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Impact of businesses on the economy in Australia

Impact of businesses on the economy in

ong>Impactong> ong>ofong> ong>businessesong> on the economy in Australia Abstract: Australian Business and Economy is the most thriving in the world and has made a stable base in the world economy. Australia was highly praised by various international organizations like International Monetary Fund for brilliant macroeconomic management and consistent economic reform. The small business sectors in Australia are the most significant part ong>ofong> its economy. The amount ong>ofong> investment in Australia is fourth largest in the world. The per capita Gross Domestic Product is marginally less than United States and United Kingdom which proves the high standard ong>ofong> Australian Economy. The development in the economic sector has led to the significant rise in the living standard ong>ofong> the citizens. Low inflation rate is also a positive characteristics ong>ofong> Australian economy which is absent in most ong>ofong> the developed countries. So, in this paper we will see the impact ong>ofong> the ong>businessesong> on the economy. Introduction: The development ong>ofong> Australian economy can be traced back to the mid nineteenth century when production ong>ofong> wool began here. With the discovery ong>ofong> gold in the same decade Australia experienced economic growth and increase in population. The vast stretch ong>ofong> fertile lands and the huge natural resources ong>ofong> the country were mainly responsible for the sustained growth which the country experienced. From the Second World War the economic expansion in this country augmented highly and the boom period continued till 1970s. In 1987 the Australian Stock Exchange Limited was established which contributed to the economic advancement. Presently the main industries in Australia are mining, chemicals, industrial and transportation goods and food processing. Very recently the Knowledge based industries has began developing rapidly mainly due to the hi-tech and social changes. Information and Communications Technology today in Australia has a market ong>ofong> $80 billion. There are about twenty five thousand IT companies operating here. The major business areas in Australia are Import & Export, Insurance, and also Home based Business. There are approximately three

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