Economy

The Australian economy is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion. Australia's total wealth is 6.4 trillion dollars. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes forecasts of the economy quarterly.

 

Australia is home to some of the largest financial companies in the world, including but not limited to, BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank, Woolworths and AMP – which also are the 10 largest companies in Australia.

 

Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Chile, New Zealand, and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.

 

Australia's desirable strong, consistent economic growth, low unemployment and increasing living standards are benefits Uvision Australia proudly offers to domestic and international students. 

 

Australia's Unemployment Rate

 

Unemployment Rate in Australia decreased to 5.60 percent in September of 2013 from 5.80 percent in August of 2013. Unemployment Rate in Australia is reported by the Australian Bureau of Statistic. Australia Unemployment Rate averaged 6.94 Percent from 1978 until 2013, reaching an all time high of 10.90 Percent in December of 1992 and a record low of 4 Percent in February of 2008.

 

 

 

 

The table above presents an overview of the unemployment rate in 2013 conducted by the (ABS in August 2013).

 

Conclusion

 

The Organisation for Economic Co-operation and Development (OECD) has rated Australia as the best place to live in and work.

Australia retains its top spot on the OECD’s Better Life Index for a third year in row. It scored high for public engagement due to compulsory voting with a 93% turnout at this year’s election. The average life expectancy in Australia is 82 years and 90% of the people are happy with the housing situation. There is no doubt Australia is by far one of the most desirable countries to live in, so don’t think too much about it and complete our free online assessment form or contact our team to help you and your family secure a better future.

 

Thank you,

 

Team Uvision Australia