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Economy of Australia

Australia, formally recognized as Commonwealth of Australia is a nation that encompasses the mainland of the Australian landmass. The economy of Australia has seen a major upsurge over the course of last few years. As a consequence, you will find low unemployment rate, minimal public debt and a firm monetary system in the nation. Australia is among the very few countries that remained uninfluenced by the universal financial crisis because of its strong banking system. Canberra is the capital of Australia, whereas Sydney is the largest city of the nation. The ample reserves of coal, iron, copper, gold, natural gas and energy sources draw the foreign investment into the country. Mining, transportation equipment and chemicals come under the main industries of the country. The fiscal year of Australia instigates from the 1st of July and ends on 30th of June. Currency which is being used in all across the Australia along with its nearby regions is the Australian Dollar ($ or AUD). As per stats collected in 2014 the GDP of Australia is calculated $1.525 trillion. With its reliable and dependable economic policies and stability, people have started calling Australia the land of opportunities. Australia has profited from an outstanding financial stability in its terms of trade in recent times.

Major Imports of Australia

Australia is a nation that believes to deploy least amount of restrictions when it comes to importing merchandise from various countries. This particular approach has helped the nation big time to boost up the economy. The imports of the Australia were $239.7 billion as per the estimated calculation completed in 2012. The major imports of Australia include machinery, transport equipment, telecommunication equipment and crude oil. China, United States, Japan, Germany and South Korea are the major import partners of Australia.

Major Exports of Australia

When it comes to exports, Australia is regarded as the major exporter of natural resources, energy, machinery, aluminum and food. The amount of precedence paid by Australia on exporting merchandises instead of productions has reinforced a momentous intensification in Australia's position of trade during the course of rise in commodity prices. It is estimated that Australia’s exports were $258.8 billion in the year 2012. The major exporting partners of Australia include China, Japan, South Korea and India.

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Capital
Canberra
Dialing Code
+61
Fiscal Year
01 July - 30 June
Currency
Australian Dollar (AUD)
GDP
$800,200,000,000
Exports
$266 billion (2011 est.) | Coal, Iron Ore, Gold, Meat, Wool, Alumina, Wheat, Machinery And Transport Equipment
Imports
$236.3 billion (2011 est.) | Machinery And Transport Equipment, Computers And Office Machines, Telecommunication Equipment And Parts; Crude Oil And Petroleum Products
Industries
Mining, Industrial And Transportation Equipment, Food Processing, Chemicals, Steel