Chapter 2: Australia
Australia is an immigrant society numbering about 23 million and dominated by peoples of European ethnicity. Most of Australia is semi-arid or desert, leaving it with a population density of just 3 per square kilometre. Australia is one of the advanced countries of the Asia-Pacific region. Australia’s resource-rich, service-oriented economy is the 12th largest in the world. The services sector contributes about 70 per cent of GDP while the agricultural and mineral sectors, which contribute respectively 3 and 5 per cent of GDP, have disproportionately high importance in foreign trade. Consequently, Australia remains a major exporter of agricultural products, namely wheat and wool, minerals, namely iron ore and gold, and energy, namely liquefied gas and coal. Under a liberal democratic political system, Australia has sustained a high degree of political stability for over a century. The Australian government, irrespective of political persuasion, has demonstrated commitment to improving the quality of macroeconomic management. When political instability and polarization dominate a society, they generally raise inflation and its volatility.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.