Changes

==Economy==

==Economy==

[[Image:Melbourne tram 250.jpg|thumb|220px|A Melbourne tram.]]

[[Image:Melbourne tram 250.jpg|thumb|220px|A Melbourne tram.]]

Since the 1980s, Australia has undertaken significant structural reform of its economy and has transformed itself from an inward-looking, highly protected, and regulated marketplace to an open, internationally competitive, export-oriented economy. Key economic reforms included unilaterally reducing high tariffs and other protective barriers to free trade, floating the Australian dollar, deregulating the financial services sector, including liberalizing access for foreign banks, increasing flexibility in the labor market, reducing duplication and increasing efficiency between the federal and state branches of government, privatizing many government-owned monopolies, and reforming the taxation system, including introducing a broad-based Goods and Services Tax (GST) and large reductions in income tax rates.

Since the 1980s, Australia has undertaken significant structural reform of its economy and has transformed itself from an inward-looking, highly protected, and regulated marketplace to an open, internationally competitive, export-oriented economy. Key economic reforms included unilaterally reducing high tariffs and other protective barriers to free trade, floating the Australian dollar, deregulating the financial services sector, including liberalizing access for foreign banks, increasing flexibility in the labor market, reducing duplication and increasing efficiency between the federal and state branches of government, privatizing many government-owned monopolies, and reforming the taxation system, including introducing a broad-based Goods and Services Tax (GST) and large reductions in income tax rates.

Over 2008, unemployment has risen to around 5.5% from 4.2%, and the labor market participation has remained at around 65%. Both the federal and state governments have recognized the need to invest heavily in water, transport, ports, telecommunications, and education infrastructure to expand Australia's supply capacity. The largest river system in Australia, the Murray-Darling, and related coastal lakes and wetlands in South Australia are critically threatened and the government has developed a plan to improve irrigation infrastructure and efficiency and buy back unused water allocations along the river.

Over 2008, unemployment has risen to around 5.5% from 4.2%, and the labor market participation has remained at around 65%. Both the federal and state governments have recognized the need to invest heavily in water, transport, ports, telecommunications, and education infrastructure to expand Australia's supply capacity. The largest river system in Australia, the Murray-Darling, and related coastal lakes and wetlands in South Australia are critically threatened and the government has developed a plan to improve irrigation infrastructure and efficiency and buy back unused water allocations along the river.

*GDP (2009-2010 estimate): A$1.17 trillion (U.S. $893.6 billion).

*Nominal GDP: $1.35 trillion (2020)

*GDP per capita: $52,941 (2020)

*Inflation rate (year to March 2009): 2.5% per annum.

*Inflation rate (year to March 2009): 2.5% per annum.

*Reserve Bank official interest rate (May 2009): 3.00%.

*Reserve Bank official interest rate (May 2009): 3.00%.

*Exchange rate (May 2011): U.S. $1.05 = A$1  

*Exchange rate (May 2011): U.S. $1.05 = A$1  

Australia is a developed country with a capitalist economy. It has a very small population compared to other Western countries like the [[USA]] and the [[UK]] but despite this it is in the top 15 countries by Gross Domestic Product (a measure of wealth of a nation).

Australia is a developed country with a capitalist economy. It has a very small population compared to other Western countries like the [[USA]] and the [[UK]] but despite this, Australia is in the top 15 countries by GDP. Australia is currently the fourteenth-largest economy.

===Exports and Imports===

===Exports and Imports===