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Despite the great expansion in mining and manufacturing after 1940, the prosperity of much of the country continues to be dependent on livestock raising and crop farming. The pastoral industry was established in the early days of settlement, when the first Spanish merino sheep were introduced from South Africa. The industry was a significant factor in Australian economic and historical development. Australia currently is the major world producer and exporter of wool, particularly fine merino, although income from wool exports is now less than one-tenth of the total export income of the country......
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