February 22, 2002, Newsletter Issue #70: Australian Economy

Tip of the Week

Economy
Australia is highly industrialized, and manufactured goods account for most of the gross domestic product. Its chief industries include mining (much of which is accomplished with the aid of Japanese capital), food processing, and the manufacture of industrial and transportation equipment, chemicals, iron and steel, textiles, machinery, and motor vehicles. Australia has valuable mineral resources, including coal, iron, bauxite, copper, tin, lead, zinc, and uranium. Some lumbering is done in the east and southeast.
The country is self-sufficient in food, and the raising of sheep and cattle and the production of grain have long been staple occupations. Tropical and subtropical produce—citrus fruits, sugarcane, and tropical fruits—are also important, and there are numerous vineyards and dairy and tobacco farms. Tasmania, an area of poppy cultivation, is a major world supplier of illegal opium products.

Australia maintains a favorable balance of trade. Its chief export commodities are metals, minerals, coal, wool and beef (of which it is the world´s largest exporter), mutton, cereals, and manufactured products. The leading imports are manufactured raw materials, capital equipment, and consumer goods. Australia´s economic ties with Asia and the Pacific Rim have become increasingly important.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.