Economy




Australia is the only first world country in the Australian-New Guinea continent, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific. In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP. Tourism in Australia is an important component of the Australian economy. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy. In 2015, there were 7.4 million visitor arrivals.

Mercer Quality of Living Survey ranks Sydney tenth in the world in terms of quality of living, making it one of the most livable cities. It is classified as an Alpha+ World City by GaWC. Melbourne also ranked highly in the world's most liveable city list, and is a leading financial centre in the Asia-Pacific region.

Papua New Guinea is rich in natural resources, which account for two-thirds of their export earnings. Though PNG is filled with resources, the lack of country's development led foreign countries to take over few sites and continued foreign demand for PNG's resources and as a result, the United States constructed an oil company and began to export in 2004 and this was the largest project in PNG's history. Papua New Guinea is classified as a developing economy by the International Monetary Fund. Strong growth in Papua New Guinea's mining and resource sector led to the country becoming the sixth fastest-growing economy in the world in 2011.

Comments

Post a Comment

Popular posts from this blog

Ecology

Image
Flora edit For about 40 million years Australia–New Guinea was almost completely isolated. During this time, the continent experienced numerous changes in climate, but the overall trend was towards greater aridity. When South America eventually separated from Antarctica, the development of the cold Antarctic Circumpolar Current changed weather patterns across the world. For Australia–New Guinea, it brought a marked intensification of the drying trend. The great inland seas and lakes dried out. Much of the long-established broad-leaf deciduous forest began to give way to the distinctive hard-leaved sclerophyllous plants that characterise the modern Australian landscape. Typical Southern Hemisphere flora include the conifers Podocarpus (eastern Australia and New Guinea), the rainforest emergents Araucaria (eastern Australia and New Guinea), Nothofagus (New Guinea and Tasmania) and Agathis (northern Queensland and New Guinea), as well as tree ferns and several species of Eucalyptus .
Read more

Politics

Image
Australia is a federal parliamentary constitutional monarchy with Elizabeth II at its apex as the Queen of Australia, a role that is distinct from her position as monarch of the other Commonwealth realms. The Queen is represented in Australia by the Governor-General at the federal level and by the Governors at the state level, who by convention act on the advice of her ministers. There are two major political groups that usually form government, federally and in the states: the Australian Labor Party and the Coalition which is a formal grouping of the Liberal Party and its minor partner, the National Party. Within Australian political culture, the Coalition is considered centre-right and the Labor Party is considered centre-left. Papua New Guinea is a Commonwealth realm. As such, Queen Elizabeth II is its sovereign and head of state. The constitutional convention, which prepared the draft constitution, and Australia, the outgoing metropolitan power, had thought that Papua New Guinea wo
Read more

Human history

Image
The Australian continent and Sunda were points of early human migrations after leaving Africa. Recent research points to a planned migration of hundreds of people using bamboo rafts, which eventually landed on Sahul. Indigenous peoples edit Indigenous Australians, that is Aboriginal Australians and Torres Strait Islander people, are the original inhabitants of the Australian continent and nearby islands. They migrated from Africa to Asia around 70,000 years ago and arrived in Australia at least 50,000 years ago, based on archaeological evidence. More recent research points to earlier arrival, possibly 65,000 years ago. They are believed to be among the earliest human migrations out of Africa. There is evidence of genetic and linguistic interchange between Australians in the far north and the Austronesian peoples of modern-day New Guinea and the islands, but this may be the result of recent trade and intermarriage. The earliest known human remains were found at Lake Mungo, a dry lake in
Read more