What kind of governmental and economic system does Australia have?

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Australia is a liberal democracy.  That means that it has a form of government that is elected by the people.  In the case of Australia, the democracy follows a parliamentary system with a prime minister who is the head of government.  The official head of state is the monarch of England, but she is merely a figurehead with no real authority.

Like most liberal democracies, Australia has a capitalist economic system.  Its system is something of a mixed economy which is mainly a market economy but with aspects of a command economy mixed in.

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