7. a) Development Strategy in Australia
Introduction
Australia’s development strategy focuses on economic growth, infrastructure expansion, technological innovation, and environmental sustainability. As a high-income economy, Australia ranks among the top nations in terms of human development, GDP per capita, and living standards. However, challenges such as climate change, economic diversification, and social inequality require continued strategic planning.
Key Aspects of Australia’s Development Strategy
1. Economic Diversification and Innovation
- Historically, Australia relied on mining, agriculture, and exports.
- The government is now investing in technology, financial services, and digital economy to reduce dependency on natural resources.
- Sydney and Melbourne are emerging as global hubs for startups, fintech, and artificial intelligence (AI).
2. Infrastructure and Urban Development
- The Australian government is focusing on smart cities, transportation networks, and energy-efficient buildings.
- Projects like Sydney Metro and Melbourne’s rail expansion aim to improve connectivity.
3. Renewable Energy and Sustainability
- Australia is transitioning from coal-based power to solar and wind energy.
- The government aims to achieve net-zero carbon emissions by 2050.
4. Education and Skills Development
- Investment in higher education and vocational training ensures workforce competitiveness.
- Australia’s universities are leaders in research, science, and innovation, attracting students from around the world.
Challenges to Development Strategy
❌ Climate change impacts – Bushfires and droughts threaten long-term sustainability.
❌ Housing affordability crisis – Rapid urbanization has led to rising real estate prices.
❌ Dependence on China – Australia’s trade ties with China make it vulnerable to diplomatic tensions.
Conclusion
Australia’s development strategy focuses on economic diversification, sustainability, and infrastructure growth. By embracing technology, renewable energy, and global trade partnerships, Australia aims to strengthen its position as a leading global economy.
7. b) Domestic Economy and Globalisation in Australia
Introduction
Australia’s domestic economy is highly integrated with global markets, making it one of the most globalized economies. The country benefits from free trade agreements (FTAs), foreign investments, and international student migration, but it also faces challenges from global economic downturns, trade wars, and geopolitical uncertainties.
Key Features of Australia’s Domestic Economy
1. Strong Service Sector and Financial Industry
- The services sector (finance, education, healthcare, tourism) contributes over 70% of GDP.
- Australia’s banking system is among the most stable globally, with leading institutions like Commonwealth Bank and Westpac.
2. Trade and Global Market Integration
- Australia is a member of regional trade agreements like:
✅ Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
✅ Australia-China Free Trade Agreement (ChAFTA)
✅ Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) - Major exports include iron ore, coal, natural gas, and agricultural products.
3. Impact of Globalisation on Australia
✅ Economic growth through foreign investment and trade expansion.
✅ Job creation in industries like education, IT, and logistics.
❌ Vulnerability to global financial crises and trade conflicts.
❌ Overreliance on China for exports, making Australia politically sensitive to global events.
Conclusion
Australia’s economy thrives on global trade and investment, but it must address economic diversification, climate change, and geopolitical risks to sustain long-term growth. Strengthening regional partnerships with India, ASEAN, and the US can help mitigate global uncertainties.
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