189-396: Australia is a highly developed country with a mixed economy . As of 2023, Australia was the 14th-largest national economy by nominal GDP ( gross domestic product ), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer . Australia took the record for the longest run of uninterrupted GDP growth in the developed world with
378-479: A Mediterranean climate . The south-east ranges from oceanic (Tasmania and coastal Victoria) to humid subtropical (upper half of New South Wales), with the highlands featuring alpine and subpolar oceanic climates . The interior is arid to semi-arid . Driven by climate change , average temperatures have risen more than 1°C since 1960 . Associated changes in rainfall patterns and climate extremes exacerbate existing issues such as drought and bushfires . 2019
567-511: A belt of Brigalow grasslands lie between the coast and the mountains, while inland of the dividing range are large areas of grassland and shrubland. These include the western plains of New South Wales, and the Mitchell Grass Downs and Mulga Lands of inland Queensland. The northernmost point of the mainland is the tropical Cape York Peninsula . The landscapes of the Top End and
756-450: A by-election . In contrast to Hewson, Howard adopted a "small target" campaign strategy for the 1996 election , publicly committing to keep numerous Labor reforms such as Medicare , and defusing the republic issue by promising to hold a constitutional convention . This combined with a narrative of "time for a change" led to a heavy defeat for the Keating government on 2 March 1996, suffering
945-570: A goods and services tax (GST) was introduced, similar to the European-style VAT . According to the Australian Bureau of Statistics (ABS) seasonally adjusted estimates, the unemployment rate remained steady at 4.1% in October 2024 while the labour force participation rate decreased 0.1 points to 67.1%. The participation rate for 15- to 24-year-olds increased by 0.7 points to 71.1% while
1134-793: A large wave of immigration from across Europe , with such immigrants referred to as " New Australians ". This required a relaxation of the white Australia policy , which was justified to Australians using the slogan "populate or perish". A member of the Western Bloc during the Cold War , Australia participated in the Korean War and the Malayan Emergency during the 1950s and the Vietnam War from 1962 to 1972. During this time, tensions over communist influence in society led to unsuccessful attempts by
1323-478: A "desiccated coconut" who was " Araldited to the seat", as an "...old antediluvian 19th century person who wanted to stomp forever...on ordinary people's rights to organise themselves at work...he's a pre- Copernican obscurantist ". He also described Howard's deputy, Peter Costello , as being "all tip and no iceberg" when referring to an alleged pact made by Howard to hand the leadership over to Costello after two terms. In February 2008, after Labor's victory in
1512-541: A centralised tax system. The legislation could not expressly prohibit state income taxes (s. 51(ii) does not curtail the power of states to levy taxes) but the federal government's proposal made localised income tax extremely difficult politically. The federal government offered instead compensatory grants authorised by s. 96 of the Constitution for the loss of state income ( State Grants (Income Tax Reimbursement) Act 1942 ). The states rejected Canberra's regime and challenged
1701-500: A complaint Watson rejected. Keating himself was so unhappy with the book that it brought the two men's friendship to an abrupt end. Keating initially avoided public political comment during the Howard government, although made occasional speeches criticising his successor's social policies. Ahead of the 2007 election , Keating joined former Labor Prime Ministers Gough Whitlam and Bob Hawke to campaign against Howard, describing Howard as
1890-460: A conscious effort to develop a personal relationship with Indonesian President Suharto , and to include Indonesia in multilateral forums attended by Australia. Keating's friendship with Suharto was criticised by human rights activists supportive of East Timorese independence, and by Nobel Peace Prize winner José Ramos-Horta . The Keating government's cooperation with the Indonesian military, and
2079-548: A consumption tax, although the remainder of the reforms were adopted in the tax reform package. The loss of the consumption tax was seen a defeat for Keating; he later joked about it at a press conference, saying, "It's a bit like Ben Hur . We've crossed the line with one wheel off, but we have crossed the line." Whilst the remainder of the package represented the biggest overhaul of the Australian taxation system for decades, Keating continued to agitate for further changes to address
SECTION 10
#17328724081212268-507: A controversial but deeply skilled orator. Keating became deputy prime minister in 1990, but in June 1991 he resigned from the government to unsuccessfully challenge Hawke for the leadership, believing he had reneged on the Kirribilli Agreement . He mounted a second successful challenge six months later, and became prime minister. Keating was appointed prime minister in the aftermath of
2457-461: A date which later became Australia's national day . Most early settlers were convicts , transported for petty crimes and assigned as labourers or servants to "free settlers" (willing immigrants). Once emancipated , convicts tended to integrate into colonial society. Convict rebellions and uprisings were suppressed under martial law, which lasted for two years following the 1808 Rum Rebellion , Australia's only successful coup d'état . During
2646-676: A director for various companies, and also became a senior adviser to Lazard , an investment banking firm. Keating was also appointed to the advisory council to the Chinese Government Development Bank . He was also appointed a visiting professor of public policy at the University of New South Wales and was awarded honorary doctorates in law from Keio University in Tokyo (1995), the National University of Singapore (1999),
2835-472: A five percent two party preferred swing and losing 29 seats, making it the second-worst defeat of a sitting government in Australian history. Keating announced he would retire as Labor Leader and from Parliament, and tendered his resignation as prime minister on 11 March, 13 years to the day after Bob Hawke had first taken office. After leaving Parliament in 1996, Keating moved to the affluent eastern Sydney suburb of Woollahra . He accepted appointment as
3024-621: A friendship with former New South Wales Premier Jack Lang , who Keating took on as a political mentor. In 1971, he succeeded in having Lang re-admitted to the Labor Party. Keating successfully gained the Labor nomination for the seat of Blaxland in the western suburbs of Sydney, and was elected to the House of Representatives in 1969 when he was just 25 years old. Keating was initially more socially conservative ; in his maiden speech he declared that
3213-678: A national infrastructure development program , privatised Qantas , Commonwealth Serum Laboratories and the Commonwealth Bank , established the APEC leaders' meeting, and promoted republicanism by establishing the Republic Advisory Committee . At the 1996 election , after 13 years in office, his government suffered a landslide defeat to the Liberal–National Coalition , led by John Howard . Keating resigned as leader of
3402-594: A recession. In September 2020, it was confirmed that due to the effects of the COVID-19 pandemic , the Australian economy had gone into recession for the first time in nearly thirty years, as the country's GDP fell 7 per cent in the June 2020 quarter, following a 0.3 per cent drop in the March quarter. It officially ended at the beginning of December 2020. The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2027). Inflation under 5%
3591-464: A recession. In private, Keating had argued for rates to rise earlier than they did, and fall sooner, although his view was at odds with the Reserve Bank and his Treasury colleagues. Publicly, Hawke and Keating had said there would be no recession – or that there would be a "soft landing" – but this changed when Keating announced the country was indeed in recession in 1990, several months after
3780-527: A republic . The addressing of these issues came to be known as Keating's "big picture". Shortly after Keating became prime minister, the High Court of Australia handed down a judgment in a long-running case on Indigenous land rights ; the judgement would come to be known as Mabo , and declared that a right to native title did exist in Australia, overturning terra nullius , but not clarifying exactly who had
3969-701: A research assistant for a trade union. He was elected to the Australian House of Representatives at the age of 25, winning the division of Blaxland at the 1969 election . Keating briefly was minister for Northern Australia from October to November 1975, in the final weeks of the Whitlam government . After the Dismissal removed Labor from power, he held senior portfolios in the Shadow Cabinets of Gough Whitlam and Bill Hayden . During this time he came to be seen as
SECTION 20
