Australia is quickly becoming an internationally competitive marketplace economy. Its Gross Domestic Item (GDP) has grown from US2.7 billion (2005) to US25 billion (2009) or 1.64% of the world economy. Australia is quite wealthy in both agricultural and mineral resources. Many think about this to be the reason for the economic success of the island nation. Nevertheless, its economy is largely driven by the service sector. Australia has weathered the recession a lot greater than the other key economies. The nation witnessed record year-over-year growth in 2009 due to a powerful banking system and effective monetary and fiscal policies. In reality, Australia’s unemployment rate practically half that in US and other significant European countries. In spite of this, Australia has 1 of the largest trade deficits in the world at US.5 … Read entire article »