Limitations Of Doing Business In Australia's Economy
Katie Jankowski, Ashley Carvalho, Andrew Trottier, Joe Duffey, Giovanna Giosa
INB 307 – Professor Walker
Country Paper
November 29, 2011
Australia
Australia is comprised of six mainland states and two territories (Figure 1). The continent is the world’s largest island and sixth largest country. The total landmass of Australia is 7,686,850 sq km, “40% of which is covered by sand dunes and 18% is covered by desert” (Encyclopedia of Nations, 2007). Australia’s population consists of 22.7 million people, mostly concentrated in the Southeast and Southwest (CIA, 2011). Australia accounts for 29% of global coal exports. The language, ethnicity, and religion breakdowns are all relevant to the United States’ (Figures 2, 3, and …show more content…
This country has a GDP of 1.3 trillion dollars which ranks it in the top 13 economies worldwide (“Doing Business in Australia”, 2011). Its continual GDP growth year after year has helped to establish a more successful financial system even through economic volatility. According to the United States Department of Commerce, “the Australian economy grew for 17 consecutive years before the Global Financial Crisis” (“Doing Business in Australia”, 2011). This is in large part a result of the tight credit limitations and strict lending regulations of the Australian banks. Because of these qualities, the United States has become very involved in Australia’s trade and financial markets. The U.S. is the largest source of foreign investment and the primary destination for Australia’s investments (“Doing Business in Australia”, 2011). This deems the U.S. as the third largest trading partner, behind Japan and China. With a nearly even exchange rate of 1.029 US dollars to every Australian dollar, the two countries have become very enticed in trade, establishing many beneficial agreements. The most significant agreement they have established is the AUSFTA (Australia-U.S. Free Trade Agreement). This eliminates tariffs and creates even more market opportunities between …show more content…
It has three main branches of government: the Executive Branch, the Legislative Branch, and the Judicial Branch. The Executive Branch includes the Chief of State Queen Elizabeth II, Prime Minister Julia Gillard, and Cabinet members. The Cabinet members are nominated by the Prime Minister from Parliament. The Legislative Branch includes the Senate and the House of Representatives. There are 76 seats in the senate, 12 members from each of the six states and 2 from the two territories (CIA, 2011). The House of Representatives has 150 seats, they are Australian citizens elected by popular vote. The Judicial Branch consists of the High Court. It includes the Chief Justice, Robert French, and six other justices: William Gummow, Kenneth Hayne, Dyson Heydon, Susan Crennan, Susan Kiefel, and Virginia Bell. They are nominated by the prime minister and appointed by the Governor-General of the Commonwealth of Australia. Australia has little corruption in their government. This is due to their system of checks and balances (CIA, 2011). They are ranked 9th best on the world corruption perception index as of
INB 307 – Professor Walker
Country Paper
November 29, 2011
Australia
Australia is comprised of six mainland states and two territories (Figure 1). The continent is the world’s largest island and sixth largest country. The total landmass of Australia is 7,686,850 sq km, “40% of which is covered by sand dunes and 18% is covered by desert” (Encyclopedia of Nations, 2007). Australia’s population consists of 22.7 million people, mostly concentrated in the Southeast and Southwest (CIA, 2011). Australia accounts for 29% of global coal exports. The language, ethnicity, and religion breakdowns are all relevant to the United States’ (Figures 2, 3, and …show more content…
This country has a GDP of 1.3 trillion dollars which ranks it in the top 13 economies worldwide (“Doing Business in Australia”, 2011). Its continual GDP growth year after year has helped to establish a more successful financial system even through economic volatility. According to the United States Department of Commerce, “the Australian economy grew for 17 consecutive years before the Global Financial Crisis” (“Doing Business in Australia”, 2011). This is in large part a result of the tight credit limitations and strict lending regulations of the Australian banks. Because of these qualities, the United States has become very involved in Australia’s trade and financial markets. The U.S. is the largest source of foreign investment and the primary destination for Australia’s investments (“Doing Business in Australia”, 2011). This deems the U.S. as the third largest trading partner, behind Japan and China. With a nearly even exchange rate of 1.029 US dollars to every Australian dollar, the two countries have become very enticed in trade, establishing many beneficial agreements. The most significant agreement they have established is the AUSFTA (Australia-U.S. Free Trade Agreement). This eliminates tariffs and creates even more market opportunities between …show more content…
It has three main branches of government: the Executive Branch, the Legislative Branch, and the Judicial Branch. The Executive Branch includes the Chief of State Queen Elizabeth II, Prime Minister Julia Gillard, and Cabinet members. The Cabinet members are nominated by the Prime Minister from Parliament. The Legislative Branch includes the Senate and the House of Representatives. There are 76 seats in the senate, 12 members from each of the six states and 2 from the two territories (CIA, 2011). The House of Representatives has 150 seats, they are Australian citizens elected by popular vote. The Judicial Branch consists of the High Court. It includes the Chief Justice, Robert French, and six other justices: William Gummow, Kenneth Hayne, Dyson Heydon, Susan Crennan, Susan Kiefel, and Virginia Bell. They are nominated by the prime minister and appointed by the Governor-General of the Commonwealth of Australia. Australia has little corruption in their government. This is due to their system of checks and balances (CIA, 2011). They are ranked 9th best on the world corruption perception index as of