Some specifications of Australian Economy:
- Currency- Australian Dollar
- Fiscal year- 1st July to 30th June
- Current GDP growth- 3.8%
- Current Inflation rate- 2.5%
Presently the main industries in Australia are mining, chemicals, industrial and transportation goods and food processing. Very recently the Knowledge based industries has began developing rapidly mainly due to the hi-tech and social changes. Information and Communications Technology today in Australia has a market of $80 billion. There are about twenty five thousand IT companies operating here. The major business areas in Australia are Import & Export, Insurance, and also Home based Business. There are approximately three million people in Australia and around 1.2 million small businesses. A significant percentage of the goods produced by the small business sectors are exported.
The infrastructure of the government of Australia has created a stable and strong base for the economy to grow. Though the country has free market economy the contribution of the government is very significant. This has made the country the second easiest economy for a new businessman and third easiest place to get a credit for business. There are very less restrictions in Australia in the field of trade and investment. The most important tax for almost all goods and businesses are GST and VAT. The world class infrastructure, extraordinary natural resource and right governmental policies have made Australia one of the most developed nations of the world.