[hide] • 1 Historyo 1.1 20th centur

[hide]
• 1 History
o 1.1 20th century
 1.1.1 Economic liberalisation
 1.1.2 Early 1990s recession
o 1.2 Mining boom
o 1.3 Global financial crisis
• 2 Overview
o 2.1 Regional differences
o 2.2 Taxation
• 3 Employment
o 3.1 Employment for newly qualified professionals
o 3.2 States and territories ranked by unemployment rates
• 4 Sectors
o 4.1 Industry
 4.1.1 Mining
 4.1.2 Manufacturing
 4.1.3 Agriculture
o 4.2 Services
 4.2.1 Finance
 4.2.2 Tourism
 4.2.3 Media
 4.2.4 Education
 4.2.5 Logistics
• 5 Infrastructure
o 5.1 Energy
• 6 Trade and economic performance
o 6.1 Australian national debt
o 6.2 Chinese investment
o 6.3 Trade agreements
o 6.4 Australia's balance of payments
o 6.5 Wealth
• 7 See also
• 8 Notes
• 9 References
• 10 External links
History[edit]
Main article: Economic history of Australia

Annual percentage growth in real (chain volume) GDP per capita since 1961
20th century[edit]
This Section is incomplete.(February 2014)
Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually.
Economic liberalisation[edit]
From the early 1980s onwards, the Australian economy has undergone a continuingeconomic liberalisation. In 1983, under Prime Minister Bob Hawke, but mainly driven by Treasurer Paul Keating, the Australian dollar was floated and financialderegulation was undertaken.
Early 1990s recession[edit]
Main article: Early 1990s recession
The early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy, and the stock market began to quickly recover. However, inNorth America, the lumbering savings and loans industry was facing decline which eventually led to a savings and loan crisis which compromised the wellbeing of millions of Americans. The following recession thus impacted the many countries closely linked to the United States, including Australia. Paul Keating, who was Prime Minister at the time, famously referred to it as "the recession that Australia had to have."[35] During the recession, GDP fell by 1.7 per cent, employment by 3.4 per cent and the unemployment rate rose to 10.8 per cent.[36] Despite this, there was a beneficial reduction in inflation.
Mining boom[edit]
The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, 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. Australia's mining operations secured continued economic growth and Western Australia itself has benefited strongly from mining iron-ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres. Australia's economy grew at an average annual rate of 3.6% for over 15 years, well above the OECD average of 2.5%.[37]
Global financial crisis[edit]
Main article: 2007–2012 global financial crisis
Further information: Rudd Government (2007–10)
The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[38]
The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[39] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[40][41] The growth rate was reported to be 4.3% year-on-year.[42]
The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[43] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0 per cent in 2012 and 3.5 per cent in 2013",[44] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[45] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[46] Deutsche Bank in August 2012, and Societe Generale in October 2012, warned that there is risk of recession in Australia in 2013.[47][48]
There are differing opinions about whether there was recession in Australia during recent years.[49][50] From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.[51][52][53]
Overview[edit]

Australia's annual inflation rate (percentage change in CPI) since 1949.
Australia's per-capita GDP is higher than that of the UK, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[54][55] Australia's sovereign credit rating is "AAA", higher than the United States of America.
According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[43] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[43] Average wealth was $US397,000, the world's second-highest after Switzerland.[56] The 2014 issue of the Credit Suisse Global Wealth report explains that this reflects a large endowment of land and natural resources relative to population, as well as being a result of high urban real estate prices.[57]
The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[37]
Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[58] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[59]
Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[60]
In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.
The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[61]
Regional differences[edit]
Much of the economic growth in Australia is attributed to areas of the country where mining- and resource-based industries and services are mostly located. Western Australia and the Northern Territory are the only states that have economic growth.[62][63][64] During 2012 and 2013 Australian Capital Territory, Queensland, Tasmania, South Australia, New South Wales and Victoria have had recessions.[62][65][66][67][68][69] The Australian economy is characterised as a "two-speed economy".[70][71][72][73][74][75][76] From June 2012 to March 2013 Victoria has had a recession. In 2012 the Government of Victoria cut 10% of all jobs in the public service.[77][78]
Taxation[edit]
Quarterly taxation revenue ($millions) since 1959.
Main article: Taxation in Australia
See also: Income tax in Australia, Goods and Services Tax (Australia),Passenger Movement Charge and Fiscal imbalance in Australia
Taxation in Australia is levied at the federal, state, and local government levels. The federal government raises revenue from personal income taxes and business taxes. Other taxes include the goods and services tax (General Service Tax), excise and customs duties. The federal government is the main source of income for state governments. As a result of state dependence on federal taxation revenue to meet decentralised expenditure responsibilities, Australia is said to have a vertical fiscal imbalance.
Besides receipts of funds from the federal government, states and territories have their own taxes, in many cases as slightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-machine tax on businesses that offer gambling services, land tax on people and businesses that own land and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states, unlisted shares in others, and even sales of contracts in some states).
The states effectively lost the ability to raise income tax during the Second World War. In 1942, Canberra invoked its Constitutional taxation power (

Hasil (Bahasa Indonesia) 1:

