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The impact of the end of the long boom and the collapse of the property market in Melbourne did not impact as greatly the economy of the colony of Western Australia, where substantial reserves of gold were discovered at Kalgoorlie and Coolgardie in a region of Western Australia that subsequently became known as the 'Goldfields'.
Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually. As opposed to many neighbouring Southeast Asian countries, the process towards independence was relatively peaceful and thus did not have significant negative impact on the economy and standard of living. [52]
Economic globalization may affect culture. Populations may mimic the international flow of capital and labor markets in the form of immigration and the merger of cultures. Foreign resources and economic measures may affect different native cultures and may cause assimilation of a native people. [71]
Australia's recession affected New Zealand's economy as Australia was New Zealand's biggest export market. [2] [3] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy. [4]
Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
Ian Macfarlane, Governor of the Reserve Bank from 1996 to 2006, has said that the financial excesses of the 1980s were of such a scale that they made the 1990s recession "inevitable", describing Australia's economy at the end of the 1980s as overstretched and vulnerable to contractionary shock. The pressure of high-interest rates on businesses ...
The history of Australia since 1945 has seen long periods of economic prosperity and the introduction of an expanded and multi-ethnic immigration program, which has coincided with moves away from Britain in political, social and cultural terms and towards increasing engagement with the United States and Asia.
In economics, the new international division of labour (NIDL) is an outcome of globalization.The term was coined by theorists seeking to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries—an ongoing geographic reorganisation of production, which finds its origins in ideas about a global division of labor. [1]