What type of economic system does australia have

Our free market is among the first five developed countries of the world, with the four main components being Trade, Manufacturing, Services and Financing. 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 government, healthy politics and huge natural resources. The Australian Labor Party and the Liberal Party of Australia have been instrumental in the modernisation of the economy and have shaped it into what it has become today.

In fact, 17 years of economic growth have been recorded since , years in which members of both these parties have been in power. Australia is a major regional financial centre and a vital cog in the global financial system. In fact, Australia ranks first in the Asia-Pacific region for labour, agricultural and industrial productivity per person employed.

All of these factors combine to make Australia's economy one of the richest in the world. Most of the centre of the country is covered by desert. The majority of its population live on the coasts. In November , Australia used the Secretariat's good practice guide and recommendations to improve its management of elections. In September , the Commonwealth Human Rights Initiative partnered with Australia to investigate working with civil society to improve human rights.

Students will learn about different cultures and religions. In February , the Secretariat worked with Australia to explore how best to deal with sea-level rise and climate change. The Hub helps small and vulnerable states secure funding to tackle climate change and experts in government departments to help with grant applications, strengthen climate change policy and build capacity. In March , in Durban, South Africa, Australia worked with the Secretariat to improve connections with trading partners.

They investigated reducing physical barriers to trade — for example, by improving infrastructure. This included ways to improve government policies, build awareness, and empower communities, while also tackling barriers such as lack of funding, limited capacity and weak governance structures. The Connectivity Agenda is a platform for countries to exchange best practices and experiences to trade and investment and undertake domestic reform.