Australia s Economy From An Impoverished And Subsistent...

Australia has transformed its economy from an impoverished and subsistent indigenous economy to an advanced economy with one of the highest standards of living in the world. It has vast lands with rich exploitable resources and has a history of close-knit community building, a government with strong institutional rights from the beginning, flourishing businesses and the interactions of the private and public sector. It has not only tackled adversity in the form of economic depressions, inflation, and military conflicts but at the same time has also built prosperity through good economic policies, creation of major infrastructure and leveraging the benefits of international economic linkages. The structure of Australian economy has continuously evolved over the last century and it continues to do so. In last century, there was a shift in the economy from manufacturing and mining sector to service sector. Firms in Australia have continuously innovated along with the boom in Information technology and have grown bigger in this digital era. Now, with increasing world demand for commodities especially from India and China, the stage has been set for Mining sector to rebound. Structure of Australia’s economy – Australia is the world s 13th largest economy (as on 2016), with output as measured by gross domestic product and world s 19th largest economy (as on 2016), with output as measured by gross domestic product at purchase power parity. Australia is often regarded as