Australia and China - Economics

Topics: Unemployment, Welfare economics, Gross domestic product Pages: 3 (1014 words) Published: October 2, 2013
Australia and China Similarities and Differences

Australian links with China extend well beyond the last 40 years at an official and non-official level. Their economic relationship has grown rapidly in recent times, especially the trade relationship. From being distant partners, the trade relationship is one of the key strands linking the two countries.

Economic Growth and Quality of life

Australia’s economic outlook is deteriorating. The commodity boom, predicted to go on forever, is showing signs of slowing. Meanwhile, China’s factory demand figures are a good sign for its economy. Australia has been enjoying strong, consistent economic growth, low unemployment and increasing living standards. It benefited from the increasing wealth of emerging nations, especially China and India, and demand for commodities. Meanwhile, government spending, lower interest rates and a credit-fuelled investment boom in China helped Australia avoid the worst of the economic slowdown in developed markets. But now economic growth in China, India and other emerging markets is slowing. Australia's political and economic advantages are complemented by its welcoming attitude and excellent quality of life. With Australia’s GDP per person being $61,000 which makes the Australian people some of the wealthiest people in the world. Due to the fact that it is such a small country. Individuals in Australia enjoy living standards that are on average, 10 times higher than that of China where the GDP per person is around $6,000. Even with this disparity, standard of living in China has risen due to economic growth. Increased employment has resulted in rising incomes where consumers are within the grasp of most in China. Australia unemployment and Employment:

In 2011, Australia had an unemployment rate of 5.0 %- which was similar to that of some economies such as Japan. In contrast, China had a relatively lower unemployment rate of 4.1%. Currently the January 2013 unemployment rate...
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