Australian Economy | Winny Education services Australian Economy

Australia actually handled the financial and economic crisis of 2008 pretty well compared to other countries like Europe and the USA. Australia is a blessed country for many reasons. Here are different key industries of Australia which a candidate must be aware of while searching for a job.


Financial Industry:

Australia holds a valuable asset in the banking world. Commonwealth Bank, Westpac, National Australia Bank and ANZ are ranked in the World’s 50 safest banks. Based on its market capitalization, Australian financial sector is the largest industry of the country.


Metal and Mining Industry:

Australia as a country is economically dynamic due to natural resources. Mining sectors take the 2nd place in the largest Australian industry ranking. Huge array of natural resources is also responsible for the stable economy of Australia during the global crisis. The prices of gold and silver are now comforting the growth of whole sector.


Energy and Utilities Industry:

Australia has outstanding energy assets and natural resources like coal, uranium, oil and natural gas as well as renewable energy assets. On the other hand, water, electricity and gas providers make up the utilities part of the sector. Coal is primarily mined in Queensland, New South Wales and Victoria. 54% of mined coal is exported to East Asia.


Industrials and Materials Industry:

Due to the big projects which Industrials and Materials sector gained, Australia was capable of facing the global crisis. New South Wales $50 billion transport plan and other big projects helped the sector to keep up the growth. Moreover, companies tried to expand their market and travelled to Asia. So Australia offers great opportunity to Asian expatriates to have trade between Asian countries and Australia.


Healthcare/Pharmaceutical Industry:

Healthcare industry also includes Biotechnology, Pharmaceuticals and Medical practice. This industry also bares the expenditures cut down in effect to the National Health Amendment Pharmaceutical Scheme Bill voted in the end of 2010.


Tourism:

Domestic tourism is the significant part of the tourism industry in Australia and contributes about 73% of the total direct tourism GDP. Tourism employed 513,700 people in Australia during 2010-11 of which 43.7% were for part-time job. Tourism also contributes 8.0% of Australia’s total export earnings.


Education:

Depending upon each state and territory, school attendance is compulsory in Australia from the age of 5 to 16. Australia is ranked relatively high in the study with the population recording slightly over 12 years in education. Australia continuously ranks among the top 5 to 30 major developed countries.

Overall, Australian industries are working in the good shape and the country has every assets that it needs to keep up the way and stay among the nations in the global scale.