#17328724081214158-444: A result of this policy, along with the gradual increases in the minimum contribution amount, Australia grew to become the fourth largest holder of pension fund assets in the world, with a balance of AU$ 3.3 trillion in superannuation assets at the end of the June 2022 quarter. In the aftermath of the 1990 recession, Keating appointed his close ally John Dawkins as treasurer, and together the two developed an economic package to counter
4347-631: A robust challenge to Hewson. On 20 December 1991, Keating was sworn in as prime minister by the Governor-General Bill Hayden. On becoming prime minister, Keating thought of becoming treasurer again, noting that state premiers had often been their own treasurers, but decided against it. John Dawkins was appointed treasurer instead. Keating entered office with an extensive legislative agenda, including pursuing reconciliation with Australia's Indigenous population , deepening Australia's economic and cultural ties with Asia, and making Australia
4536-625: A series of further tax cuts for middle-income workers coming in two tranches, in 1993 and 1995, although these would later be deferred to 1995 and 1998, a move which cost the Government considerable political support among the public. A further major economic policy development was the introduction of an enterprise bargaining scheme as part of the final stage of the Prices and Incomes Accord , intended to allow for greater flexibility and economies of scale within industrial wage arbitration, although much of this
4725-568: A settlement was established in Van Diemen's Land (present-day Tasmania ), and in 1813, Gregory Blaxland , William Lawson and William Wentworth crossed the Blue Mountains west of Sydney, opening the interior to European settlement. The British claim extended to the whole Australian continent in 1827 when Major Edmund Lockyer established a settlement on King George Sound (modern-day Albany ). The Swan River Colony (present-day Perth )
4914-495: A short distance off the north-east coast and extends for more than 2,000 km (1,200 mi). Mount Augustus , claimed to be the world's largest monolith, is located in Western Australia. At 2,228 m (7,310 ft), Mount Kosciuszko is the highest mountain on the Australian mainland. Even taller are Mawson Peak , at 2,745 m (9,006 ft), on the remote Australian external territory of Heard Island , and, in
5103-440: A significant increase in free trade and investment between industrialised APEC countries by 2010 and between developing APEC countries by 2020. In December 1993, Keating became involved in a diplomatic incident with Malaysia when he described Prime Minister Mahathir Mohamad as "recalcitrant". The incident occurred after Mahathir refused to attend the 1993 APEC summit . Keating said "APEC is bigger than all of us – Australia,
5292-424: A significant number of senior business and industrial figures alongside trade union leaders and politicians, led to a unanimous adoption of a national economic strategy, generating sufficient political capital for the Government to begin a wide-ranging programme of economic reform previously resisted by much of the Labor Party. Keating used the authority and relative autonomy provided to him by Hawke to become one of
5481-466: A speech which has since regularly been cited as among the greatest in Australian political history, in which he explicitly noted the responsibility of settler Australians for destroying much of Indigenous society. This work culminated in the passage of the Native Title Act in 1993, which "provide(d) a national system for the recognition and protection of native title and for its co-existence with
5670-464: A trade union, having joined the Labor Party as soon as he was eligible. In 1966, he became president of New South Wales Young Labor. During the 1960s, Keating also managed a rock band named The Ramrods. Through his contacts in the unions and Young Labor, then known as Youth Council, Keating met future senior Labor figures such as Laurie Brereton , Graham Richardson and Bob Carr . He also developed
5859-411: A wide variety of landscapes, with tropical rainforests in the north-east, mountain ranges in the south-east, south-west and east, and desert in the centre. The desert or semi-arid land commonly known as the outback makes up by far the largest portion of land. Australia is the driest inhabited continent; its annual rainfall averaged over continental area is less than 500 mm. The population density
Economy of Australia - Misplaced Pages Continue
6048-436: Is 3.4 inhabitants per square kilometre, although the large majority of the population lives along the temperate south-eastern coastline. The population density exceeds 19,500 inhabitants per square kilometre in central Melbourne. In 2021 Australia had 10% of the global permanent meadows and pastureland. Forest cover is around 17% of Australia's total land area. The Great Barrier Reef , the world's largest coral reef, lies
6237-413: Is a constitutional monarchy , a parliamentary democracy and a federation . The country has maintained its mostly unchanged constitution alongside a stable liberal democratic political system since Federation in 1901. It is one of the world's oldest federations, in which power is divided between the federal and state governments. The Australian system of government combines elements derived from
6426-613: Is characterised as a "two-speed economy". From June 2012 to March 2013 Victoria experienced a recession. In 2012 the Government of Victoria cut 10% of all jobs in the public service. The period since has seen these trends reversed with Western Australia and Northern Territory, who are heavily dependent on mining, experience significant downturns in GDP while the eastern states returned to growth, led by strong upturns in NSW and Victoria. Taxation in Australia
6615-445: Is governed by convention and their precise scope is unclear. The most notable exercise of these powers was the dismissal of the Whitlam government in the constitutional crisis of 1975 . Paul Keating Deputy Prime Minister of Australia Prime Minister of Australia Term of government (1991–1996) Ministries Elections Paul John Keating (born 18 January 1944) is an Australian former politician who served as
6804-544: Is in green. (in bil. US$ PPP) (in US$ PPP) (in bil. US$ nominal) (in US$ nominal) (real) (in percent) (in percent) (in % of GDP) Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity . Per Capita GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook 2016). The country
6993-417: Is largely true that the boom begat the recession." The economic reform package throughout the 1980s has been claimed by numerous economic commentators and journalists to have been the basis for an unprecedentedly long period of economic growth, with Australia's gross domestic product increasing unbroken every year for 30 years, and the end of chronic inflation and balance of payments difficulties, along with
7182-444: Is levied at the federal, state, and local government levels. The federal government raises revenue from personal income taxes and business taxes. Other taxes include the goods and services tax (General Service Tax) , excise and customs duties. The federal government is the main source of income for state governments. As a result of state dependence on federal taxation revenue to meet decentralised expenditure responsibilities, Australia
7371-517: Is now Southeast Asia. It is uncertain how many waves of immigration may have contributed to these ancestors of modern Aboriginal Australians. The Madjedbebe rock shelter in Arnhem Land is possibly the oldest site showing the presence of humans in Australia. The oldest human remains found are the Lake Mungo remains , which have been dated to around 41,000 years ago. Aboriginal Australian culture
7560-609: Is one of only two pristine Archaean 3.6–2.7 Ga (billion years ago) crusts identified on the Earth. Having been part of all major supercontinents , the Australian continent began to form after the breakup of Gondwana in the Permian , with the separation of the continental landmass from the African continent and Indian subcontinent. It separated from Antarctica over a prolonged period beginning in
7749-460: Is one of the oldest continuous cultures on Earth. At the time of first European contact, Aboriginal Australians belonged to wide range of societies, with diverse economies spread across at least 250 different language groups . Estimates of the Aboriginal population before British settlement range from 300,000 to 3 million. Aboriginal Australians cultures were (and remain) deeply connected with
Economy of Australia - Misplaced Pages Continue
7938-585: Is said to have a vertical fiscal imbalance . Besides receipts of funds from the federal government, states and territories have their own taxes, in many cases as slightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-machine tax on businesses that offer gambling services, land tax on people and businesses that own land and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states, unlisted shares in others, and even sales of contracts in some states). The states effectively lost
