Australia Must Diversify the Economy

Economists stated that the definition of the Banana Republic is "a country where external investment is dominant and dependent on a single export item" (The Economist., 2014). This definition has a certain correlation with the Australian economy as Australia experiences a commodity boom over last year, which dominates and controls the domestic economy. The development of Australia's natural resource industry has enabled the economy to grow and become its country's export volume (Figure 1).

Compared with many other economies in the world, the Australian economy is a very efficient and efficient economy. An advanced, rich and diverse economy has enabled Australia to be mentioned as much as the United States and many Western European countries. The Australian economy is very similar to the economy in which we live and is based on the principle of similar economic theory. Historically, Australia has relations with the UK in terms of economic, cultural and social significance. Australia was established as a British colony in the 18th century Australia is an independent sovereign state, but the Queen of England is still the leader of Australia today. The main reason why Australia's economic power has increased is the influence of the UK economy and industry. The Australian government is a democratic system led by the elected Prime Minister.

Australia is a highly developed country with the 13 th largest economy in the world. It has a high-income economy and is the tenth highest per capita income in the world. Australia is the regional power with the 13 th largest military expenditure in the world. Australia has the ninth largest immigrant population in the world, with immigrants accounting for 26% of the population. The country has the second highest human development index in the world and the eighth democracy with high quality of life, health, education, economic freedom, civil liberties, and political rights, and its major cities It is easier to live in the world. A good performance study Australia is a member of the United Nations, G20, Commonwealth, ANZUS, the Organization for Economic Cooperation and Development (OECD), the World Trade Organization, Asia-Pacific Economic Cooperation, the Pacific Islands Forum, and the ASEAN Plus 6 Mechanism.

On a per capita basis, Australia is the 15th wealthiest country in the world, the sixth oldest democracy. Australia is the 14th largest economy and the ninth largest economy in the world. The Australian economy is open and innovative. In the past decade, stable productivity gains were accompanied by low inflation rates and interest rates. Australia's trade and investment barriers are also low. Australia's foreign trade policy has promoted the safety and long-term prosperity of Australia on a global scale. The Australian economy is very vulnerable to climate change. In 2008, the Australian government promised to establish an organization called "Australian infrastructure" to provide a new national approach to the country's future planning, implementation and financing. As a safe, stable and prosperous country, Australia is an increasingly attractive international and regional business and commercial operations center. Political environment