Economic and Social Development

The Australian Economy

-The elicitation and export of ample raw materials is what built Australia's preceding economic assets. One of the key advocates of Australia's economy has been the export-oriented agriculture for a long time now.However the mining sector of the economy has grown much faster since 1970 which has formed Australia into one of the worlds mining global force. This mining growth in Australia is due to an increase in trade with China, also making it the largest exporter of both coal and iron. A premise for Australia's economic future is due to the amount of Asian immigrants as well as economic links with future Asian markets.

The Global Economic Setting
-Both Australia and New zealand are the dominating countries in global trade patterns of the region. Australia imports less manufactured goods from Britain and Europe and more from China, the United States, and Japan. Australia now participates in an organization designed to encourage economic development in the Pacific Basin as well as in Southeast Asia called the Asia-Pacific Economic Cooperation Group or APEC. Australia also signed an in 1982 that slashed trade barriers between New Zealand and Australia called the Closer Economic Relations Agreement or CER.

Continuing Social Challenges
-One thing that Australians love is high levels of social welfare. However they face large challenges that appear in other areas of the developed world. The life span of Australia is about eighty years and child mortality rates are at a falling rate starting in 1960. The rate of skin cancer in Australia is also one of the highest when considering the world. Yet overall Australia provides a high-quality health care to its entire population.