Trade and Economic Performance
In the second half of the twentieth century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.
In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years. According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands. The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Read more about this topic: Economy Of Australia
Famous quotes containing the words trade and economic, trade and, trade, economic and/or performance:
“...to many a mother’s heart has come the disappointment of a loss of power, a limitation of influence when early manhood takes the boy from the home, or when even before that time, in school, or where he touches the great world and begins to be bewildered with its controversies, trade and economics and politics make their imprint even while his lips are dewy with his mother’s kiss.”
—J. Ellen Foster (1840–1910)
“Literature flourishes best when it is half a trade and half an art.”
—W.R. (William Ralph)
“We are the trade union for pensioners and children, the trade union for the disabled and the sick ... the trade union for the nation as a whole.”
—Edward Heath (b. 1916)
“A two-parent family based on love and commitment can be a wonderful thing, but historically speaking the “two-parent paradigm” has left an extraordinary amount of room for economic inequality, violence and male dominance.”
—Stephanie Coontz (20th century)
“The way to go to the circus, however, is with someone who has seen perhaps one theatrical performance before in his life and that in the High School hall.... The scales of sophistication are struck from your eyes and you see in the circus a gathering of men and women who are able to do things as a matter of course which you couldn’t do if your life depended on it.”
—Robert Benchley (1889–1945)