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, trade, economic and/or performance:
“My trade and my art is living. He who forbids me to speak about it according to my sense, experience, and practice, let him order the architect to speak of buildings not according to himself but according to his neighbor; according to another man’s knowledge, not according to his own.”
—Michel de Montaigne (1533–1592)
“Until the end of the Middle Ages, and in many cases afterwards too, in order to obtain initiation in a trade of any sort whatever—whether that of courtier, soldier, administrator, merchant or workman—a boy did not amass the knowledge necessary to ply that trade before entering it, but threw himself into it; he then acquired the necessary knowledge.”
—Philippe Ariés (20th century)
“Motherhood is the second oldest profession in the world. It never questions age, height, religious preference, health, political affiliation, citizenship, morality, ethnic background, marital status, economic level, convenience, or previous experience.”
—Erma Bombeck (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)