Developed, Healthy, and Diverse Australian Economy
Table of Contents[Show]
- The Australian Economy: Key Facts and Insights
- Unwind the Australian Economy: Economic Indicators
- Where is The Employment Boom Happening? Top Industries
- What to Expect in Australia? Average Pay
- Looking Forward: How Australia Plans to Sustain Economic Stability and Growth?
- Australia's Future Employment Prospects Across Different Sectors
- The Promise of a Robust & Dynamic Future
- Thinking of Moving Abroad? Here's How We Can Help
Australia has long been known as a home to a well-developed mixed economy that enjoys an economic freedom score of approximately 75%. The major sectors that shape Australia's economic growth include agriculture, forestry, mining, manufacturing, finance, trade, and services.
Let us now explore the GDP growth rate of the Australian economy, the Top Occupation with Average pay, and the potential future developments that may impact its strength.
The Australian Economy: Key Facts and Insights
- Australia ranks 13th in the national economy ranking considering the GDP growth and sustainability factor.
- Based on the high quality of life and living conditions in Australia the country is ranked 7th on the OECD Better Life Index.
- The Australian population accounts for only 0.3% of the world population yet the global economy of the nation accounts for 1.7%.
- By 2030 Australia has been forecasted to have nearly 7.6 million households from the current 5.9 million to have a disposable income of $75,000 USD or more annually.
- Australia is reported to have one of the very effective yet low tax systems in the world. Its overall tax revenue accounts for only 29% of its total GDP.
Unwind the Australian Economy: Economic Indicators
Projected GDP Growth Rate
Australia is one of the strongest economies in the world. It was one of the few countries not severely stricken by the 2008 financial crisis; its unemployment rate, inflation rate, and trade balance, etc hardly showed any effect.
Australia is a dependent economy on world trade, irrespective of which even with the recent hit of the pandemic Australia sustained to remain a recession-free country for the past 20 years till date.
Growing Employment in Australia
Where is The Employment Boom Happening? Top Industries
To enrich your search regarding the fastest-evolving industries in Australia, we have compiled a list of the current top industries based on skills, technology, employment, GDP contribution, and other factors.
It is important to note here that healthcare and retail do top the list, the industries like public administration and transportation have as well secured their places among the top 10.
What to Expect in Australia? Average Pay
Looking up at the value that you could expect working in Australia as an immigrant is quite competitive to graduate and postgraduate having Australian degrees.
Looking Forward: How Australia Plans to Sustain Economic Stability and Growth?
1 Australian government as per its JobMaker Plan is prioritizing skill development and investing a $1 billion JobTrainer fund, for ensuring to meets the expected job market demand and further reduces Australia’s unemployment rate.
2 The nation plans to upskill and reskill the currently employed to equip them with advanced skills for securing economic development in Australia.
3 To further enhance the Australian economy the government has delivered more than $5.8 billion on cutting unnecessary red tape through the “Cutting Red Tape Initiative”.
4 The Australian government has undertaken an initiative “Digital Solutions Program” and invested $24.7 million to set up digital skills training an advisory service that would aid the growth of small businesses in the country technologically.
5 As a part of National Infrastructure and growth, the government has allocated $110 billion for the infrastructural pipeline, hence bringing in the scope for 100,000+ jobs or skilled workers' employment creation.
Australia's Future Employment Prospects Across Different Sectors
The Australian economy is expanding and to sustain this economic development service sector plays a huge role.
Many reports state that retention in Australia is taking a hit due to the lack of upgraded skills and efficiency in employees, in such a case outsourcing or employing skilled talent from overseas is the current feasible option to sustain Australian economic growth.
Manufacturing and construction sectors are quite lucrative for the next decade as the Australian government has as well got its eyes set on these and is also contributing to the required upgradation like low-cost manufacturing techniques, digital solutions initiatives, infrastructure pipelines, etc to boost the Australian GDP growth rate.
With the recent FTA agreement between Australia and India, the sectors like technology, engineering, telecommunication, construction, business services, and tourism are likely to witness hype in employment creation and hiring.
The Promise of a Robust & Dynamic Future
Australia's robust economy is a testament to its sound economic policies, favorable business environment, and strong global employment prospects. With a diverse range of industries and a talented workforce, Australia is well-positioned for continued growth and prosperity in the years to come.
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Useful Links: Further Reading and Information
Frequently Asked Questions
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