8127-574: Is the Australian dollar , which it shares with several Pacific nation states. Australia's economy is strongly intertwined with the countries of East and Southeast Asia , also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. China in particular is Australia's main export and import partner by a wide margin. Australia is a member of the APEC , G20 , OECD and WTO . The country has also entered into free trade agreements with ASEAN , Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and
8316-519: Is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region . Some of Australia's largest companies include Commonwealth Bank , BHP , CSL , Westpac , NAB , ANZ , Fortescue , Wesfarmers , Macquarie Group , Woolworths Group , Rio Tinto , Telstra , Woodside Energy and Transurban . The currency of Australia and its territories
8505-411: Is unique. About 85% of flowering plants, 84% of mammals, more than 45% of birds , and 89% of in-shore, temperate-zone fish are endemic . Australia has at least 755 species of reptile, more than any other country in the world. Besides Antarctica, Australia is the only continent that developed without feline species. Feral cats may have been introduced in the 17th century by Dutch shipwrecks, and later in
8694-470: The 1972 election , Keating narrowly failed to be elected to serve in the Cabinet , instead being a backbencher for most of the Whitlam government . He was eventually appointed Minister for Northern Australia in October 1975, but served in the role only until the Government was controversially dismissed by Governor-General John Kerr the following month. In a 2013 interview with Kerry O'Brien , Keating called
8883-470: The Australian economy . Keating's solution was a "three pillars" approach to retirement income, requiring compulsory employer contributions to superannuation funds, permitting further contributions to superannuation funds and other investments, and introducing, where this was insufficient, a safety net consisting of a means-tested government-funded age pension. The compulsory employer contributions were branded "Superannuation Guarantee" (SG) contributions. As
9072-538: The Business Franchise Licences (Tobacco) Act 1987 (NSW) was invalid because it levied a customs duty, a power exercisable only by the Commonwealth (s.90). This decision effectively invalidated state taxes on cigarettes, alcohol and petrol. Similarly, the imposition of a Commonwealth goods and services tax (GST) in 2000 transferred another revenue base to the Commonwealth. Consequently, Australia has one of
9261-731: The Colonial Office that it be formally adopted. In 1824, the Admiralty agreed that the continent should be known officially by that name. The first official published use of the new name came with the publication in 1830 of The Australia Directory by the Hydrographic Office . Colloquial names for Australia include " Oz ", " Straya " and " Down Under ". Other epithets include "the Great Southern Land", "the Lucky Country" (from
9450-524: The Commonwealth of Australia , is a country comprising the mainland of the Australian continent , the island of Tasmania and numerous smaller islands . Australia has a total area of 7,688,287 km (2,968,464 sq mi), making it the sixth-largest country in the world and the largest country by area in Oceania . It is the world's oldest, flattest, and driest inhabited continent, with some of
9639-579: The Gulf Country —with their tropical climate—include forest, woodland, wetland, grassland, rainforest and desert. At the north-west corner of the continent are the sandstone cliffs and gorges of The Kimberley , and below that the Pilbara . The Victoria Plains tropical savanna lies south of the Kimberley and Arnhem Land savannas, forming a transition between the coastal savannas and the interior deserts. At
SECTION 50
#17328724081219828-542: The Indian Ocean Dipole and the El Niño–Southern Oscillation , which is correlated with periodic drought , and the seasonal tropical low-pressure system that produces cyclones in northern Australia. These factors cause rainfall to vary markedly from year to year. Much of the northern part of the country has a tropical, predominantly summer-rainfall ( monsoon ). The south-west corner of the country has
10017-479: The Iraq War from 2003 to 2009. The nation's trade relations also became increasingly oriented towards East Asia in the 21st century, with China becoming the nation's largest trading partner by a large margin. In 2020, during the COVID-19 pandemic , several of Australia's largest cities were locked down for extended periods and free movement across the national and state borders was restricted in an attempt to slow
10206-585: The Menzies Government to ban the Communist Party of Australia , and a bitter split in the Labor Party in 1955. As a result of a 1967 referendum , the federal government gained the power to legislate with regard to Indigenous Australians, and Indigenous Australians were fully included in the census . Pre-colonial land interests (referred to as native title in Australia) was recognised in law for
10395-730: The National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%., and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%. Deutsche Bank in August 2012, and Société Générale in October 2012, warned that there is risk of recession in Australia in 2013. While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced
10584-701: The Pacific Community ; the Commonwealth of Nations ; and the defence and security organisations ANZUS , AUKUS , and the Five Eyes . It is also a major non-NATO ally of the United States. The name Australia (pronounced / ə ˈ s t r eɪ l i ə / in Australian English ) is derived from the Latin Terra Australis ( ' southern land ' ), a name used for a hypothetical continent in
10773-520: The Permian and continuing through to the Cretaceous . When the last glacial period ended in about 10,000 BC, rising sea levels formed Bass Strait , separating Tasmania from the mainland. Then between about 8,000 and 6,500 BC, the lowlands in the north were flooded by the sea, separating New Guinea, the Aru Islands , and the mainland of Australia. The Australian continent is moving toward Eurasia at
10962-404: The Prices and Incomes Accord , the float of the Australian dollar, the elimination of tariffs , the deregulation of the financial sector, achieving the first federal budget surplus in Australian history, and reform of the taxation system , including the introduction of capital gains tax , fringe benefits tax , and dividend imputation . He also became recognised for his sardonic rhetoric, as
11151-663: The Territory of Papua and New Guinea in 1949 and gained independence from Australia in 1975. In 1914, Australia joined the Allies in fighting the First World War, and took part in many of the major battles fought on the Western Front . Of about 416,000 who served, about 60,000 were killed and another 152,000 were wounded. Many Australians regard the defeat of the Australian and New Zealand Army Corps (ANZAC) at Gallipoli in 1915 as
11340-514: The Torres Strait Islands . The Dutch charted the whole of the western and northern coastlines and named the island continent " New Holland " during the 17th century, and although no attempt at settlement was made, a number of shipwrecks left men either stranded or, as in the case of the Batavia in 1629, marooned for mutiny and murder, thus becoming the first Europeans to permanently inhabit
11529-678: The bombing of Darwin and other Japanese attacks on Australian soil , led to a widespread belief in Australia that a Japanese invasion was imminent , and a shift from the United Kingdom to the United States as Australia's principal ally and security partner. Since 1951, Australia has been allied with the United States under the ANZUS treaty. In the decades following World War II, Australia enjoyed significant increases in living standards, leisure time and suburban development. Governments encouraged
SECTION 60
#173287240812111718-426: The emu and the kookaburra . Australia is home to many dangerous animals including some of the most venomous snakes in the world. The dingo was introduced by Austronesian people who traded with Indigenous Australians around 3000 BCE . Many animal and plant species became extinct soon after first human settlement, including the Australian megafauna ; others have disappeared since European settlement, among them
11907-529: The governor-general at the federal level and by the governors at the state level, who by section 63 of the Constitution and convention act on the advice of their ministers. Thus, in practice the governor-general acts as a legal figurehead for the actions of the prime minister and the Cabinet. The governor-general may in some situations exercise reserve powers : powers exercisable in the absence or contrary to ministerial advice. When these powers may be exercised
12096-643: The "baptism of fire" that forged the new nation's identity . The beginning of the campaign is commemorated annually on Anzac Day , a date which rivals Australia Day as the nation's most important. From 1939 to 1945, Australia joined the Allies in fighting the Second World War. Australia's armed forces fought in the Pacific , European and Mediterranean and Middle East theatres . The shock of Britain's defeat in Singapore in 1942, followed soon after by
