Australia Economy: An Interesting Overview

Australia has attracted immigrants in the last decade. The period of stay varies but the country has a lot to offer. The country is formed with people from all over the world who came looking for adventure and made it a part of their life. Australian universities are welcoming international students and that rose rapidly. The ranking of these universities are calculated based on the ease of admission and the visa guidelines as well. At the turn of the decade with a series of natural disasters and the financial crisis has adversely affected Australia economy. Australia economy has seen a downgrade in Australia’s GDP per capita.

The country has seen a dipping Australia economic growth rate considerably. The downturn in Australia economy raised many questions but the country was able to make a quick recovery. Australia economy and Australia’s GDP in terms of job creation and opportunities to find jobs seem fairly positive. 

Australia economy has seen a steady growth rate of 1.9 in 2019. Going forward due to the COVID outbreak, the industries are shifting and unemployment is holding steady at over 5.3 percent. Australia GDP with respect to the job market seems uncertain in the future. 

Economic growth Rate and Sector-wise GDP break up

The Australian economy is widely a service-oriented economy contributing 68.7 percent in Australia GDP followed by industry at 27.4 percent and agriculture 3.8 percent as per the latest figures. While the mining industry is still recuperating from the spate of natural disasters that affected the country, it has started showing positive signs of improvement. The service industry continues to draw positives and show Australia GDP growth. 

The inflated housing prices seem a negative impact on Australia’s GDP and economy. This has seen a negative impact on the overall consumer sentiment in the region of Sydney and Melbourne and shifts the economic activity centers to Darwin and Perth. Darwin shows a rather positive employment rate with a high amount of activity. This helped in rising of Australia Economy ranking. 

Australia continues to hold promise. The country’s visa and immigration laws along with the demand for lower demographic and skilled workers remain high making it a lucrative study abroad destination. This article gives you the economy of Australia facts. Australia continues to create a steady demand for fresh professionals and remain neutral in the future. 

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