What type of economic system does Australia have?
Australia has a very strong economy that has seen many highs and lows in the past few decades. Australia’s mixed market economy is a prosperous, Western market economy where the GDP is high and the rate of poverty is low. Our free market is among the first five developed countries of the world, with the four main components being Trade, Manufacturing, Services and Financing. The Australian economy is dominated by the services sector, although the agricultural and mining sectors account for 57% of the nation’s exports. Other factors that make our economy so prosperous include industrialization, private enterprises, large scale productions, high technology and natural resources. The most integral part of our economy would have to the Australian Securities Exchange, which is more commonly known as the ASX. This sector of the economy deals with our country’s trading practices and is one of the major sources of money flow. The growth of Australia’s economy owes thanks to its stable governme
