Australia is now the fourteenth largest economy in the world, with $889 billion in 2007 from the GDP point of view. The positive reforms the country has experienced over the last twenty years have boosted it economically, raising the living standards. In the 1980's Australia went through a recession. With the help of strict government policies and growing demand for commodities, this recession was followed by 16 years of continuous growth.
The largest sector in Australia is the services sector, which, in 2007, comprised seventy two per cent of GDP. The country takes great profit from the current commodities demand. Australia’s major exports are Australian Coal, copper, lead, natural gas, diamonds, silver, gold, bauxite, uranium, mineral sands, zinc, meat, grain, wool and Australian Opal. The mining and agricultural sectors combined contribute 65% of exports, although they are rather small sectors. In 2007 alone, Australia exported AU $216 billion of goods and services and imported AU $228 billion, according to the CIA World Factbook. Australia has the US, Japan and China as main import and export partners.
High prices have received much media attention in recent times and have created a significant challenge for Australian livestock industries more generally. Transport costs for livestock and feed in particular has reduced industry profitability, however post sees this burden affecting all agricultural industries and is unlikely, at this stage, to cause resources or capital to be shifted away from the livestock industry.







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