A Peek Into The Australian Economy

For many visa applicants, knowing the status of Australia's economy is very important. This one will be your gauge whether your trip to the country is going to be worthwhile, or you will actually end up in a slump arriving there. And it has become more crucial with recent events that the Australian immigration services have been deluded with questions regarding this one.

To start off, you need to first understand how the Australian economy ticks. The sector in the Australian economy is the services sector, which comprises about 66% of its gross domestic product, or GDP (for those not familiar, the GDP is the product of all economic sectors, local and foreign, inside the country). Agriculture and mining make up a small part of the country's economy, putting in only a 10% share in the GDP, though it covers more than half of the country's export.

Each of the country's states have a different economic specialization. Western Australia, for instance, focuses mainly on agriculture and mining. Its major products are iron ore, petroleum and gold, wheat is also a big contributor, along with the state's other agricultural products. In recent years, tourism has also started to show its presence in the state.

Like Western Australia, both Queensland and the Norther Territory also relies heavily on the mining industry for its economy. However, tourism here plays a much bigger role that the other statexs. Ayers rock (Uluru) in the Northern Territory and the Great Barrier reef in Queensland are the two biggest tourist attractions here, these are also two of the biggest income generators for the tourism sector in this states.

On the other hand, the state of Victoria focuses mainly on the services sector. Large financial and real estate corporations are located here, hith most of them situating their main offices in the state capital of Canberra. Nearly 75% of Victoria's labor force is also employed by these industries. As with other Australian states, agriculture still plays a big role in the Victorian economy.

One of the recent events that have taken a great toll on the Australian economy was the 2007-2009 financial the crisis caused the slowdown of the country's major industry, which led to several large layoffs of workers. It also forced the Australian government to impose strict restrictions on immigration in order to protect local workers from severe competition.

However, potential foreign worker to the country need not to worry much. Australia was not as severely hit as the US, thus it was able to make remarkable, albeit slow, recovery. This surely gives great hope for people wanting to move in the country.