Assess the extent to which changing economic circumstances shaped the Australian nation?

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marbar57 eNotes educator| Certified Educator

Every country on earth is shaped and affected by changing economic conditions and every country has had its share of financial ups and downs. 

According to reliable sources, the Australian economy has undergone a continuing economic liberalization since the 1980's.  Apparently the Australian dollar was "floated" and "financial deregulation" was brought about by Prime Minister Hawke in 1983.  Income taxes were lowered in 2000 to encourage the private sector.  Recent figures indicate that tourism, education, and financial services are up, contributing to 69% of its GDP (gross domestic product).  The mining and agricultural industries are strong, making up an additional 3-5% of its GDP.

On a bad note, however, it has an extremely high deficit to cope with and several depressed sectors of its economy.  It lacks a successful import/export industry, has high levels of foreign debt owed by private citizens, has inflated home pricing in comparison to wages earned, has extensive air pollution around major manufacturing facilities, and has continuing weather concerns that affect the quality and quantity of crops and livestock.

It sounds a little bit like the economy of the United States, doesn't it?