The Macroeconomics of Australia The resilient country of Australia is the sixth-largest country by total area and is neighbored by countries including Indonesia, Solomon Island, and New Zealand to name a few. Great Britain claimed Australia in 1770 after Dutch explorers had discovered the continent in 1606. Great Britain had claimed the eastern half, and through population growth five new self-governing colonies were established. On the 1st of January 1901, these six colonies came together to form Australia. It has the 52nd largest population with a current resident population of 23.6 million (Population Clock). Australia’s top 10 economic partners include China, Japan, the Republic of Korea, United States, India, New Zealand, Singapore, Taiwan, …show more content…
The Australian currency is the Australian Dollar, or colloquially Buck or Dough (XE Currency). Australia was not significantly hurt by the global financial crisis and mainly relies on exportation of natural resources such as energy and food (Central Intelligence Agency). Australia has been impressively resilient to economic downturns despite that the inflation of the Australian dollar has hurt the manufacturing part of the economy. Furthermore, a heightened global commodity price has helped Australia because of its generous amount of natural resources. Australia has shown great resilience through a steady economic growth straight through several global recessions over the past years, this impressive economic track record demonstrates how positive the Australian economy is and what an impressive world presence they are despite the small economic issues. Australia’s GPD growth rate was speculated to be around 3% in 2011 and 2012 after the global financial crisis (BBC). Despite this speculation, …show more content…
Income tax is the most prevalent type of taxation in Australia with citizens making between 0 and $80,000 dollars paying 32.5c for each $1, those making between $80.001 and $180,000 paying $26,000 plus 37c for each $1 over $80,000, and finally those making $180,001 and over paying $63,000 plus 45c for each $1 over $180,000. Income taxes cannot be imposed by state governments, and citizens are taxed progressively. However, companies are taxed at a rate of 30% (Australian Taxation