12285-503: The "island continent" and is sometimes considered the world's largest island . Australia has 34,218 km (21,262 mi) of coastline (excluding all offshore islands), and claims an extensive exclusive economic zone of 8,148,250 square kilometres (3,146,060 sq mi). This exclusive economic zone does not include the Australian Antarctic Territory . Mainland Australia lies between latitudes 9° and 44° south , and longitudes 112° and 154° east . Australia's size gives it
12474-428: The 18th century by European settlers. They are now considered a major factor in the decline and extinction of many vulnerable and endangered native species. Seafaring immigrants from Asia are believed to have brought the dingo to Australia sometime after the end of the last ice age—perhaps 4000 years ago—and Aboriginal people helped disperse them across the continent as pets, contributing to the demise of thylacines on
12663-419: The 1920s, followed by the 1950s and the 1980s. By contrast, the late 1910s/early 1920s, the 1930s, the 1970s and early 1990s were marked by financial crises. From the early 1980s onwards, the Australian economy has undergone intermittent economic liberalisation . In 1983, under prime minister Bob Hawke , but mainly driven by treasurer Paul Keating , the Australian dollar was floated and financial deregulation
12852-403: The 1960s and 1970s which fuelled the rise of suburbanisation and consumerism in Perth , the capital and most populous city of Western Australia, as well as other regional centres. The Australian government stimulus package ($ 11.8 billion) helped to prevent a recession. The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012. The economy expanded by 0.4% in
13041-407: The 1964 book of the same name ), "the Sunburnt Country", and "the Wide Brown Land". The latter two both derive from Dorothea Mackellar 's 1908 poem " My Country ". Indigenous Australians comprise two broad groups: Human habitation of the Australian continent is estimated to have begun 50,000 to 65,000 years ago, with the migration of people by land bridges and short sea crossings from what
13230-401: The 2007 election, Keating joined former prime ministers Whitlam, Fraser and Hawke in Parliament House to witness new prime minister Kevin Rudd deliver the National Apology to the Stolen Generations . In August 2008, he spoke at the book launch of Unfinished Business: Paul Keating's Interrupted Revolution , authored by economist David Love. Among the topics discussed during the launch were
13419-416: The 2018 Environmental Performance Index . There are more than 1,800 animals and plants on Australia's threatened species list, including more than 500 animals. Paleontologists discovered a fossil site of a prehistoric rainforest in McGraths Flat , in South Australia, that presents evidence that this now arid desert and dry shrubland / grassland was once home to an abundance of life. Australia
13608-485: The 24th prime minister of Australia from 1991 to 1996, holding office as the leader of the Labor Party (ALP). He previously served as treasurer under Prime Minister Bob Hawke from 1983 to 1991 and as the seventh deputy prime minister from 1990 to 1991. Keating was born in Sydney and left school at the age of 14. He joined the Labor Party at the same age, serving a term as State president of Young Labor and working as
13797-453: The 5th largest world producer of salt . The country is also a major producer of precious stones. Australia is the world's largest producer of opal and is one of the largest producers of diamond , ruby , sapphire and jade . In non-renewable energies, in 2020, the country was the 30th largest producer of oil in the world, extracting 351.1 thousand barrels / day. In 2019, the country consumed 1 million barrels / day (20th largest consumer in
13986-512: The Accord with Kelty throughout the Hawke government. Through the power given to him, Keating was often able to bypass the Cabinet altogether, notably in exercising monetary policy, and he was regularly referred to as "the most powerful Treasurer in modern times". In the wake of the raft of macroeconomic reforms introduced by Keating throughout the first term of the Hawke government in particular, in 1984 he
14175-635: The Australian Antarctic Territory, Mount McClintock and Mount Menzies , at 3,492 m (11,457 ft) and 3,355 m (11,007 ft) respectively. Eastern Australia is marked by the Great Dividing Range , which runs parallel to the coast of Queensland, New South Wales and much of Victoria. The name is not strictly accurate, because parts of the range consist of low hills, and the highlands are typically no more than 1,600 m (5,200 ft) in height. The coastal uplands and
14364-545: The Australian mainland. The first ship and crew to chart the Australian coast and meet with Aboriginal people was the Duyfken , captained by Dutch navigator Willem Janszoon . He sighted the coast of Cape York Peninsula in early 1606, and made landfall on 26 February 1606 at the Pennefather River near the modern town of Weipa on Cape York. Later that year, Spanish explorer Luís Vaz de Torres sailed through and navigated
14553-709: The Australian media due to discrepancies between the methods of different research bodies (Roy Morgan versus the ABS), differing definitions of the term 'unemployed' and the ABS' practice of counting under-employed people as "employed". As of February 2024, the Australia labour force were employed in the following industries (seasonally adjusted) : According to the Australian Graduate Survey done by Graduate Careers Australia , full-time employment for newly qualified professionals from various occupations (around four months after
14742-511: The Cabinet for the introduction of a broad-based consumption tax , similar in nature to the goods and services tax that was later introduced by the Howard government , as a means of addressing Australia's chronic balance of payments issue. In the build-up to the 1984 election , Hawke promised a policy paper on taxation reform to be discussed with all stakeholders at a "National Taxation Summit". Three options – A, B and C – were presented in
14931-609: The Coalition "became a stick with which we were justifiably able to beat the Opposition". Although Howard was widely regarded at this time as being "discredited" by the hidden deficit, he had in fact argued unsuccessfully against Fraser that the revised figures should be disclosed before the election. In the ensuing years, Hawke and Keating developed an extremely powerful partnership, which proved to be essential to Labor's success in government; multiple Labor figures in years since have cited
15120-538: The Commonwealth of Australia. This continued a process of increasing autonomy from the United Kingdom, highlighted by the Statute of Westminster Adoption Act 1942 , and culminating in the Australia Acts of 1986. Australia is a federal parliamentary democracy and constitutional monarchy comprising six states and ten territories . Its population of more than 28 million is highly urbanised and heavily concentrated on
15309-400: The Government increased efforts to deal with the growing balance of payments crisis. With no consumption tax to generate a significant increase in incomings, Keating and his ministerial colleagues led a process to significantly reduce Government outlays instead, resulting in some criticism from the grassroots of the Labor Party, who opposed cuts to spending. Despite the criticism, the Government
15498-517: The Government providing a significant increase in social programmes, including the introduction of Medicare and the Family Assistance Scheme; in so doing, the Government was able to reduce inflation and unemployment over the decade. Keating's management of the Accord, and the close working relationship he developed with ACTU Secretary Bill Kelty , became a source of significant political power for Keating, who negotiated multiple versions of
15687-623: The Graduate Careers Survey 2014 survey included 113,263 responses ("59.3 per cent of the almost 191,000 Australian resident graduates who were surveyed responded to the AGS.") The professional associations of some of these occupations expressed their criticism of the immigration policy in 2014. Note: All data in the table above is seasonally adjusted . In 2019, the country was the 2nd largest world producer of gold ; 8th largest world producer of silver ; 6th largest world producer of copper ;
15876-465: The Hawke government had won an unprecedented fourth consecutive term in office. Announcing the recession, Keating memorably stated that the recession was a "recession Australia had to have". The remark was referred to by political journalist Paul Kelly as "perhaps the most stupid remark of Keating's career, and it nearly cost him the Prime Ministership." Kelly did also concede that, "...however, it
16065-400: The Hawke government's first and second terms, Keating oversaw the gradual elimination of tariffs on imports, the privatisation of several state-owned companies such as Qantas , CSL Limited , and the Commonwealth Bank , the deregulation of significant sections of the banking system (including allowing for numerous foreign-owned banks to begin operating in Australia for the first time) and
16254-518: The Labor Party and retired from Parliament shortly after the election, with his deputy Kim Beazley being elected unopposed to replace him. Keating has since remained active as a political commentator, whilst maintaining a broad series of business interests, including serving on the international board of the China Development Bank from 2005 to 2018. As prime minister, Keating performed poorly in opinion polls , and in August 1993, received
