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: Australian Industry
Famous quotes containing the words trade and, trade, economic and/or performance:
“Trade and the streets ensnare us,
Our bodies are weak and worn;
We plot and corrupt each other,
And we despoil the unborn.”
—Ralph Waldo Emerson (1803–1882)
“...I lost myself in my work and never felt that marriage would give me the security I wanted. I thought that through the trade union movement we working women could get better conditions and security of mind.”
—Mary Anderson (1872–1964)
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—Hortense Odlum (1892–?)
“What avails it that you are a Christian, if you are not purer than the heathen, if you deny yourself no more, if you are not more religious? I know of many systems of religion esteemed heathenish whose precepts fill the reader with shame, and provoke him to new endeavors, though it be to the performance of rites merely.”
—Henry David Thoreau (1817–1862)