Published On : 28-Jan-2022
At the world’s end, we find the island nation of Australia, situated on the furthermost tip of the Indian ocean. Australia is a trade-friendly economy that very strongly resembles the way of life of a Western European or a North American nation.
Australia is a constitutional monarchy under the indirect sovereign rule of Queen Elizabeth. The nation’s economy is highly modern, service sector heavy and with low unemployment rates. As of 2020, the nation ranked 14th on the ease-of-doing-business rankings. The World Bank characterises Australia as a high-income country. By June 2021, the nation’s GDP had almost reached a figure of $2 Trillion. Australia and New Zealand maintain exceedingly friendly ties that have been formalised through accords and deals. Their economic strategies are also closely aligned. In 2020, the Australian economy plunged into a recession wrought by the COVID19 pandemic. Legislative action and collective support of Australia’s people reversed the effects within only three months.
The nations of Australia and India share deeply rooted cultural, bilateral and economic ties. Both were a part of the British dominion before India’s independence and Australia’s transformational into a constitutional monarchy. The nations closely partner with each other on political, strategic and security issues, also conducting regular joint naval exercises in the Indian Ocean.
Indians form one of the primary diasporic communities of Australia, with Hindi and Punjabi being a part of the top ten spoken languages. Thousands of Indians immigrate each year to access educational and economic opportunities. International Education forms one of the largest export commodities of Australia to India. India also imports significant amounts of coal and gold. Indian exports to Australia include mineral fuels, precious stones, machinery and textiles. Australia has a massive trade surplus status with India. Bilateral trade between the two nations stood at about $18.08 Billion in 2020.
China-Australia trade is unsurpassed by any other trading partner of the island nation. Australia’s primary import commodities are machinery, vehicles, electrical equipment, nuclear reactors and pharmaceutical products. Their leading import partners are China, the USA, Thailand, Japan and Germany.
Shipping lines in the Indian Ocean are leveraged to transport Australia's exports to China and the ASEAN region. Australia is world's top exporter of Ores Slag and Ash, a mineral product that is crucial to the manufacture of chemical compounds. The nation’s other top export commodities are mineral fuels, precious stones, meat & meat products and machinery. Leading export partners include China, Japan, South Korea, the United States, the United Kingdom, Singapore and New Zealand.
The economy has repeatedly outperformed others, even after the effects of the COVID19 pandemic with growth rates reaching 9.5% in the second quarter of 2021. Although, several cultural and economic impediments threaten Australia's excellence. The environmental challenge is a primary factor. Climate-related catastrophes have wreaked destruction upon Australians. The massive bush fire of 2019-20 burned down about 500,000 acres of land. Metropolitan areas of Sydney felt the effects. Many places became choked with smoke and stood under the shadow of black billows in the sky. It was also a massive hit to indigenous plant and wildlife species.
Besides the environment, rising suspicion of migrants and other factors are contributing to a demographic crisis in Australia. The government has time and again laid restrictive policies against immigrants, a most unwelcome move.
The government must ensure sustainable means of development and consider championing climate change efforts on an international scale. They will be the most affected if global temperatures continue to dip. They, therefore, must push the green agenda with all their might.
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