[hide] • 1 Sejaraho 1.1 abad ke-20 1.1.1 liberalisasi ekonomi 1.1.2 awal resesi 1990-ano 1.2 pertambangan boomo 1.3 krisis keuangan Global• 2 Tinjauano 2.1 perbedaan Regionalo 2.2 perpajakan• 3 pekerjaano 3.1 pekerjaan baru berkualitas profesionalo 3.2 negara bagian dan teritorial menurut tingkat pengangguran• 4 sektoro 4.1 industri 4.1.1 pertambangan 4.1.2 manufaktur 4.1.3 pertanianLayanan o 4.2 4.2.1 keuangan 4.2.2 pariwisata 4.2.3 Media 4.2.4 pendidikan 4.2.5 logistik• 5 infrastrukturo 5.1 energi• 6 perdagangan dan kinerja ekonomio 6.1 utang Nasional Australiao 6.2 investasi Cinao 6.3 perjanjian perdagangano 6.4 Australia neraca pembayarano 6.5 kekayaan• 7 Lihat juga• 8 catatan• 9 referensi• 10 Pranala luarSejarah [sunting]Artikel utama: sejarah ekonomi Australia Pertumbuhan persentase tahunan di real (jaringan volume) GDP per kapita sejak 1961abad ke-20 [sunting] Bagian ini tidak lengkap. (Februari 2014)Tingkat pertumbuhan PDB yang rata-rata di Australia untuk periode 1901-2000 adalah 3,4% per tahun.Liberalisasi ekonomi [sunting]Dari awal 1980-an dan seterusnya, perekonomian Australia telah mengalami liberalisasi continuingeconomic. Pada tahun 1983, di bawah Perdana Menteri Bob Hawke, tapi terutama didorong oleh Bendahara Paul Keating, dolar Australia mengambang dan financialderegulation dilakukan.Awal resesi 1990-an [sunting]Artikel utama: resesi awal 1990-anResesi 1990-an awal datang cepat setelah hitam Senin Oktober 1987, yang dihasilkan dari runtuhnya saham belum pernah terjadi sebelumnya ukuran disebabkan Dow Jones Industrial Average jatuh oleh 22.6%. Kejatuhan ini, lebih besar daripada pasar saham crash pada 1929, ditangani secara efektif oleh ekonomi global, dan pasar saham mulai cepat pulih. Namun, inNorth Amerika, lamban tabungan dan pinjaman industri sedang menghadapi penurunan yang akhirnya menyebabkan tabungan dan pinjaman krisis yang dikompromikan kesejahteraan jutaan orang Amerika. Resesi berikut sehingga berdampak banyak negara-negara yang terkait erat dengan Amerika Serikat, termasuk Australia. Paul Keating, yang Perdana Menteri pada waktu, terkenal disebut sebagai "resesi yang Australia harus memiliki." [35] selama resesi, PDB jatuh 1,7 persen, pekerjaan oleh 3,4 persen dan tingkat pengangguran naik menjadi 10,8 persen. [36] Meskipun demikian, ada penurunan inflasi yang bermanfaat.Pertambangan boom [sunting]The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, 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. Australia's mining operations secured continued economic growth and Western Australia itself has benefited strongly from mining iron-ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres. Australia's economy grew at an average annual rate of 3.6% for over 15 years, well above the OECD average of 2.5%.[37]Global financial crisis[edit]Main article: 2007–2012 global financial crisisFurther information: Rudd Government (2007–10)The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[38]The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[39] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[40][41] The growth rate was reported to be 4.3% year-on-year.[42]The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[43] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0 per cent in 2012 and 3.5 per cent in 2013",[44] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[45] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[46] Deutsche Bank in August 2012, and Societe Generale in October 2012, warned that there is risk of recession in Australia in 2013.[47][48]There are differing opinions about whether there was recession in Australia during recent years.[49][50] From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.[51][52][53]Overview[edit] Australia's annual inflation rate (percentage change in CPI) since 1949.Australia's per-capita GDP is higher than that of the UK, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[54][55] Australia's sovereign credit rating is "AAA", higher than the United States of America.According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[43] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[43] Average wealth was $US397,000, the world's second-highest after Switzerland.[56] The 2014 issue of the Credit Suisse Global Wealth report explains that this reflects a large endowment of land and natural resources relative to population, as well as being a result of high urban real estate prices.[57]The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[37]Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[58] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[59]Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[60]In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.
The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[61]
Regional differences[edit]
Much of the economic growth in Australia is attributed to areas of the country where mining- and resource-based industries and services are mostly located. Western Australia and the Northern Territory are the only states that have economic growth.[62][63][64] During 2012 and 2013 Australian Capital Territory, Queensland, Tasmania, South Australia, New South Wales and Victoria have had recessions.[62][65][66][67][68][69] The Australian economy is characterised as a "two-speed economy".[70][71][72][73][74][75][76] From June 2012 to March 2013 Victoria has had a recession. In 2012 the Government of Victoria cut 10% of all jobs in the public service.[77][78]
Taxation[edit]
Quarterly taxation revenue ($millions) since 1959.
Main article: Taxation in Australia
See also: Income tax in Australia, Goods and Services Tax (Australia),Passenger Movement Charge and Fiscal imbalance in Australia
Taxation in Australia is levied at the federal, state, and local government levels. The federal government raises revenue from personal income taxes and business taxes. Other taxes include the goods and services tax (General Service Tax), excise and customs duties. The federal government is the main source of income for state governments. As a result of state dependence on federal taxation revenue to meet decentralised expenditure responsibilities, Australia is said to have a vertical fiscal imbalance.
Besides receipts of funds from the federal government, states and territories have their own taxes, in many cases as slightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-machine tax on businesses that offer gambling services, land tax on people and businesses that own land and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states, unlisted shares in others, and even sales of contracts in some states).
The states effectively lost the ability to raise income tax during the Second World War. In 1942, Canberra invoked its Constitutional taxation power (