Compare Australia (2007) - Australia (2008)

Compare Australia (2007) z Australia (2008)

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	Australia (2007)	Australia (2008)

Background	Aboriginal settlers arrived on the continent from Southeast Asia about 40,000 years before the first Europeans began exploration in the 17th century. No formal territorial claims were made until 1770, when Capt. James COOK took possession in the name of Great Britain. Six colonies were created in the late 18th and 19th centuries; they federated and became the Commonwealth of Australia in 1901. The new country took advantage of its natural resources to rapidly develop agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. In recent decades, Australia has transformed itself into an internationally competitive, advanced market economy. It boasted one of the OECD's fastest growing economies during the 1990s, a performance due in large part to economic reforms adopted in the 1980s. Long-term concerns include pollution, particularly depletion of the ozone layer, and management and conservation of coastal areas, especially the Great Barrier Reef.	Aboriginal settlers arrived on the continent from Southeast Asia about 40,000 years before the first Europeans began exploration in the 17th century. No formal territorial claims were made until 1770, when Capt. James COOK took possession in the name of Great Britain. Six colonies were created in the late 18th and 19th centuries; they federated and became the Commonwealth of Australia in 1901. The new country took advantage of its natural resources to rapidly develop agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. In recent decades, Australia has transformed itself into an internationally competitive, advanced market economy. It boasted one of the OECD's fastest growing economies during the 1990s, a performance due in large part to economic reforms adopted in the 1980s. Long-term concerns include climate-change issues such as the depletion of the ozone layer and more frequest droughts, and management and conservation of coastal areas, especially the Great Barrier Reef.
Budget	revenues: $268.2 billion expenditures: $257.3 billion (2006 est.)	revenues: $312 billion expenditures: $299.6 billion (2007 est.)
Debt - external	$628.1 billion (2006 est.)	$757.9 billion (30 June 2007)
Economy - overview	Australia has an enviable Western-style capitalist economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australia's budget in surplus since 2002.	Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth.
Exchange rates	Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002)	Australian dollars per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)
Exports - commodities	coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment	coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
GDP - composition by sector	agriculture: 3.7% industry: 26.2% services: 70.1% (2006 est.)	agriculture: 3.7% industry: 25.6% services: 70.7% (2007 est.)
GDP - real growth rate	2.7% (2006 est.)	4% (2007 est.)
Industrial production growth rate	-3.5% (2006 est.)	3.5% (2007 est.)
Inflation rate (consumer prices)	3.5% (2006 est.)	3% (2007 est.)
International organization participation	ANZUS, APEC, ARF, AsDB, ASEAN (dialogue partner), Australia Group, BIS, C, CP, EAS, EBRD, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NEA, NSG, OECD, OPCW, Paris Club, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNMIS, UNRWA, UNTSO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO, ZC	ADB, ANZUS, APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, C, CP, EAS, EBRD, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NEA, NSG, OECD, OPCW, Paris Club, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNMIS, UNMIT, UNRWA, UNTSO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO, ZC
Labor force	10.74 million (2006 est.)	10.9 million (2007 est.)
Legislative branch	bicameral Federal Parliament consists of the Senate (76 seats; 12 members from each of the six states and 2 from each of the two mainland territories; one-half of state members are elected every three years by popular vote to serve six-year terms while all territory members are elected every three years) and the House of Representatives (150 seats; members elected by popular preferential vote to serve terms of up to three-years; no state can have fewer than 5 representatives) elections: Senate - last held 24 November 2007 (next to be held no later than 2010); House of Representatives - last held 24 November 2007 (next to be called no later than 2010) election results: Senate - percent of vote by party - NA; seats by party - Liberal Party-National Party coalition 37, Australian Labor Party 32, Australian Greens 5, Family First Party 1, other 1; House of Representatives - percent of vote by party - NA%; seats by party - Australian Labor Party 80, Liberal Party 50, National Party 10, independents 2, undecided 8	bicameral Federal Parliament consists of the Senate (76 seats; 12 members from each of the six states and 2 from each of the two mainland territories; one-half of state members are elected every three years by popular vote to serve six-year terms while all territory members are elected every three years) and the House of Representatives (150 seats; members elected by popular preferential vote to serve terms of up to three-years; no state can have fewer than 5 representatives) elections: Senate - last held 24 November 2007 (next to be held no later than 2010); House of Representatives - last held 24 November 2007 (next to be called no later than 2010) election results: Senate - percent of vote by party - NA; seats by party - Liberal Party-National Party coalition 37, Australian Labor Party 32, Australian Greens 5, Family First Party 1, other 1; House of Representatives - percent of vote by party - NA%; seats by party - Australian Labor Party 83, Liberal Party 55, National Party 10, independents 2
Pipelines	condensate/gas 546 km; gas 31,323 km; liquid petroleum gas 240 km; oil 4,808 km; oil/gas/water 110 km (2006)	condensate/gas 469 km; gas 26,719 km; liquid petroleum gas 240 km; oil 3,720 km; oil/gas/water 110 km (2007)
Unemployment rate	4.9% (2006 est.)	4.4% (November 2007 est.)

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