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If you intend to go to Australia, you might want to know some facts about the Australian economy, especially if you plan on working there. Everyone knows that Australia is what is commonly called a “developed country” and, from that, we can easily draw the conclusion that its GDP is relatively high and its economy service-oriented. However, it might be interesting to know a little bit more than that and learn about the Australian specifics. For instance, did you know that, being a land with enough variation in topography and sand, Australia not only has huge deposits of gold, iron, bauxite, iron, manganese, opals and sapphires, but also that natural gas deposits are spread through the country?
The Australian economy
This original richness participates in the explanation of the current wealth of Australia. In 2009, Australia GDP was indeed estimated to be $920 billion, which means a per capita GDP of $37,302, which is higher than that of most European countries.
Australia has recorded an impressive 17 consecutive years of growing since 1992: even during the financial crisis, the growth continued. This growth has been forecast to continue at a higher rate than that of the members of the OECD (Organization of Economic Cooperation and Development). The structure of the Australian economy is service and technology oriented: Australia was ranked the third most technology-savvy country in the world in the 2007 Globalisation Index (conducted for Foreign Policy by consulting firm A.T. Kearney). The service sector accounts for more than 70% of GDP in 2008 and the industry accounts for about 20%. The agricultural and mining industry account for 4.7% of GDP combined, although they contribute to approximately 65% of exports. The massive contracts signed with China to export raw materials and energy are a surety for future years. Others main partners of Australia in terms of commercial exchanges include Japan, the UK and the United States.
Work market
The unemployment rate is very low in Australia: 5.1% in July 2010, with a continuous decrease since June 2009.
The Australian market is known to be very flexible. The government has been following a “laissez-faire” policy that seems to have served the Australian economy. For instance, according to the World Bank, a new business can be established in Australia within two days compared with an OECS average of 20 days. There is a minimum wage in Australia, which is determined by the category of job you fall into (executive, engineer, employee etc.). The federal minimum wage is of $14.31 per hour and $543 per week (before tax) since October 2008. The legal working week time is set at 38 hours and 4 weeks of paid holiday are granted per year. However, each Australian state has its own legislation. The Australian multiculturalism seems to be a strength in the workforce, as it is an opportunity to have ‘the best out of everyone’ approach, and also because it favors international commerce.