T1 Aus International Trade 1 PPT Flashcards
What rank is Aus economy
top 15 economies by GDP and is the largest in the Southern Hemisphere.
How can trade be affected by global events?
Wars and geopolitical conflicts, such as the Russia-Ukraine war, can disrupt trade.
What are the four main categories of Australia’s economic transactions?
Trade, investment, tourism, and immigration.
What are examples of imports into Australia?
Foreign tourists, immigrants, and foreign investment.
What are examples of Australian exports?
Australian tourists, emigrants, and Australian investments overseas.
What percentage of Australia’s GDP comes from exports?
✅ Around 25%.
What percentage of Australian workers are directly involved in trade-related activities?
25%.
What are Australia’s top exports?
Coal, iron ore, and education services.
What are Australia’s major imports?
Manufactured goods like cars from Japan and coffee from Brazil
How can global supply disruptions impact Australia’s trade and example of it
For example, in 2016, a Brazilian iron ore mine collapsed, leading other economies to source iron ore from Australia instead.
Why is immigration important to Australia’s economy?
It provides a skilled labor force and boosts population growth.
What percentage of Australia’s population was born overseas?
30%.
Which contributes more to Australia’s population growth: net migration or natural increase?
Net migration.
What was Australia’s record-high net migration in 2023?
518,000 people.
Why has international tourism to Australia increased?
ue to improvements in transport and communication.
Where does tourism rank among Australia’s exports?
4th largest export.
How many Australians traveled overseas in 2024?
11 million.
How many overseas tourists visited Australia in 2024?
8 million.
Where did Australia’s tourism rank in 2023 among its exports and imports?
7th largest export but 2nd largest import.
Why does Australia rely on foreign investment?
Australia has a small population and does not generate enough savings to fund its own investments.
What key infrastructure in Australia is financed by foreign investment?
Transport systems and communication networks.
How much foreign investment flowed into Australia in 2024?
$245 billion.
How much Australian investment flowed out to other countries in 2024?
$142 billion.
What is the “saving-investment gap”?
The difference between the amount of money people save and the amount businesses invest.
Why would the mining boom in Australia not be possible without foreign investment?
Because Australia lacks the domestic savings needed to fund such large-scale projects.
Exam Tips
What is the structure for writing an economic essay?
D E E M an D:
D: Definition
E: Evidence
E: Explanation
M: Models
and: Data and relevant information
