
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Taxes on Goods and Services as
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8.9%
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Household Expenditures in Recreation
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7.1%
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10
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Infant Mortality, 2004
4.7 deaths per 1000 live births
6.8 deaths per 1000 live births
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Life Expectancy at Birth, 2004
80.6 years
77.5 years
90
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Prison Population Rate, 2004
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пЃ® U.S.
250
120 per 100,000 people
725 per 100,000 people
725
200
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100
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GINI Index (higher income inequality,
higher index)
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пЃ® U.S.
35
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Annual Water Consumption per
Capita, 2004
930 m3
1,739 m3
1800
1600
1400
1200
1000
800
600
400
200
0
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Trade-to-GDP Ratio, 2005
21%
13%
140%
120%
100%
80%
60%
40%
20%
0%
-5 0
2,
2,
2,
2,
2,
2,
2,
2,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
00
00
00
00
00
00
00
00
99
99
99
99
99
99
99
99
99
99
7
6
5
4
3
2
1
0
9
8
7
6
5
4
3
2
1
0
B illio n A U D
AUSTRALIA
Trade in Goods and Services
250
200
150
100
Im p o rts
E x p o rts
T ra d e B a la n c e
50
0
AUSTRALIA: Exports
пЃ® STM: Simply-transformed manufactures
пЃ® ETM: Elaborately-transformed manufactures
AUSTRALIA: Exports
AUSTRALIA: Imports
пЃ® STM: Simply-transformed manufactures
пЃ® ETM: Elaborately-transformed manufactures
AUSTRALIA: Imports
Destinations of Exports (%)
AUSTRALIA
Japan (20%)
China (12%)
South Korea (8%)
U.S. (6%)
India (6%)
New Zealand (6%)
U.S.
Canada (22%)
Mexico (13%)
Japan (6%)
China (5%)
U.K. (4%)
Germany (4%)
Origins of Imports (%)
AUSTRALIA
China (14%)
U.S. (14%)
Japan (10%)
Singapore (6%)
Germany (5%)
U.S.
Canada (16%)
China (16%)
Mexico (10%)
Japan (8%)
Germany (5%)
Australia: Free Trade Agreements
пЃ® Free Trade Agreements:
пЃ®
пЃ®
пЃ®
U.S. (AUSFTA, started in 2005)
Singapore (SAFTA, started in 2003)
Thailand (TAFTA, started bin 2005)
пЃ® Free Trade Agreements under
Negotiation/Consideration
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
Japan
China
ASEAN (Association of South-East Asian Nations)-New
Zealand
Chile
Gulf Cooperation Council
India
South Korea
Malaysia
Indonesia
AUSTRALIA
Balance of Trade and Current Account
1%
0%
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
-1 %
% of GDP
-2 %
T ra d e
B a la n c e
-3 %
-4 %
-5 %
-6 %
-7 %
C u rre n t
Account
AUSTRALIA
Major Ag Policy Developments
пЃ® Reduction of trade-distorting support schemes for
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
producers
Major reduction in support to dairy producers
Implementation of drought-support measures
Emphasis in policies encouraging droughtpreparedness amongst farmers
More economic-oriented policies for water usage
Expansion and strengthening of natural resource and
environmental policies, mainly aimed at preventing
soil degradation
Streamlining of sanitary measures for imports
Producer Support Estimates
as % of Gross Farm Receipts
A u stra lia
Ja p a n
U n ite d S ta te s
EU25
O E C D T o ta l
70
60
50
40
30
20
10
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
AUSTRALIA
Farm Support Schemes
пЃ® Tax arrangements and risk-management tools to
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
manage income fluctuations
Excise tax rebates on diesel used by farmers
Accelerated depreciation for land and waterconservation investments
Publicly funded research and development
Assistance for exceptional situations (e.g., droughts
and floods)
Import tariffs on certain types of cheese,
unprocessed tobacco, and processed fruits and
vegetables
Australia Wheat Board
пЃ® Near-monopoly for Australian wheat exports
пЃ®
AWB currently exports 96% of Australian wheat
пЃ® Created in 1939
пЃ®
Served as model for Canadian Wheat Board
пЃ® Government-controlled until 1999
пЃ® Privatized in 1999 (owned by active wheat
growers)
пЃ® Publicly traded in Australian Stock Exchange
since 2001
THE END
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