16443-511: The Liberal government had "boasted about the increasing number of women in the workforce. Rather than something to be proud of, I feel it is something of which we should be ashamed". He later voted against former prime minister John Gorton 's motion to decriminalise homosexuality in 1973. According to Tom Uren he was originally a "very narrow-minded young man", who later "matured" and became far less socially conservative. After Labor's victory at
16632-552: The Liberal-National Coalition's ' Fightback! ' proposals; this package came to be known as 'One Nation', and involved using funding from the budget surplus to produce new welfare-to-work programmes, as well as introducing a new degree of competition within the telecommunications and communications industries and creating the Australian National Training Authority (ANTA). 'One Nation' also proposed
16821-407: The March 2017 financial quarter . It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at $ 1.98 trillion. The Australian economy is dominated by its service sector , which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of
17010-431: The Opposition, and a busy legislative agenda, many commentators predicted that the 1993 election was "unwinnable" for Labor. During the campaign, Keating focused a great amount of effort on attacking the Coalition's proposed goods and services tax (GST), arguing that it would prove "a dead weight" on the economy, and stating that "every time you put your hand in your pocket, Dr. Hewson's will be in there with you". He
17199-696: The Southern Hemisphere since ancient times. Several 16th-century cartographers used the word Australia on maps, but not to identify modern Australia. When Europeans began visiting and mapping Australia in the 17th century, the name Terra Australis was applied to the new territories. Until the early 19th century, Australia was best known as New Holland , a name first applied by the Dutch explorer Abel Tasman in 1644 (as Nieuw-Holland ) and subsequently anglicised. Terra Australis still saw occasional usage, such as in scientific texts. The name Australia
17388-479: The U.S. and Malaysia, and Dr. Mahathir and any other recalcitrants." The translation of the word "recalcitrant" into Malaysian rendered the word a more egregious insult, and Mahathir demanded an apology from Keating, threatening to reduce diplomatic ties and trade drastically with Australia, which became an enormous concern to Australian exporters. Some Malaysian officials talked of launching a "Buy Australian Last" campaign; Keating subsequently apologised to Mahathir over
17577-453: The United States of America. The emphasis on exporting commodities rather than manufactures underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. However, due to a colonial heritage a lot of companies operating in Australia are foreign-owned and as a result, Australia has had persistent current account deficits for over 60 years despite periods of positive net merchandise exports; given
17766-437: The United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand . Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually. As opposed to many neighbouring Southeast Asian countries, the process towards independence was relatively peaceful and thus did not have significant negative impact on the economy and standard of living. Growth peaked during
17955-597: The University of New South Wales (2003) and Macquarie University (2012). In 1997, Keating declined appointment in the Australia Day Honours as a Companion of the Order of Australia , an honour which has been offered to all former prime ministers since the modern Australian Honours System was introduced in 1975. On his refusal, Keating expressed that he had long believed honours should be reserved for those whose work in
18144-469: The ability to raise income tax during the Second World War. In 1942, Canberra invoked its Constitutional taxation power (s. 51 (ii)) and enacted the Income Tax Act and three other statutes to levy a uniform income tax across the country. These acts sought to raise the funds necessary to meet burgeoning wartime expenses and reduce the unequal tax burden between the states by replacing state income taxes with
18333-593: The arts in public, and used the policy as an opportunity to develop the Australian cultural sector. During the Keating government, mandatory detention for asylum seekers was also introduced for the first time. Arguably Keating's most far-reaching achievement as prime minister was the full introduction of the National Superannuation Scheme , implemented to address Australia's long-term problem of chronically low national savings. This initiative built on policies that Keating had pursued whilst treasurer, and
18522-399: The attorney-general, on any other matter relating to the rights of Indigenous people under the act. Elsewhere in domestic policy, Keating established and promoted the first Commonwealth cultural policy, known as 'Creative Nation'. The policy allocated AU$ 250 million over four years to promote the cultural and creative arts sectors in Australia. Keating had frequently espoused the benefits of
18711-404: The balance of payments problems faced by Australia. On 14 May 1986, frustrated at the slow pace of dealing with the issue, Keating caused considerable public comment and a degree of controversy when he declared on a radio programme that if Australia did not address the problem, it risked degenerating to the status of a " banana republic ". Although the remark was quickly disowned by Hawke in public,
18900-419: The basis for a 2014 book Keating: The Interviews . Keating repeatedly declared he would not write a memoir, so his cooperation with O'Brien was perceived as the closest he would come to producing an autobiography. In 2016, Troy Bramston, a journalist for The Australian and a political historian, wrote an unauthorised biography that Keating cooperated with titled Paul Keating: The Big-Picture Leader . Bramston
19089-610: The centre and Phanerozoic sedimentary basins , metamorphic and igneous rocks in the east. The Australian mainland and Tasmania are situated in the middle of the tectonic plate and have no active volcanoes, but due to passing over the East Australia hotspot , recent volcanism has occurred during the Holocene , in the Newer Volcanics Province of western Victoria and south-eastern South Australia. Volcanism also occurs in
19278-477: The colonies was achieved after a decade of planning, constitutional conventions and referendums , resulting in the establishment of the Commonwealth of Australia as a nation under the new Australian Constitution . After the 1907 Imperial Conference , Australia and several other self-governing British settler colonies were given the status of self-governing dominions within the British Empire. Australia
19467-615: The community went unrecognised and that having been prime minister was sufficient public recognition. In 2000, he published his first book since leaving office, Engagement: Australia Faces the Asia-Pacific , which focused on foreign policy during his time as prime minister. In 2002, Keating's former speechwriter and adviser, Don Watson , published Recollections of a Bleeding Heart: A Portrait of Paul Keating PM . The book first drew criticism from Keating's by then-estranged wife, Annita Keating , who said that it understated her contribution,
19656-432: The completion of their qualifications) experienced some declines between 2012 and 2015. Some examples are: The Graduate Careers Survey 2014 explained, "However, GCA's Beyond Graduation Survey (BGS) indicates that the middle- and longer-term outlook is very positive, with the employment figures for 2010 graduates growing by 14 percentage points three years later." The Beyond Graduation Survey 2013 included 12,384 responses and
19845-807: The continent. In 1770, Captain James Cook sailed along and mapped the east coast, which he named " New South Wales " and claimed for Great Britain. Following the loss of its American colonies in 1783, the British Government sent a fleet of ships, the First Fleet , under the command of Captain Arthur Phillip , to establish a new penal colony in New South Wales . A camp was set up and the Union Flag raised at Sydney Cove , Port Jackson , on 26 January 1788,
20034-583: The convict system culminated in its abolition in the eastern colonies by the 1850s. Initially a free colony, Western Australia practised penal transportation from 1850 to 1868. The six colonies individually gained responsible government between 1855 and 1890, thus becoming elective democracies managing most of their own affairs while remaining part of the British Empire . The Colonial Office in London retained control of some matters, notably foreign affairs. In
20223-479: The costings the Liberal Party had released to demonstrate how its economic policies would be paid for. Then-Opposition Leader John Howard accepted the error, and subsequent opinion polling reported that the mistake greatly contributed to Labor's vote in what proved to be a landslide victory. Keating's later tenure as treasurer was heavily criticised by some for consistently high interest rates, which Keating argued
