Australian Economy
...ommodities in exports is if the world commodity prices have a major decrease then the overall economy of Australia could see downturn. In the early 1990’s Australia suffered from low growth rate in the economy and alarming high rate of unemployment. During the later years of the decade both of those issues have seen a turn around for the positive. The unemployment rate has dropped to 8.1 percent with 73% of the labor force employed in services, 22% in industry and the remaining 5% still in agriculture. The industrial production growth rate has increased to 1.2 percent which positive sign when determining the strength of the economy. Australia has mixed economy were as factories and most businesses are owned by private organizations. The land and natural resources are of government ownership. The main reason for the government ownership of land and natural resources the wide mass of acreages that covers the country and lack of population. Australia has over 7 million square kilometers of land mass...