Australia

Australia is one of the few continents that have a prosperous economy. Their economy has is mixed with Western-style. Their per capita GDP is estimated as a bit higher that Germany, France and the UK. Thus, this would be in terms of actual purchasing power parity.

In the United Nations’ Human Development Index for 2007, Australia ranked 3rd. For the worldwide quality-of-life index of The Economist for 2005, Australia ranked 6th. It is said that the key weakness to the economy of Australia would be the direct absence of an actual export-oriented manufacturing industry. It has, in fact, became less relevant more recently. This would be because of the continuous price increase of the commodity exports in Australia; along with an increase in their tourism sector. 

Even so, Australia is considered to rank as the 4th largest current account deficit holder. This would be for its absolute terms. This posed a problem to a majority of economists; especially once it coincides with the direct high terms of trade; and low interest rates which can make the servicing cost of foreign debt considerably low.

The Reform History 

Thus, the process of economic reform was initialized by the Hawke Government. This reform was through the floating of the Australian dollar last 1983; and the financial system’s partial deregulation.

The microeconomic reform process was continued by the Howard government. This would include the labor market’s partial deregulation; along with the actual privatization of business that were state-owned, particularly the telecommunications sector.

Last July 2000, there was a substantial reformation on the indirect taxing system. This was made possible through the GST or Goods & Services Tax; which would be equivalent to 10%. The introduction of GST reduced the huge reliance on Australia’s company and personal income tax, which was previously the characteristic of the taxing system in Australia.

10,033,480 people were employed January last year. This would actually be a leap for Australia’s growth. Thus, China, Japan, the US, New Zealand and South Korea are Australia’s largest exports.

The Properties Market 

Australia is doing fairly well in the properties market. Although it is not as high as before, there are still places in Australia that are open in the market; waiting for the opportunity to make it big. The key cities in Australia, having the highest rental yield, have really skyrocketed their rates. With the rates being that high, imagine the cost of housing there now.  It would be as high as it gets. Contrary to speculations, this does not seem temporary. The rates in the major cities in Australia will remain expensive because of the high demand for places there. Many consider Australia as a good place to migrate to. Expatriates go there not only because of the beauty and many possibilities Australia can give them; they go there to experience the good way of living. A lot of jobs are open right now in Australia.

If you would want to migrate in Australia or you would like to invest there, consider other areas in Australia. There are places there; which are only a short drive to the major cities that still offer reasonable rates. These places are still being developed and considered new in the market. Once they gain the popularity similar to Australia’s key cities, the price will also begin to increase. This would be good news for its many investors. The rental will also increase. It may double and even triple in time. 

New South Wales

New South Wales is considered as the most populous state of Australia. It is situated by the country’s south eastern portion, southern part of Queensland and the northern part of Victoria. 1788 was the year when New South Wales was found. Originally, it is comprised of the Australian mainland. This would be the same as Lord Howe Island, Norfolk Island and New Zealand.

Large areas of New South Wales were successively separated during the 19th century.  This would be to form British colonies for South Australia, Tasmania, Victoria, New Zealand and Queensland.  It was during the 1970s where-in New South Wales experienced an increase in their economic growth and produced rapid transformation. Shipbuilding and steel; which was part6 of their old industries, slowly disappeared.  Agriculture is no longer an important share on the nation’s income. It even became smaller than the usual.

New industries like financial services and information technology are more centered in Sydney, Australia. These industries will take the place of many companies and have its headquarters in Sydney. Aside from this, the actual Macquarie Park alone attracted the HQ of Australia for many IT firms.

As for coal and similar or related products, it is actually Australia’s current biggest export. Its estimated value to Australia’s economy would amount to more than A$5 billion. This would account for a 19% of all NSW exports.

The Tourism Industry 

Thus, Tourism for New South Wales plays a very important role in their economy. This is even though Sydney acts as its central point and as a stimulant of growth for the North Coast. This would be around Byron Bay and Coffs Harbour.

For New South Wales, their tourism industry is worth more than $23 billion. This would prove that it is indeed the biggest contributor on New South Wales’ economy and employs about 8% of the total workforce.

Last 2006, the Gross State Product of New South Wales amounted to a$310 billion equivalent to A$45,584 per capita. Thus, last October 9, 2007; New South Wales confirmed through an announcement about their plan to build a 1,000 megawatt bank-of-wind power turbines. This is estimated to power up about 400,000 homes in New South Wales. Thus, the estimated cost of this project would be about $1.8 billion for only 500 turbines.

New South Wales is among the major cities of Australia that has very expensive properties. One other reason would be the fact that land there is already very limited. Rental is quite high also. If you are interested in buying a property in New South Wales, you can try looking for foreclosed properties or check if there are residents there who are looking to sell their properties. You may be able to haggle over a good price by doing so. Thus, even if the price of properties in New South Wales is expensive, this would only equal the cot of living and the assurance of investment return.

Queensland

Queensland is one of Australia’s main states that occupy the north eastern portion of this mainland continent. It is being bordered by several states. It would be the Northern Territory to its west, New South Wales to its south, South Australia to its south western portion, the Pacific Ocean and the Coral Sea on its eastern side.

Queensland is considered the 2nd largest state of Australia by area. It is also Australia’s 3rd most populous state after Victoria and New South Wales.

The economy of Queensland experienced a boom with its tourism sector and mining industries for over the last 20 years. This resulted from a large influx of overseas and interstate migrants; large investments from the federal government; an increase on mineral deposit mining and an aerospace sector that continuously expands. These factors ensures Queensland’s stand in having an economy that is rapidly growing. 

Just from 1992 and 2002 alone, Queensland’s Gross State Product has outperformed and outgrown all other territories and states in Australia. From then on, Queensland’s GSP and GDP rise to about 3.9% up to 5% every year. Thus, last 2003 Brisbane was stated to have the lowest actual cost of living amidst all of the capital cities in Australia. By 2005, Brisbane ranked as the 3rd most expensive direct capital for the housing sector. It came next to Cranberra and Sydney.

Their primary industries included pineapples, bananas and peanuts among others. Thus, Queensland’s tourism sector is considered as the foremost tertiary industry. This is because of the millions of overseas and interstate visitors going to this Sunshine State every year. More and more people adore Queensland either as their vacation get away destination or as a good area to migrate to. Hence, there is no doubt that Queensland has a lot to offer.

The main tourist destinations here would be:

• Sunshine Coast
• Gold Coast
• Hervey Bay or Fraser Island
• Whitsundays
• Brisbane
• Far North Queensland
• North and South Stradbroke Island
• North Queensland
• The Great Barrier Reef

Queensland also has a lot of theme parks. This would go withy name has been referred to. Queensland is stated as “Australia’s Theme Park Capital”. The major amusement parks would be:

• Movie World
• Dream World
• Sea World
• WhiteWater World
• Wet n’ Wild

Queensland also has wildlife parks like the Australia Zoo and the Currumbin Wildlife Sanctuary. The Australia Zoo is located along the Sunshine Coast. This is actually the confirmed home of the late Steve Irwin; until his tragic death last Sept 4 2006 on one of his wild expeditions. The Currumbin Wildlife Sanctuary, on the other hand, is situated along the Gold Coast.