20412-488: The country was the 4th largest in the world in 2018: 481.3 million tons. Australia is the 2nd largest coal exporter in the world (387 million tons in 2018) In 2014–15 mineral extraction in Australia was valued at 212 billion Australian dollars. Of this, coal represented 45,869 million, oil and natural gas 40,369 million, iron ore 69,486 million, gold ore 13,685 million, and other metals 7,903 million. Australia Australia , officially
20601-702: The country's economy. It ranks highly for quality of life, health, education, economic freedom, civil liberties and political rights. Australia is a middle power , and has the world's thirteenth-highest military expenditure . It is a member of international groups including the United Nations; the G20 ; the OECD ; the World Trade Organization ; Asia-Pacific Economic Cooperation ; the Pacific Islands Forum ;
20790-538: The court's earlier decision and confirmed the power of the federal government's power to make s. 96 grants conditionally (in this case, a grant made on the condition that the recipient state does not levy income tax). Since the Second Uniform Tax Case , a number of other political and legal decisions have centralised fiscal power with the Commonwealth. In Ha vs. New South Wales (1997), the High Court found that
20979-426: The deal on the basis that Keating had been publicly disloyal. Although tensions between the two remained private for some time, Keating eventually resigned from the Cabinet in June 1991 and challenged for the leadership . Hawke won the ballot by 66 votes to 44, and in a press statement afterwards Keating declared that he had fired his "one shot" as regards the leadership. Publicly, at least, this seemed to spell
21168-500: The dismissal a "coup" and raised the idea to "arrest [Kerr]" and "lock him up", adding that he would not have "[taken] it lying down" if he was prime minister. After Labor's defeat in the 1975 election , Keating was quickly added to the Shadow Cabinet, serving as Shadow Minister for Minerals, Resources and Energy until January 1983. During this time he achieved a reputation as a flamboyant and fierce parliamentary performer, adopting
21357-524: The early 1990s economic downturn , which he had famously described as "the recession we had to have". This, combined with poor opinion polling, led many to predict Labor was certain to lose the 1993 election , but Keating's government was re-elected in an upset victory . In its second term, the Keating government enacted the landmark Native Title Act to enshrine Indigenous land rights , introduced compulsory superannuation and enterprise bargaining , created
21546-459: The early 2010s after the 2000s Australian drought . Although most of Australia is semi-arid or desert, the continent includes a diverse range of habitats from alpine heaths to tropical rainforests . Fungi typify that diversity—an estimated 250,000 species—of which only 5% have been described—occur in Australia. Because of the continent's great age, extremely variable weather patterns, and long-term geographic isolation, much of Australia's biota
21735-481: The eastern seaboard. Canberra is the nation's capital, while its most populous cities are Sydney and Melbourne , both with a population of more than 5 million. Australia's culture is diverse, and the country has one of the highest foreign-born populations in the world . It has a highly developed market economy and one of the highest per capita incomes globally . Its abundant natural resources and well-developed international trade relations are crucial to
21924-557: The economy, including tourism, education and financial services, constitutes 69% of GDP. Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool , minerals such as iron ore and gold, and energy in
22113-445: The election, which he convinced Keating he could win. Hawke subsequently won that election, albeit narrowly, and appointed Keating his deputy prime minister to replace the retiring Lionel Bowen . However, by the end of 1990, frustrated at the lack of any indication from Hawke as to when he might retire, Keating delivered a provocative speech questioning the direction of the government. As a result, Hawke told Keating he would renege on
22302-435: The end of his leadership ambitions. Having failed to defeat Hawke, Keating realised that events would have to move very much in his favour for a second challenge to be even possible, and he strongly considered retiring from politics altogether. However, Hawke's leadership was regarded by many as being "wounded" as a result of losing his long-term political partner and the growing confidence of the Liberal-National Coalition under
22491-635: The family home from 1942 to 1966 being a modest fibro -and-brick bungalow at 3 Marshall Street (demolished for flat development in 2014). His siblings include Anne Keating, a company director and businesswoman. Leaving De La Salle College—now known as LaSalle Catholic College —at the age of 14, Keating left high school rather than pursuing higher education, instead working as a pay clerk at the Sydney County Council 's electricity distributor. Keating also attended Belmore Technical High School to further his education. He then worked as research assistant for
22680-703: The first time when the High Court of Australia held in Mabo v Queensland (No 2) that Australia was neither terra nullius ( ' land belonging to no one ' ) or "desert and uncultivated land" at the time of European settlement. Following the abolition of the last vestiges of the White Australia policy in 1973, Australia's demography and culture transformed as a result of a large and ongoing wave of non-European immigration, mostly from Asia. The late 20th century also saw an increasing focus on foreign policy ties with other Pacific Rim nations. The Australia Acts severed
22869-625: The forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to Australia's export composition. Australia's largest export markets are Japan, China, South Korea, India and the United States. At the turn of the current century, Australia experienced a significant mining boom. The mining sector's contribution to overall GDP grew from around 4.5% in 1993–94, to almost 8% in 2006–07. The services sector also grew considerably, with property and business services in particular growing from 10% to 14.5% of GDP over
23058-540: The fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012. The growth rate was reported to be 4.3% year-on-year. The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years; the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",
23247-524: The granting of autonomy on decision-making to the Reserve Bank of Australia . Keating was also instrumental in establishing the Hawke government's signature industrial relations and wages policy, the Prices and Incomes Accord . This was an agreement directly between the Australian Council of Trade Unions (ACTU) and the Government to guarantee a reduction in demands for wage increases, in exchange for
23436-424: The great Labor speeches. Opening with "This is a victory for the true believers; the men and women of Australia who, in difficult times, have kept the faith", the speech has been described as providing a source of inspiration for Labor Party faithful to the present day. Like Hawke before him, Keating was able to benefit from disunity in the Liberal Party. Fourteen months after the March 1993 election, John Hewson
23625-412: The heart of the country are the uplands of central Australia . Prominent features of the centre and south include Uluru (also known as Ayers Rock), the famous sandstone monolith, and the inland Simpson , Tirari and Sturt Stony , Gibson , Great Sandy, Tanami , and Great Victoria deserts, with the famous Nullarbor Plain on the southern coast. The Western Australian mulga shrublands lie between
23814-502: The idea further, winning the support in 1993 of recently elected US President Bill Clinton and Chinese Premier Li Peng to expand APEC to a full Leaders' Meeting. This led to APEC becoming one of the most significant high-level international summits, and at the 1994 APEC Leaders' Meeting, hosted by Indonesia, members agreed to the Keating government's proposals for what became known as the Bogor Declaration , which set targets for
24003-556: The impact of colonisation in Australia and Aboriginal reconciliation . Keating was born at St Margaret's Hospital in Darlinghurst , Sydney , on 18 January 1944. He was the first of four children born to Minnie (née Chapman) and Matthew John Keating. His father worked as a boilermaker for the New South Wales Government Railways . All of Keating's grandparents were born in Australia. On his father's side, he
24192-448: The increasingly globalised domestic economy, enabling long periods of stability and growth. At the end of 1988, Keating, who had long believed that he would succeed Hawke as prime minister, began to put pressure on Hawke to retire in the new year. Hawke rejected this advice, but reached a secret agreement with Keating that he would remain as leader through to the 1990 election , and that he would resign in Keating's favour shortly after
