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Articles from Britannica Encyclopedias for elementary and high school students.

A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas Project, will significantly expand the resources sector.For nearly two decades up till 2017, Australia had benefited from a dramatic surge in its terms of trade.

Australia Economic Outlook. Australia's mixed market economy is a prosperous, Western market economy where the GDP is high and the rate of poverty is low. July 21, 2020. Australia Economic Growth The pandemic and associated containment measures will deal a severe blow to the economy this year. Australia entered 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Australia has a high degree of prosperity, based on its wealth of natural resources, policies of redistribution and welfare, and stable democratic society. Australia … A mixed market economy is defined as the type of economy in which both the private and public sector share the means of production; it is also sometimes referred to as the dual economy. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. The four main components of the Australian economic system are trade, manufacturing, services and finance. The first has been a grudging acceptance of the vital economic and strategic significance of the Asia-Pacific region and a rising awareness of the opportunities to be grasped there. The unemployment rate of Australia went from 11% in 1992 to 5% currently. Australia has a high degree of prosperity, based on its wealth of natural resources, policies of redistribution and welfare, and stable democratic society.

Australia has entered its 28th year of consecutive annual economic growth, setting a new record among developed economies for uninterrupted expansion.This enviable record of steady growth proves the robustness of Australia’s economy and its reliability as a low-risk and safe environment in which to do business.The country’s strong regulatory institutions, ability to respond to global changes, and diversified, services-based economy underpin its steady growth.The Australia Benchmark Report provides rich data demonstrating why there is no better place than Australia to do business.

Search Britannica until the last quarter of 2008 due to the global economic downturn and consequent falls in commodity prices.

The Australian economy grew by just 0.4% in the March quarter, contributing to a seasonally adjusted growth rate of 1.8%. 2,306 insurance claims have been made up to mid-December.

Australia has a stock market called the Australian Securities Exchange (ASX).

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