Are you interested to know the business, education, and economic condition of Australia? Well, the overall conditions in Australia are far better than in other countries. Australia is a well-developed country. The government has worked hard for the establishment of each sector. If we compare the overall divisions of Australia with other countries, the analysis would prove that it is one of the strongest countries in the world.
Surely, if any country desires success, then its officials need to plan the projects by around 5 to 10 years before. Similarly, the governmental bodies of Australia are working day and night for years for the progress of a country. Now, the condition of Australia is strong as they have excellent business opportunities, a marvelous education sector, and a well-developed economy. It took time for a country to establish. Nothing is done in one day. Hard work pays off if one is grinding daily with dedication and consistency. And Australia has worked hard for the establishment of their sectors and economy.
As far as the current situation is concerning, each country has affected by the COVID-19. In the present times, every sector has disturbed due to the pandemic. Likewise, the condition of Australia has also affected. But, overall the situation of Australia is better. Let’s now discuss in detail the Business, Education, and Economic condition of Australia.
If we talk about the current scenarios, the business situation of Australia is now stabilizing gradually since the lockdown is getting smoother. But, the effects of COVID-19 are still there. It is somehow becoming difficult for businesses to recover from pandemic situations. The confidence of corporations is diminished. Although, the business operations have started. But, the current business condition is not as healthy as it used to be before the COVID-19.
The condition of the National Australia Bank is also improving slowly. The index of business condition was -8 in June. But, gradually it is getting better and has moved to 0 in July. Although, these statistics are never satisfactory. But, if we compare the figures from April when the COVID-19 pandemic was at the peak then, the current situation is far better as the figures for April were -34.
According to the government and several economists, the situation of business across the country is now improving. Furthermore, it is expected to boost in August and September due to the reduction in COVID-19 across the globe and especially in Australia.
But, the government has also made up their mind that it may take months to normalize the business condition of Australia. Business transactions will be better gradually. But, one thing is for sure that the confidence of businessmen is shaky now. Their current objective is to recover the losses of months that incurred due to pandemic situations.
The banking conditions are also taking a bit of time to get back to the normal state. The transactions and operations of banking are yet not stabilized. The central bank is trying hard to stabilize the conditions. They have recently diminished the interest rate to around 0.25%. This figure is considering as one of the lowest in history. Furthermore, the central bank has also introduced a key bond purchasing campaign to lift the conditions. But, the economists suggest that it may still take four to five months to get back to normal position.
Moreover, the COVID-19 pandemic has crashed one of the profitable sectors of Australia i.e. the tourism. People from all over the world used to visit Australia. A country was able to generate a huge amount of money by tourism division. Currently, due to COVID-19, this sector has completely shut down. Everyone is taking safety measures and focusing on social distancing to protect themselves from the virus. This is the reason; the tourism sector is completely silent and not making money.
But, besides the COVID-19 pandemic, the overall business condition of Australia was excellent. The mining, manufacturing, agriculture, tourism, and a lot more sectors were at the peak. Even small business contribution to the Australian economy was better as compared to other well-developed countries. It is just a matter of a few months. The condition will be better as it was before. Overall, Australia has done a marvelously great job in the various business sector. Currently, it is not just Australia that is affected by COVID-19. The whole world is affected by this virus. The government officials have positive hopes and expect the business conditions to shine back in a few months.
The country offers one of the best educations in the world. Experienced professors are available for each occupation. The government of Australia has invested a lot in the education sector. Numerous students from all over the world travel to Australia for higher studies. There are several educational institutes in Australia that have worth all across the globe. Furthermore, they are also highly rated worldwide.
The education system of Australia is divided into three segments. The system presents primary, secondary, and tertiary teaching all over Australia and across the globe. The primary and secondary is school education. Whereas, the tertiary includes higher education.
Australia is at the top in offering education to students globally. A country ranked third in providing international education. They are giving tough time to the USA and the UK. Currently, both these countries are leading the board in providing international education. Several students wish to study in Australia due to its global reputation. Moreover, the country has smooth policies for international students. They are most welcoming to invite international students in their country.
According to the education index that was published in 2018, Australia is listed by around 0.929, this is considered as the second highest across the globe. Furthermore, due to the international recognition of the country in the field of education, the government of Australia has strictly informed the discrimination rules. The racial acts are highly unacceptable in the educational institutes.
But, as far as the current situation is concerned, the educational department has highly affected. The educational division itself used to generate numerous profits. The government was relying on a huge portion of the profit from this sector. But, the COVID-19 pandemic has shaken this division badly.
The education system within the country has now stabilized by online education. The teachers are now teaching the students while staying at home. Such steps were taken for safety from COVID-19. The social distancing factor forced the educational institutes to go online.
But, the international arena has faced a massive loss. No new batch is allowing to enter for study in Australia. The airport system of the whole world has stopped due to COVID-19. Overall, this pandemic had a major effect on the educational system of Australia. But, the conditions seem to be improving since the end of July. Economists are expecting normal situations soon in a few months.
Lots of questions are asked about how is the Australian economy doing annually. The fact is that the economy of Australia considered one of the strongest and well-developed in the world. The GDP of Australia was around A$1.89 trillion by the end of 2019. Australia ranked 13th as the largest national economy in 2017 by nominal GDP.
Furthermore, the country ranked 25th as the largest product exporters. Australia also came to 20th as the largest goods importer. Australia’s GDP growth is moving consistently with flying colors for many years.
If we analyze the Australia GDP by sector, we would come to a result that their economy is dominated by the service sector. The education and tourism sectors are the main pillars of Australia. These two sectors are enough to lift the economy of the country. Each year these two divisions are serving and generating consistently to Australia. Besides these sectors, the export sector has also impressed the economist as the export graph is constantly increasing annually.
But, in 2020 the Australia economy has fallen like other countries. Due to COVID-19, the whole economy has disturbed. Each sector is affecting by this pandemic. The period from March to June considered the worst period in the history of the Australian economy. They never experienced such a downfall before.
Undoubtedly, in 2020 Australia’s GDP has affected badly. But, now the experts are assuming a massive turn around. The situation of COVID-19 is getting better gradually. The economy expects to lift in the coming few months. Although the COVID-19 pandemic has affected the whole country. But, the expectations in the future are positive.
In the end, I would say that Australia is a well-reputable and highly developed country. Their dedication towards each sector is enormous. The country has produced valuable assets that have uplifted the business, education, and economic conditions. Unfortunately, the COVID-19 pandemic has shaken each sector badly. But, now the situation is improving gradually and we can expect some profitable graphs soon.