Economy Of Australia

Australia is said to possess western style economy. It was the country which is said to have possessed great economy for over two decades. After the economic crisis period in the year 2008, Australian economy was also impacted because of the same.

The Government immediately reacted to the situation with the National Building-Economic Stimulus Plan. Earlier to the global economic situation, the nation suffered a continued period unemployment rates that fell down very low.

The major impact on the resources sector led to an increase in the unemployment rate to over 5.8% during the year 2009 as stated by the Australian Bureau of Statistics.

Coal, gold, crude petroleum, aluminium ores, natural gas, iron ore and concentrates, personal travel services, education services, professional technical and other business services are said to be the major elements contributing to the economy of Australia.