Economy of Australia
The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).
History of Australia since 1945
Following two and half decades of economic reform and amidst booming trade with Asia, Australia—in stark contrast to most other Western nations—avoided recession following the 2008 collapse of financial markets. Following the 2010 election, the Gillard Government entered an alliance with the Australian Greens and was destabilized by breaking an election promise not to introduce a carbon tax, by leadership rivalry and by lacking the numbers to push some controversial legislation through the Parliament. Nevertheless, the cross-bench alliance continued to operate and though facing declining poll support and firm opposition from the Liberal-National Coalition, in October the government successfully passed its Clean Energy Bill 2011 aimed to restructure the Australian economy in order to reduce greenhouse gas emissions associated with global warming by increasing costs to industry for carbon emissions. A carbon tax was introduced in Australia on 1 July 2012. Kevin Rudd was reinstated as prime minister in a Labor leadership spill on 27 June 2013.[414] After the 2013 Australian General Election, Rudd lost the role of Prime Minister to Tony Abbott, the Liberal Leader. On 19 December 2013 95% of the Australian military had withdrawn from Afghanistan with the remaining 5% presently training locals in Kabul and Kandahar who are expected to pull out altogether sometime in December 2014, regardless of how the American and British troops' withdraw plays out.