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COUNTRY REPORT ON AUSTRALIABusiness Research Methodology Project

Submitted By:Gaurav Dwivedi(15046)Gaurav Kumar(15047)Abdul Rashid Khan(15048)Mohammad Talha(15049)Devanshi Kashyap(15050)Andaleeb Sarah(15051)Twisha Maurya(15052)

Australia is adeveloped countryand one of the wealthiest in the world, with theworld's 12th-largest economy.In 2012 Australia had the world'sfifth-highest per capita income.Australia's military expenditure is theworld's 14th-largest.With thesecond-highest human development index globally, Australiaranks highlyin many international comparisons of national performance, such as quality of life, health, education,economic freedom, and the protection ofcivil libertiesand political rights. Australia is a member of theUnited Nations,G20,Commonwealth of Nations,ANZUS,Organisation for Economic Co-operation and Development(OECD),World Trade Organization,Asia-Pacific Economic Cooperation, and thePacific Islands Forum.

INTRODUCTION

The federal government isseparatedinto three branches:The legislature: the bicameralParliament, defined in section 1 of the constitution as comprising the Queen (represented by the Governor-General), theSenate, and theHouse of Representatives;The executive: theFederal Executive Council, in practice the Governor-General as advised by the Prime Minister and Ministers of State; The judiciary: theHigh Court of Australiaand otherfederal courts, whose judges are appointed by the Governor-General on advice of the Council. There are two major political groups that usually form government, federally and in the states: theAustralian Labor Partyand theCoalitionwhich is a formal grouping of the Liberal Partyand its minor partner, theNational Party.Independent members and several minor parties have achieved representation in Australian parliaments, mostly in upper houses.AUSTRALIA GOVERNMENT POLICY

Theeconomy of Australiais one of the largest capitalist economies in the world, with a GDP of US$1 trillion as of 2014.Australia's total wealth is 6.4 trillion dollarsIn 2012, it was the 12th largest national economy by nominal GDPand the 17th-largest measured byPPP-adjusted(Purchasing power parity(PPP) is a component of someeconomic theoriesand is a technique used to determine the relativevalue of differentcurrencies).Australia is the 19th-largest importer and 19th-largest exporter.The Australian economy is dominated by itsservice sector, comprising 68% of GDP.The mining sector represents 10% of GDP.

Economic Analysis of Australia

Economic Analysis of Australia

Mining : Coal is mined primarily in Queensland, New South Wales and Victoria. 54% of the coal mined in Australia is exported, mostly to East Asia. In 2000/01, 258.5 million tonnes of coal was mined, and 193.6 million tonnes exported. Coal provides about 85% of Australia's electricity production.In fiscal year 2008/09, 487 million tonnes of coal was mined, and 261 million tonnes exported. Australia is the world's leading coal exporter.Manufacturing : The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in 2007.Services : Australia is a world-class provider of a range of services, such as telecommunications, travel, banking and insurance. The services sector is a significant part of our economy and represents about 70 per cent of Australia's gross domestic product (GDP) and employs four out of five Australians.Agriculture : Agriculture contributes 3% of Australia's GDP at the farm gate and when value-added processing beyond the farm is included this figure rises to 12%.60% of farm products are exported.Irrigationis an important and widespread practice for a country where many parts receive low rainfall.

Sectors wise growth

Finance : Australia's four 'Big Banks' are among the 'World's 50 Safest Banks' as of April 2012.The four largest banks in Australia are also known as the "Big Four". Between 1991 and 2013, 36,720mergers and acquisitions with a total known value of US$2,040 billion with the involvement of Australian firms have been announced.Tourism : In the financial year 201011, the tourism industry represented 2.5% of Australia's GDP, at a value of about $35billion to the national economy equivalent to $94.8 million a day to the Australian economy. Domestic tourism is a significant part of the tourism industry, and was responsible for 73% of the total direct tourism GDP.Energy : The Australian economy is dependent on imported crude oil and petroleum products, the economy's petroleum import dependency is around 80% crude oil + petroleum products.

Sectors wise growth(Contd.)

Australias Import and Export Indicators

Total value of exports:US$210.7 billion. Primary exports - commodities:coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment. Primary exports partners:China (21.81 percent), Japan (19.19 percent), South Korea (7.88 percent), India (7.51 percent), US (4.95 percent), UK (4.37 percent), NZ (4.1 percent). Total value of imports: US$200.4 billion. Primary imports - commodities:machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products. Primary imports partners:China (17.94 percent), US (11.26 percent), Japan (8.36 percent), Thailand (5.81 percent), Singapore (5.54 percent), Germany (5.3 percent).Import & Exports

There are many forms oftaxationinAustralia. Individuals and companies in Australia may be required to pay taxes or charges to all levels of government:local,state, andfederal governments. Taxes are collected to pay forpublic servicesandtransfer payments(redistribution of economic wealth).Income taxesare the most significant form oftaxation in Australia, and collected by thefederal governmentthrough theAustralian Taxation Office. AustralianGSTrevenue is collected by the Federal government, and then paid to the states under a distribution formula determined by theCommonwealth Grants Commission.Australia maintains a relatively lowtax burdenin comparison with other wealthy, developed nations, at 25.6% of GDP in 2013.

TAX SYSTEM

Personal Income TaxesCapital Gains TaxCorporate TaxGoods & Services TaxesProperty TaxesDeparture TaxExcise TaxLuxury Car TaxCustoms DutiesPayroll TaxesSuperannuation Taxes

Forms of Taxes

School attendance, or registration for home schooling,is compulsory throughout Australia. Education is the responsibility of the individual states and territoriesso the rules vary between states, but in general children are required to attend school from the age of about 5 up until about 16.In some states (e.g., Western Australia,the Northern Territoryand New South Wales), children aged 1617 are required to either attend school or participate in vocational training, such as anapprenticeship.Australia has an adult literacy rate that was estimated to be 200 in 2003.However, a 201112 report for the Australian Bureau of Statistics reported that Tasmania has a literacy and numeracy rate of only 50%.In theProgramme for International Student Assessment, Australia regularly scores among the top five of thirty major developed countries (member countries of theOrganisation for Economic Co-operation and Development).Catholic educationaccounts for the largest non-government sector.

EDUCATION

Australia has the fourth highest life expectancy in the world after Iceland, Japan and Hong Kong.Life expectancy in Australia in 2010 was 79.5 years for males and 84.0 years for females.Australia has the highest rates of skin cancer in the world,whilecigarette smoking is the largest preventable cause of death and disease, responsible for 7.8% of the total mortality and disease. Ranked second in preventable causes ishypertensionat 7.6%, with obesity third at 7.5%.Australia ranks 35th in the worldand near the top ofdeveloped nationsfor its proportion ofobeseadults.Total expenditure on health (including private sector spending) is around 9.8% of GDP. Australia introduceduniversal health carein 1975.Known asMedicare, it is now nominally funded by an income tax surcharge known as theMedicare levy, currently set at 1.5%.Health

A global survey has found Australian women are the most economically empowered in the world.Australia topped a list of 128 countries for women's access to education, equal pay, childcare and anti-discrimination policies.The study, by international consulting and management firm Booz & Company, found Australia was the global leader despite its women still being paid 67per cent less than men. Helen Conway, the director of the federal government's Equal Opportunity for Women in the Workplace Agency, said the report reflected that Australian women were among the best educated in the world and had a national paid parental leave scheme.WOMEN EMPOWERMENT