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Small Business Scenario in AustraliaSmall Business in Australia Provide Value Addition Services to Booming Economic Sectors, Such as ExportsAn abundance of natural resources and a comparatively small population characterize Australian economy. While the resources have stimulated a thriving mining and manufacturing industry, the small domestic market means that Australia has to look to exports for economic growth. The country has a population that is one third of UK (2008 estimate) but has over 30 times UK's land area. Australia had an estimated GDP of over $900 billion during 2007. GDP is the total of goods and services produced in a country during a year. Mineral and agricultural exports are driving the Australian economy. High prices received for the exports stimulate other sectors of the economy. Most of the exports go to Asian countries like Japan, China, Korea and India. We now take brief looks at different sectors of the Australian economy. AgricultureAgriculture contributed 3% of the GDP, and employed 3.6% of the labour force during 2007. The main agricultural products are wheat, barley, sugarcane, fruits, cattle, sheep and poultry. Major agricultural products included forestry, meat, cereal and dairy products and wine. Australia is a major exporter of dairy products and wine exports are also increasing. IndustryThe industrial sector contributed 26.4% of the GDP and employed 21.2% of the labour force. Australia is rich in natural resources such as bauxite, coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas and petroleum. Major industries are mining, industrial and transportation equipment, food processing, chemicals and steel. Manufactured products contribute most to exports. Small businesses employing less than 20 persons contributed significant value additions in this sector. ServicesThe services sector contributed 70.6% of the GDP and employed 75.2% of the labour force. Australia has excellent IT and Communications infrastructure, skilled personnel, top class innovation systems and a business friendly environment, all of which have contributed to the country becoming a major international services provider. Services provided include Environment Management expertise, Information Technology & Communication services, Education and Business Services. |
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