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Country Profile - Australia continued...

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Economy

Australia has had one of the strongest economies in the world over the past 2 decades. Australia’s high economic performance resting on strong growth, low inflation and low interest rates has been the result of effective economic management and ongoing structural reform, along with a competitive and dynamic private sector and a skilled, flexible workforce. The Australian economy has shown impressive resilience by surpassing internal and external events over the past decade.
Trade underpins Australia’s prosperity. The country’s trade policy is aimed at creating new and more open markets for exports, mainly through multilateral trade agreements, such as APEC and ASEAN, and bilateral agreements such as with Singapore, Thailand, Chile, New Zealand and the United States. Australia’s top five export markets are Japan, China, USA, South Korea and New Zealand. Australia’s main export goods include coal, iron ore, gold, crude petroleum and aluminium. Australia’s main import items include machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products.
For more information visit
www.treasury.gov.au

The CPI rose by 1.5% (year to June 2009)

Source: Australian Bureau of Statistics, Dept of Foreign Affairs & Trade and The Commonwealth Treasury.

For more information visit - www.treasury.gov.au

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Taxation

The tax year begins on 1 July. Since 1st July 2000 a 10% Goods and Services Tax (GST) applies on most supplies of goods and services consumed in Australia. Income tax is imposed by the Commonwealth
Government of Australia. Other taxes, such as petrol, stamp duty and payroll taxes are levied by the state governments. Real estate taxes are levied by local governments/councils. New settlers must lodge an application with the Taxation Office to obtain a personal tax file number (TFN) which must be disclosed to employers, banks, building societies etc.
For more information visit www.ato.gov.au

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