Economy of Australia
Australia is one of the largest countries by geographical area. Surrounded by the Pacific Ocean, the country operates as a monarchy under the lead of the Queen of UK. In the country, the Queen has a governor-general as a representative. The country depends on it Eastern neighbors for a functional foreign policy. The national government comprises of six territories and is headed by an elected Prime minister who leads for six year terms. The incumbent Premier of the country is Tony Abbott who was sworn into leadership in 2013. The economy of Australia is very impressive with a high GDP resulting from the service industry.
The economy of Australia has built its strength based on agronomy and mining industries. The present GDP was found to be $1.379 trillion, making it among the highest economic performers in the world. Due to the relatively low population of 23 million, Australia ranks among the highest nations in terms of GDP per capita. A calculation yields an average wealth of $219,500 per adult in the year 2013.
The average GDP per capita in Australia equals more than 300 percent of the average world GDP per capita. In the last 30 years, the average growth in Australia’s GDP has been 3.48 percent with a standard deviation of 3.4 percent through the years. The key factors recognized for this sustained growth include increase in wage rates, increasing number of people in employment and with increased work hours. This makes the country be recognized as featuring an equitable income distribution. From the labor records, the average wage per hour in Australia is currently 16.37 Australian dollars. This wage however deviates depending on the nature of work (either part time or permanent). Based on high wage rates and high GDP, Australia has an average poverty level of 11.8 percent, one of the lowest in the world.
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