Australia is the 6th largest nation on earth, with a surface area of 7.7 million sq km, and the largest island nation. As an island, it has no land borders, but its nearest neighbors are Papua New Guinea, Indonesia and East Timor to the north, and New Zealand to the south east. The majority of its 21.8 million population lives on Australia’s east coast, though its capital, Canberra has a small share of just 300,000 inhabitants. Sydney is the most populated city, with 4.3 million citizens.
By terms of the 1960 Treaty of Establishment that created the independent Republic of Cyprus, the UK retained full sovereignty and jurisdiction over two areas of almost 254 square kilometers - Akrotiri and Dhekelia. The larger of these is the Dhekelia Sovereign Base Area, which is also referred to as the Eastern Sovereign Base Area.
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia's trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the Rudd government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.2% during 2009 - the best performance in the OECD. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.1% in 2010. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia's economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
Economic activity is limited to providing services to the military and their families located in Dhekelia. All food and manufactured goods must be imported.
This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
soil erosion from overgrazing, industrial development, urbanization, and poor farming practices; soil salinity rising due to the use of poor quality water; desertification; clearing for agricultural purposes threatens the natural habitat of many unique animal and plant species; the Great Barrier Reef off the northeast coast, the largest coral reef in the world, is threatened by increased shipping and its popularity as a tourist site; limited natural fresh water resources
netting and trapping of small migrant songbirds in the spring and autumn
This entry lists the most pressing and important environmental problems. The following terms and abbreviations are used throughout the entry:
This entry provides an area comparison based on total area equivalents. Most entities are compared with the entire US or one of the 50 states based on area measurements (1990 revised) provided by the US Bureau of the Census. The smaller entities are compared with Washington, DC (178 sq km, 69 sq mi) or The Mall in Washington, DC (0.59 sq km, 0.23 sq mi, 146 acres).
This entry includes three subfields. Total area is the sum of all land and water areas delimited by international boundaries and/or coastlines. Land area is the aggregate of all surfaces delimited by international boundaries and/or coastlines, excluding inland water bodies (lakes, reservoirs, rivers). Water area is the sum of the surfaces of all inland water bodies, such as lakes, reservoirs, or rivers, as delimited by international boundaries and/or coastlines.
This entry includes all forms of the country's name approved by the US Board on Geographic Names (Italy is used as an example): conventional long form (Italian Republic), conventional short form (Italy), local long form (Repubblica Italiana), local short form (Italia), former (Kingdom of Italy), as well as the abbreviation.