Australian Economics

Australia has a large economy - it is ranked as the 19th largest in the world with a GDP of nearly $1T.

Some statistics about Australia (from the World Factbook):

• GDP: $960.7 billion (2012 est.)
• GDP per capita: $42,400 (2012 est.)
• Life expectancy: 81.7 years
• Poverty rate: NA%
• Literacy rate: 99%
• Unemployment rate: 5.2% (2012 est.)
• Inflation: 2.1% (2012 est.)

An interesting point to notice is that Australia's poverty rate is NA% - implying that nobody lives below the poverty line.

Climate in Australia is diverse - though the air is generally arid, Australia enjoys a temperate climate in the southeast and a tropical climate in the north. Much of Australia is uninhabited due to the harsh heat in the outback. Queensland experiences the highest rainfall, and the many deserts make much of the land in the north and central regions of the country impossible to farm. Regardless, Australia is still able to produce wheat, barley, sugarcane, fruits, cattle, sheep, and poultry.

The labor force in Australia is 12.27 million workers, with nearly 70% in the services industry. Australia spends an equivalent of  5.1% of GDP on education, with each state determining its own education program. Post-secondary education comes in two forms, as mentioned on the Australian government's website:

"Each state has a Vocational Education and Training (VET) or Technical and Further Education (TAFE) system. VET prepares people for work in a career that does not need a university degree. Each state manages their system and meets at a national level to coordinate their effort. VET is transferable between all states. Study done in one state gains the same status in another state. Typically, a VET/TAFE course takes two years of study."

Australia exports coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment, due to its large mining industry and equipment processing industry. Australia is also known for farming, producing chemicals, and steel production. Australia is the world's lead exporter of coal.