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: Communism In Australia
Famous quotes containing the words trade and, trade, economic and/or performance:
“I sincerely hope that the incoming Congress will be alive, as it should be, to the importance of our foreign trade and of encouraging it in every way feasible. The possibility of increasing this trade in the Orient, in the Philippines, and in South America is known to everyone who has given the matter attention.”
—William Howard Taft (1857–1930)
“...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)
“Weapons are an important factor in war, but not the decisive factor; it is people, not things, that are decisive. The contest of strength is not only a contest of military and economic power, but also a contest of human power and morale. Military and economic power is necessarily wielded by people.”
—Mao Zedong (1893–1976)
“There are people who think that wrestling is an ignoble sport. Wrestling is not sport, it is a spectacle, and it is no more ignoble to attend a wrestled performance of suffering than a performance of the sorrows of Arnolphe or Andromaque.”
—Roland Barthes (1915–1980)