Journal of the Department of Agriculture, Western Australia, Series 4

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Australian economy


Economic situation, Australia

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The Australian economy has experienced some dramatic changes in economic conditions over the lasdt few years. Low or falling export prices for our main exports, greater volatility in exchange rate movements and an underlying depreciation of the Australian dollar, high real interset rates, high inflation rates compared with our trading partners and a burgeoning foreign debt, are all features of Australias economic situation.

The economic environment affects the rural economy and has major implications of the prospects of Australia's rural industries. Therefore it is important to understand not only the main economic conditions facing Australia, as well as some of the causes for the situation, but also to know the implications of these for the prospects facing the agricultural sector.