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Economy
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Economy
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Overview
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The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, 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 is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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The Indian Ocean provides major sea routes connecting the Middle East, Africa, and East Asia with Europe and the Americas. It carries a particularly heavy traffic of petroleum and petroleum products from the oilfields of the Persian Gulf and Indonesia. Its fish are of great and growing importance to the bordering countries for domestic consumption and export. Fishing fleets from Russia, Japan, South Korea, and Taiwan also exploit the Indian Ocean, mainly for shrimp and tuna. Large reserves of hydrocarbons are being tapped in the offshore areas of Saudi Arabia, Iran, India, and western Australia. An estimated 40% of the world's offshore oil production comes from the Indian Ocean. Beach sands rich in heavy minerals and offshore placer deposits are actively exploited by bordering countries, particularly India, South Africa, Indonesia, Sri Lanka, and Thailand.
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Environment
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Current issues
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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
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endangered marine species include the dugong, seals, turtles, and whales; oil pollution in the Arabian Sea, Persian Gulf, and Red Sea
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Geography
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Area
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Comparative
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slightly smaller than the US contiguous 48 states
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about 5.5 times the size of the US
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Geography
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Area
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Comparative to US places
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slightly smaller than the US contiguous 48 states
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about 5.5 times the size of the US
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Geography
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Area
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Total
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7.74 million sq km
Ranked 7th.
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68.56 million sq km
Ranked 3rd.
9 times more
than
Australia
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Geography
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Climate
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generally arid to semiarid; temperate in south and east; tropical in north
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northeast monsoon (December to April), southwest monsoon (June to October); tropical cyclones occur during May/June and October/November in the northern Indian Ocean and January/February in the southern Indian Ocean
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Geography
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Coastline
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25,760 km
Ranked 7th.
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66,526 km
Ranked 4th.
3 times more
than
Australia
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Geography
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Elevation extremes
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Highest point
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Mount Kosciuszko 2,229 m
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sea level 0 m
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Geography
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Geographic coordinates
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27 00 S, 133 00 E
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20 00 S, 80 00 E
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Geography
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Location
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Oceania, continent between the Indian Ocean and the South Pacific Ocean
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body of water between Africa, the Southern Ocean, Asia, and Australia
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Geography
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Natural hazards
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cyclones along the coast; severe droughts; forest fires
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occasional icebergs pose navigational hazard in southern reaches
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Geography
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Natural resources
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bauxite, coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, rare earth elements, mineral sands, lead, zinc, diamonds, natural gas, petroleum
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oil and gas fields, fish, shrimp, sand and gravel aggregates, placer deposits, polymetallic nodules
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Geography
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Terrain
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mostly low plateau with deserts; fertile plain in southeast
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surface dominated by counterclockwise gyre (broad, circular system of currents) in the southern Indian Ocean; unique reversal of surface currents in the northern Indian Ocean; low atmospheric pressure over southwest Asia from hot, rising, summer air results in the southwest monsoon and southwest-to-northeast winds and currents, while high pressure over northern Asia from cold, falling, winter air results in the northeast monsoon and northeast-to-southwest winds and currents; ocean floor is dominated by the Mid-Indian Ocean Ridge and subdivided by the Southeast Indian Ocean Ridge, Southwest Indian Ocean Ridge, and Ninetyeast Ridge
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