24381-470: The interior deserts and Mediterranean-climate Southwest Australia . Lying on the Indo-Australian Plate , the mainland of Australia is the lowest and most primordial landmass on Earth with a relatively stable geological history. The landmass includes virtually all known rock types and from all geological time periods spanning more than 3.8 billion years of the Earth's history. The Pilbara Craton
24570-417: The island of New Guinea (considered geologically as part of the Australian continent), and in the Australian external territory of Heard Island and McDonald Islands . Seismic activity in the Australian mainland and Tasmania is also low, with the greatest number of fatalities having occurred in the 1989 Newcastle earthquake . The climate of Australia is significantly influenced by ocean currents, including
24759-620: The land and the environment, with stories of The Dreaming maintained through oral tradition , songs , dance and paintings. Certain groups engaged in fire-stick farming , fish farming , and built semi-permanent shelters . These practices have variously been characterised as " hunter-gatherer ", " agricultural ", "natural cultivation" and "intensification". Torres Strait Islander people first settled their islands at least 2,500 years ago. Culturally and linguistically distinct from mainland Aboriginal peoples, they were seafarers and obtained their livelihood from seasonal horticulture and
24948-454: The leader of the Labor Right faction, and developed a reputation as a talented and fierce parliamentary performer. After Labor's landslide victory at the 1983 election , Keating was appointed treasurer by prime minister Bob Hawke . The pair developed a powerful political partnership, overseeing significant reforms intended to liberalise and strengthen the Australian economy. These included
25137-437: The leadership in 1983, the two formed a personal as well as political relationship which enabled the Government to pursue a significant number of reforms, although there were occasional points of tension between the two. Keating, along with Hawke, oversaw a "National Economic Summit" in their first month in office, with Keating leading several sessions outlining the Government's economic agenda. The Summit, which brought together
25326-447: The least fertile soils. It is a megadiverse country , and its size gives it a wide variety of landscapes and climates including deserts in the interior and tropical rainforests along the coast . The ancestors of Aboriginal Australians began arriving from south-east Asia 50,000 to 65,000 years ago, during the last glacial period . By the time of British settlement, Aboriginal Australians spoke 250 distinct languages and had
25515-524: The legislation's validity in the First Uniform Tax Case ( South Australia v Commonwealth ) of 1942. The High Court of Australia held that each of the statutes establishing Commonwealth income tax was a valid use of the s. 51(ii) power, in which Latham CJ noted that the system did not undermine essential state functions and imposed only economic and political pressure upon them. The Second Uniform Tax Case ( Victoria v Commonwealth (1957)) reaffirmed
25704-494: The location for the future federal capital of Canberra . While it was being constructed, Melbourne served as the temporary capital from 1901 to 1927. The Northern Territory was transferred from the control of South Australia to the Commonwealth in 1911. Australia became the colonial ruler of the Territory of Papua (which had initially been annexed by Queensland in 1883) in 1902 and of the Territory of New Guinea (formerly German New Guinea ) in 1920. The two were unified as
25893-501: The lowest approval rating for any Australian prime minister since modern political polling began. Since leaving office, Keating received broad praise from historians and commentators for his role in modernising the Australian economy as treasurer, although ratings of his premiership have been mixed . Keating has been recognised across the political spectrum for his charisma, debating skills, and his willingness to boldly confront social norms, including his famous Redfern Park Speech on
26082-448: The mainland. Australia is also one of 17 megadiverse countries. Australian forests are mostly made up of evergreen species, particularly eucalyptus trees in the less arid regions; wattles replace them as the dominant species in drier regions and deserts. Among well-known Australian animals are the monotremes (the platypus and echidna ); a host of marsupials , including the kangaroo , koala , and wombat , and birds such as
26271-503: The major driving forces behind the various extensive macroeconomic reforms of the Government. In December 1983, Hawke and Keating approved the floating of the Australian dollar , disregarding advice from the Treasury Secretary John Stone to retain the fixed currency framework. The success of the move, which was lauded by economic and media commentators, gave confidence to Keating to pursue even more reforms. Over
26460-466: The mid-19th century, explorers such as Burke and Wills charted Australia's interior. A series of gold rushes beginning in the early 1850s led to an influx of new migrants from China , North America and continental Europe, as well as outbreaks of bushranging and civil unrest; the latter peaked in 1854 when Ballarat miners launched the Eureka Rebellion against gold license fees. The 1860s saw
26649-438: The mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable and did not experience a recession from 1991 until 2020. Among OECD members, Australia has a highly efficient and strong social security system , which comprises roughly 25% of GDP . The Australian Securities Exchange in Sydney
26838-412: The most pronounced vertical fiscal imbalances in the world: the states and territories collect just 18% of all governmental revenues but are responsible for almost 50% of the spending areas. Furthermore, the centralisation of revenue collection has allowed Canberra to force state policy in areas well beyond the scope of its constitutional powers, by using the grants power (s.96) to mandate the terms on which
27027-498: The national land management system". As well as creating the legal field of native title, the act established an Aboriginal and Torres Strait Islander Social Justice Commissioner , who was required to prepare an annual report to the attorney-general on the operation of the Native Title Act and its effect on the exercise and enjoyment of human rights of Aboriginal and Torres Strait Islander peoples, and to report, when requested by
27216-713: The need to increase compulsory superannuation contributions, as well as to restore incentives for people to receive their superannuation payments in annuities. In 2013, Keating took part in a series of four-hour-long interviews with Kerry O'Brien which were broadcast on the ABC in November of that year. The series covered Keating's early life, his entry into Parliament, his years as treasurer and prime minister, and canvassing his academic, musical and artistic interests, economic and cultural vision for Australia, and commitment to Australia's integration into Asia. O'Brien used these conversations as
27405-607: The net income outlay between Australia and the rest of the world is always negative. The current account deficit totalled AUD$ 44.5 billion in 2016 or 2.6% of GDP. Inflation has typically been between 2 and 3% and the pre-GFC cash rate typically ranged between 5 and 7%, however, partly in response to the end of the mining boom the cash rate has recently been steadily falling, dropping from 4.75% in October 2011 to 1.5% in Aug 2016, then to 1.25% in June 2019 and 1.0% in July 2019. The service sector of
27594-493: The new leadership of John Hewson . After Hawke was forced to sack John Kerin , the man appointed to replace Keating as treasurer, for a public gaffe in attempting to combat the Coalition's new ' Fightback! ' policy, Keating took the opportunity to challenge a second time in December 1991, this time emerging victorious by 56 votes to 51. Keating paid tribute to Hawke's nine years as prime minister, and stated that he would provide
27783-602: The next two decades, social and economic reforms, together with the establishment of a Legislative Council and Supreme Court , saw the penal colony transition to a civil society. The indigenous population declined for 150 years following European settlement, mainly due to infectious disease. British colonial authorities did not sign any treaties with Aboriginal groups . As settlement expanded, tens of thousands of Indigenous people and thousands of settlers were killed in frontier conflicts while settlers dispossessed surviving Indigenous peoples of most of their land. In 1803,
27972-498: The oldest living culture in the world. Australia's written history commenced with Dutch exploration of most of the coastline in the 17th-century. British colonisation began in 1788 with the establishment of the penal colony of New South Wales . By the mid-19th century, most of the continent had been explored by European settlers and five additional self-governing British colonies were established, each gaining responsible government by 1890. The colonies federated in 1901, forming
28161-516: The paper, with Keating and his Treasury colleagues fiercely advocating for C, which included a consumption tax of 15% on goods and services along with reductions in personal and company income tax, a fringe benefits tax and a capital gains tax. Although Keating was able to win the support of a reluctant Cabinet, Hawke believed that the opposition from the public, the ACTU, and the business community would be too great. He therefore decided to abandon any plans for
