Market Research of Australias Economy - Essay Example

Australian population statistics report indicated that population density was 2.9 people per square kilometer, in June 2010, compared to 2.6 people per square kilometer in 2005 (Anderson, 2011). Reports also indicated that Australian Capital cities had the highest population density of 150 people per square kilometer, in June 2010. The city of Canberra had the largest population followed by Victoria with 24 people per square kilometer (Anderson, 2011). The Northern region had the lowest population density of 0.

2 people per square kilometer. The low population density in the Northern Territory is a result of its large arid and semiarid areas, distance from earlier settlements, and more recent settlements. Australia’s Capital cities and their population include Sydney (3,502,301), Melbourne (3,160,171), Brisbane (1,508,161), Perth (1,176,542), Gold Coast (376,533), Canberra (309,799), Newcastle (279,975), Central Coast (255,429), Wollongong (228,846), Geelong (130,194), Hobart (126,048), and Townsville (119,504) among other cities (Anderson, 2011).

Australia’s economy is one of the world’s fastest-growing economies. According to nominal GDP, it is ranked the 13th largest economy and the 17th according to GDP (PPP) (Anderson, 2011). Australia is rich in natural resources, therefore; most of the imports are usually manufactured products such as computer accessories, telecommunication equipment, aircraft, vehicle parts and accessories, and medicinal and pharmaceutical equipment. China is Australia’s leading source of imports. Major imports from China include computers, communication equipment, clothing, games and sporting gadgets, televisions, and furniture (Australian Bureau of Statistics, 2012).

Other sources of import include New Zealand, the United States, Japan, European Union, and Singapore. Import of commodities usually requires the involvement of Customs authorities in both Australia and the source of import, and these goods are subject to trade agreements, import quotas, and tariffs (Australian Bureau of Statistics, 2012). Rich in mineral resources and fertile land, Australia is the world’s leading exporter of mineral ores such as gold and iron-ore, agricultural products such as wool and wheat, and energy in the form of coal and natural liquefiable natural gas (Australian Bureau of Statistics, 2011).

Other exports include gold, beef, meat, alumina, live sheep, diamonds, mineral sands, lead, uranium, refined zinc ores, bauxite, and transport and machinery equipment. The mining and agricultural sectors account for 57 percent of Australia’s exports. Its exports were valued at AUD 24166 million, in September 2012 and averaged AUD 8217.4 million per every financial year. China became Australia’s largest export market, in 2009. Australia exported about 266.2 million tons of gold and iron ore to China, in 2009 (Australian Bureau of Statistics, 2011).

This represented a 45.2 percent increase in export over the same period. Other leading export markets include European Union, Japan, the United States, and South Korea. Economists have established that, over the past two decades, Australia has enjoyed continuous economic growth. In 2010, Australia’s Gross Domestic Product (GDP) was estimated at US$882.344 billion. This represented a 3.94 percent increase from 2009. According to the World Bank reports, in 2011, the Australian GPD was worth US$1371.76 billion.