Economic Life in Australia

Australia's Economic History

Australia's original function in 1788 was to be a jail, so economic benefits were not immediately known to the British. Later in 1890 its favorable climate and rich minerals were successfully relied on by the developed settler economy. 1810 was a turning point for pastoral and rural expansion, Growth relied on fine wool production as well as other rural applications. However two depressions occurred through the 1840s due to many complex factors and the gold discovery in Victoria in 1851. In turn, individual rights for settlers and the growing stable political system created balance, growth, and 4 additional colonies were spread among the mainland. by finding new opportunities for wealth creation with a minimum of political disturbance while sharing a rising national income is what made Australia's economic life today.







Income System






Agricultural Realm and the Extraction Industry of Australia


For over a hundred years Australia relied on the production of fine wool, created from a thriving economy with a dependable workforce, large ports, and service industries. Australia has benefited from many agricultural practices which is what has led to Australia becoming a leading exporter of fine food, meats and grains.








Service Industry


The Australian economy is dominated by the service industry, containing 68% of GDP The mining sector represents 7% of GDP; including services to mining, the total value of the Mining Industry in 2009-10 was 8.4% of GDP. Australia's service industry is made up of a range of services, such as telecommunications, travel, banking and insurance. The services sector is a significant part of our economy and represents about 70 per cent of Australia's gross domestic product









Developmental Challenges





Australia's temperate zones and coastal ecosystems have been extensively altered, many wetlands have been degraded. As well as When forests are cut, the salinity of the soil can greatly increase. As a result, saline water draining from such areas can affect downstream or downslope water quality. It is estimated that around 7% of the agricultural area of western Australia is suffering from this problem following deforestation. global financial instability. While the immediate crisis may have passed, underlying problems remain. The sheer size, complexity and interconnectedness of private financial markets now challenge the ability of any individual national government to monitor and properly regulate them.