Total GDP of Australia
GDP per capita of Australia
Economic growth of Australia
Unemployment rate of Australia
Government of Australia
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The Commonwealth of Australia is a federal constitutional monarchy under a parliamentary democracy. This means that along with the other Commonwealth nations including Canada, New Zealand, Papua New Guinea, Australia has Elizabeth II as their Queen. The limited remaining actual powers of the Queen are exercised by the Governor-General, who is an Australian appointed by the Queen to carry out her duties in Australia in her absence. In other words, the Monarchy rarely exercises power, hence the most and the major government policies are decided and conducted by Parliament, the Prime Minister, and the Prime Minister's cabinet of Ministers.
Having a Parliament, Australia is similar to the United Kingdom and Canada in that the Executive and Legislative branches are blurred together, with the elected Parliament (the legislature) electing the Prime Minister and other Ministers (the executive) instead of the people themselves electing their leader directly.
Yet, there are a few characteristics of Australia's form of government which more resembles the United States. They have a solidly independent High Court which is not subject to interference by the legislative and executive branches, somewhat unlike the United Kingdom but like the United States. Australia also has a Federal system, meaning the States of Australia have powers and "rights" which the central government cannot infringe upon, and power is distributed among the different levels of government constitutionally, as opposed to "at the convenience of the central government" in Unitary systems like the United Kingdom. Overall, the modern Australian government aims to adhere to the democratic ideal of its citizens.
Central bank and the monetary system of Australia
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The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia’s Central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank of Australia; Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom.
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.
Yet, since the inflation in Australia during the last quarter of 2012 was relatively higher than it expected (around 3.7%), the RBA found the need to adjust the interest rate relatively higher, and conducted this on its economy; the inflation could be explained by the contemporary lower exchange rate, and the continuation of rising domestic prices along with the slower growth in labour costs; If domestic costs remain contained, some moderation in the growth of prices for non-traded goods could be expected over time. As a result of the adjustment of the interest rate and the exchange rate of natural resources, which have been major exports of the nation, by last quarter of 2014, the inflation rate of Australia successfully returned to a sound level, 2.5%, approximately.
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.
Yet, since the inflation in Australia during the last quarter of 2012 was relatively higher than it expected (around 3.7%), the RBA found the need to adjust the interest rate relatively higher, and conducted this on its economy; the inflation could be explained by the contemporary lower exchange rate, and the continuation of rising domestic prices along with the slower growth in labour costs; If domestic costs remain contained, some moderation in the growth of prices for non-traded goods could be expected over time. As a result of the adjustment of the interest rate and the exchange rate of natural resources, which have been major exports of the nation, by last quarter of 2014, the inflation rate of Australia successfully returned to a sound level, 2.5%, approximately.