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Return to the Relocation Guide
Australia has had one of the strongest economies in the world over the past decade - more competitive, open and vibrant than ever before. 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. During the global economic slowdown of 2005, the Australian economy has shown impressive resilience. Australia's economic growth has been accompanied by low inflation. Trade underpins Australia’s prosperity and the current government’s trade policy has as its main goal the creation of new and more open markets for exports. This goal is pursued multilaterally through the World Trade Organization, regionally through APEC and the Closer Economic Partnership with ASEAN and bilaterally through free trade negotiations, such as with Singapore, Thailand and the United States. Australia’s top five export markets are Japan, China, South Korea, USA and New Zealand. Australia’s goods and services exports reached $117 billion in 2006. The growth of Australia’s exports rose strongly in 2006 with the strongest percentage growth market being the EU with a 25% increase in the export of goods and services. East Asia still dominates the export market which accounted for 53% of Australia’s total exports in 2006, a 15% increase from the previous year. Australia’s main export goods include coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment. Australia’s main import items include machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products. The CPI Year to June 2007 is 2.1% and economic growth is forecast at 3.8% (Q2 2007). Currently, export prices remain high, supporting Australian incomes. Increases in export prices have been driven by rises in the price of metal ores and scrap metal, non-ferrous metals and petroleum and petroleum products. Business investment has been booming for 5 years now where it remains a key driver of economic growth today. Consumer spending continues to strengthen in 2007 with solid sales across most categories and inflation is expected to remain moderate (2.1%). The unemployment rate is at a three decade low of 4.3% (Q2 2007). The tax year begins on I July. Since 1 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, and real estate taxes are levied by local governments/councils. After arrival in Australia, newly landed migrants will need to 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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