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HSC Economics Australia's Place in the Global Economy Notes

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This is a concise yet comprehensive overview of the 'Australia's Place in the Global Economy' section of HSC Economics. Key points are highlighted and an abundance of useful statistics are provided.

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10 Pages Partial Study Notes > 2 Years old
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HSC Economics Australia's Place in the Global Economy Notes
Topics this document covers:
Economy Macroeconomics National accounts International trade Foreign exchange market Currency Exchange rate Rates Balance of payments Current account Balance of trade Australian dollar
This is a Partial Set of Study Notes

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Topics this document covers:
Economy Macroeconomics National accounts International trade Foreign exchange market Currency Exchange rate Rates Balance of payments Current account Balance of trade Australian dollar
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2 billion in 2010-11, a quadruple more than the $134 billion in 1990-91. It grew 7.6% per annum. 2. Trade moved away from UK + Europe to Asia (especially China). • In 2010-11, China was Australia’s largest two-way trading partner ($113.3 billion), whilst in 1990-90 China was ranked 10th ($3.2 billion). • Countries from Asia accounted for seven out of Australia’s top 10 trading partners in 2010-11, amounting to 50.9% of Australia’s total trade. • While the UK was our main trading partner in the early 20th century, its entry into the EU in 1973 resulted in the creation of trade barriers. 3. Focus changed from agriculture to minerals. • Agriculture contributed 85% to Australia’s composition of exports in the 1950s, but only 10.2% in 2010-11. • Resources contributed 28% to Australia’s composition of exports in 1990-91, but now contribut...
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