The Commonwealth of Australia is a federal constitutional monarchy under a parliamentary democracy. It’s total population is 22 million people and it covers an area of 7,617,930 square kilometers.

The Australian economy is quite stable with a GDP higher than that of the United States, United Kingdom, Germany and France. As a result of the high quality of living, Australia did not experience the financial downturn in recent years compared to most Western countries.

The country’s emphasis is on export of goods rather than manufacturing as the largest export markets are Japan, China, the US, South Korea and New Zealand.

The agriculture and natural resources greatly contribute to the economy as well. According to statistics, the unemployment rate for 2010 is only 5.3% which is low compared to most other countries.

The Australian dollar is the 6th most traded currency in the world foreign exchange markets after the US dollar, the euro, the yen, the pound sterling and the Swiss franc.

Ranked:

2nd in The United Nations Human Development Index 2009

3rd in the Index of Economic Freedom 2010

1st in Legatum’s Prosperity Index

6th in the Quality of Life Index 2005

2nd for Melbourne in the World’s Most Livable Cities list 2008

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