ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increased spending on transport infrastructure in Australia
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an appreciation of the Australian dollar
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low inflation in the major countries in the European Union
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a change in the industrial relations system in Australia toward more centralised wage determination
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Detailed explanation-1: -Australia must lift its game on trade – diversifying its trading partners and continuing to build new markets for the goods and services in which we compete.” This year Australia’s ranking also slumped across workplace productivity (dropping from 20th to 41st place) and real GDP growth (ranking 44th).
Detailed explanation-2: -Australia’s mining sector generated 10.6% of GVA, followed by financial services (9.3%), ownership of dwellings (8.9%) and healthcare and social assistance (8.2%). Technology-driven sectors – including professional, scientific and technical services, education and IT – are worth 15% of total economic production.
Detailed explanation-3: -Australia’s economic freedom score is 74.8, making its economy the 13th freest in the 2023 Index. Its score is 2.9 points lower than last year. Australia is ranked 4th out of 39 countries in the Asia–Pacific region, and its overall score remains well above the regional and world averages.
Detailed explanation-4: -In 2021, agriculture contributed around 2.27 percent to the GDP of Australia, 25.5 percent came from industry, and 65.71 percent from the services sector.