| | Must Visits | Need to Know | Capital City Canberra | | Tipping 10% | | Electricity 220-240V. | | Weights and Measurements Metric System |
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Economy
Australia's economy thrives on mining and agriculture, thanks to its abundance of raw materials and sheep (Australia is the worlds largest supplier of wool). Tourism is also a major source of income. Manufacturing in Australia was always weak but because of the increasing fluctuation in prices of raw materials, successive governments protected the industry. As a result, most Australians are employed in the manufacturing sector. Agriculture accounts for 4% of production, mining about 8% and manufacturing about 16%. The Australian economy is growing at the rate of 4% per year and inflation is low at under 2%.
Some of the main exports are wool, wheat, barley, sugar, coal, bauxite, tungsten, silver, iron ore etc. More than half of Australia's exports go to South East Asia. Japan is Australia's biggest trading partner but China, Korea and Vietnam are becoming increasingly important. In an effort to increase its economic ties with South East Asia, Australia initiated the Asia-Pacific Economic Cooperation group or APEC.
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Currency
The Australians use Australian dollars.
Australia is generally cheaper than the US, Canada and some European countries. Where it really scores is in cheaper accommodation and cheaper food. Both are good quality and yet extremely reasonable. What are expensive are the manufactured goods, as a lot are imported and have duties on them. Those that are made locally are made in small quantities, hence higher costs.
What will be most expensive, in terms of that you'll do a lot of, is travel. Since Australia is so massive, you'll end of spending a lot on transport. If there are a lot of you together, hire or buy a car – it’s sensible, practical and relatively cheap.
Banking hours are 9:30 – 5 pm, Mondays to Fridays, in most cities, but may differ. ATMs are all over the country, so you can withdraw cash easily.
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Business Guide
Trading hours for shops and the stock exchange are 8.30/9am to 5/5.30 pm in most places. Shops open for longer durations on Thursdays and/or Friday evenings, and may close as late as 9 or 10pm. Weekends are closed for business, though some shops may open for half a day, till 1pm.
Business travelers to Australia need only follow standard western business practice. Dress code should keep the weather in mind, no sense in sweating in a business suit when a shirt and tie could have been as appropriate. The Aussies are casual but not in business matters, so check appointments and confirm schedules and always be on time.
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