Australia: Economy

Australia has had one of the most outstanding economies of the world in recent years. As a high-growth, low-inflation, low interest rate economy, it is more vibrant than ever before. There is an efficient government sector, a flexible labour market and a very competitive business sector.

With its abundant physical resources, Australia has enjoyed a high standard of living since the nineteenth century. It has made a comparatively large investment in social infrastructure, including education, training, health and transport.

The Australian workforce has seen many improvements over the last decade, leading to the surge in productivity in the 1990s. The complex and centralised award based industrial relations system has given way to a more decentralised one with many employees working under workplace agreements tailored to meet enterprise needs.

Resource: www.dfat.gov.au/facts/intro.html