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Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. [46] China in particular is Australia's main export and import partner by a wide margin. [47] Australia is a member of the APEC, G20, OECD and WTO.
Australia's greatest manufacturing achievement was the manufacture of the Beaufort, a twin-engined torpedo bomber, during World War II. [2] Australia's manufacturing sector is diverse with the largest sub-industries being food, beverage and tobacco, machinery and equipment, petroleum, coal and chemicals and metal products. [3]
In Australia, the Australian Labor Party Government of Bob Hawke came to power in 1983. The Hawke-Keating government shifted the Labor Party from its traditional allegiance to economic protectionism, moved to deregulate Australia's finance industry, and restructured the role of trade unions. [5]
The fastest-growing industry in 2021 was leisure and hospitality, according to the U.S. Bureau of Labor Statistics, but from... These 20 Industries Are Expected To Have the Largest Decline by 2031 ...
Until trade liberalisation in the mid-1980s, Australia had a large textile industry. [ citation needed ] This decline continued through the first decade of the 21st century. [ citation needed ] Since the 1980s, tariffs have steadily been reduced; in early 2010, the tariffs were reduced from 17.5 per cent to 10 per cent on clothing, and 7.5–10 ...
Australia's privileged access to the British market was drawing to a close. In the era of the Vietnam War the U.S. Economy began to enter into a difficult period, and the rate of U.S. investment into Australia began to decline. Even more ominously, Australia began to face greater economic competition and a steady decline in her terms of trade.
The decline of the gold mining industry in Western Australia was reinforced with the outbreak of the First World War.The effects of the war, a large number of miners enlisted in the armed forces and a drying up of overseas investment meant that, by 1920, gold production in the state had fallen to a third of what it was at the height of the boom.
Australia's oil production peaked in 2000, after gradually increasing since 1980. [19] Net oil imports rose from 7% of total consumption in 2000 to 39% in 2006. Decreasing domestic oil production is the result of the decline of oil-producing basins and few new fields going online. [19]