28350-412: The partnership between the two as the party's greatest ever. The two men proved a study in contrasts: Hawke was a Rhodes Scholar; Keating left high school early. Hawke's enthusiasms were cigars, betting and most forms of sport; Keating preferred classical architecture , Mahler symphonies and collecting British Regency and French Empire antiques. Despite not knowing one another before Hawke assumed
28539-428: The political systems of the United Kingdom (a fused executive , constitutional monarchy and strong party discipline ) and the United States ( federalism , a written constitution and strong bicameralism with an elected upper house), resulting in a distinct hybrid. Federal government power is partially separated between three groups: Charles III reigns as King of Australia and is represented in Australia by
28728-572: The protection of threatened species. Numerous protected areas have been created under the National Strategy for the Conservation of Australia's Biological Diversity to protect and preserve unique ecosystems; 65 wetlands are listed under the Ramsar Convention , and 16 natural World Heritage Sites have been established. Australia was ranked 21st out of 178 countries in the world on
28917-475: The rate of 6 to 7 centimetres a year. The Australian mainland's continental crust , excluding the thinned margins, has an average thickness of 38 km, with a range in thickness from 24 km to 59 km. Australia's geology can be divided into several main sections, showcasing that the continent grew from west to east: the Archaean cratonic shields found mostly in the west, Proterozoic fold belts in
29106-533: The remaining constitutional ties between Australia and the United Kingdom while maintaining the monarch in her independent capacity as Queen of Australia . In a 1999 constitutional referendum , 55% of voters rejected abolishing the monarchy and becoming a republic. Following the September 11 attacks on the United States, Australia joined the United States in fighting the Afghanistan War from 2001 to 2021 and
29295-647: The remark. As prime minister, Keating maintained his aggressive debating style. When asked by Opposition Leader John Hewson why he would not call an early election, Keating replied, "because I want to do you slowly." He referred to the Liberal Party as "a motley, dishonest crew", and the National Party as "dummies and dimwits; desperadoes". During an opposition debate that sought to censure Keating, he described being attacked by Peter Costello as "like being flogged with warm lettuce". Despite this renewed attack on
29484-419: The resources of their reefs and seas. Agriculture also developed on some islands and villages appeared by the 1300s. By the mid-18th century in northern Australia, contact, trade and cross-cultural engagement had been established between local Aboriginal groups and Makassan trepangers , visiting from present-day Indonesia. The Dutch are the first Europeans that recorded sighting and making landfall on
29673-487: The right to access the title. Keating led the Government's response to the ruling, beginning a high-profile public campaign on raising awareness of the issue, and advocating repeatedly in favour of the judgment and for an expansion of Aboriginal and Torres Strait Islander land rights. On 10 December 1992, Keating delivered a major address which came to be known as the Redfern Park Speech on Aboriginal reconciliation ,
29862-491: The rise of blackbirding , where South Sea Islanders were coerced or abducted into indentured labour, mainly by Queensland colonists. From 1886, Australian colonial governments began removing many Aboriginal children from their families and communities, justified on the grounds of child protection and forced assimilation policies. The Second Boer War (1899–1902) marked the largest overseas deployment of Australia's colonial forces . On 1 January 1901, federation of
30051-507: The role of Shadow Treasurer in January 1983. However this did not prove sufficient and Hayden resigned a month later, after a poor by-election result in the federal electorate of Flinders in Victoria . Hawke was elected unopposed to replace him and Hawke subsequently led Labor to a landslide victory in the 1983 election just six weeks later. Following Labor's victory in the 1983 election, Keating
30240-471: The same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP. In 2018 Australia became the country with the largest median wealth per adult, but slipped back to second highest after Switzerland in 2019. Australia's total wealth
30429-567: The signing of the Timor Gap Treaty , were also strongly criticised by these same groups. It was alleged by some that Keating was overlooking alleged human rights abuses by the Indonesian government as part of his effort to dramatically increase Australia's cultural, diplomatic and economic ties with Asia. Following the creation of the Asia-Pacific Economic Cooperation (APEC) Economic Forum by Bob Hawke , Keating developed
30618-709: The spread of the SARS-CoV-2 virus . Surrounded by the Indian and Pacific oceans, Australia is separated from Asia by the Arafura and Timor seas, with the Coral Sea lying off the Queensland coast, and the Tasman Sea lying between Australia and New Zealand. The world's smallest continent and sixth-largest country by total area , Australia—owing to its size and isolation—is often dubbed
30807-602: The states spend money in areas over which it has no power (such as spending on education, health and policing). Local governments (called councils in Australia) have their own taxes (called rates) to enable them to provide services such as local road repairs, local planning and building management, garbage collection, street cleaning, park maintenance services, libraries, and museums. Councils also rely on state and federal funding to provide infrastructure and services such as roads, bridges, sporting facilities and buildings, aged care, maternal and child health, and childcare. In 2000,
30996-484: The style of an aggressive debater. In 1981, he was elected president of the New South Wales Labor Party , thus becoming the leader of the influential Labor Right faction. At this time, he initially supported the former treasurer Bill Hayden for Labor Leader over the former ACTU President Bob Hawke as leadership tensions between the two men began to mount; he later explained that part of his reasoning
31185-406: The thylacine. Many of Australia's ecoregions, and the species within those regions, are threatened by human activities and introduced animal, chromistan , fungal and plant species. All these factors have led to Australia's having the highest mammal extinction rate of any country in the world. The federal Environment Protection and Biodiversity Conservation Act 1999 is the legal framework for
31374-445: The unemployment rate for this group decreased by 0.2 points to 9.3%. According to the ABS, in October 2024, the underemployment rate decreased by 0.1 points to 6.2%, while the underutilisation rate (the unemployed plus the under-employed) remained steady at 10.4% in trend terms. According to Roy Morgan Research the unemployment rate in April 2019 was 8.9%, while Australian workers who were considered either unemployed or underemployed
31563-467: The unemployment rate rose to 10.8%. However, the recession did assist in reducing long-term inflation rate expectations and Australia has maintained a low inflation environment since the 1990s to the present day. Mining has contributed to Australia's high level of economic growth, from the gold rush in the 1840s to the present day. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion
31752-461: The world's largest producer of iron ore ; the world's largest producer of bauxite ; the 2nd largest world producer of manganese ; 2nd largest world producer of lead ; 3rd largest world producer of zinc ; 3rd largest world producer of cobalt ; 3rd largest producer of uranium ; 6th largest producer of nickel ; 8th largest world producer of tin ; 14th largest world producer of phosphate ; 15th largest world producer of sulfur ; in addition to being
31941-406: The world). The country was the 20th largest oil importer in the world in 2018 (461.9 thousand barrels / day). In 2015, Australia was the 12th largest world producer of natural gas , 67.2 billion m3 per year. In 2019, the country was the 22nd largest gas consumer (41.9 billion m3 per year) and was the 10th largest gas exporter in the world in 2015: 34.0 billion m3 per year. In the production of coal ,
32130-615: Was Australia's warmest recorded year, and the 2019–2020 bushfire season was the country's worst on record . Australia's greenhouse gas emissions per capita are among the highest in the world. Water restrictions are frequently in place in many regions and cities of Australia in response to chronic shortages due to urban population increases and localised drought. Throughout much of the continent, major flooding regularly follows extended periods of drought, flushing out inland river systems, overflowing dams and inundating large inland flood plains, as occurred throughout Eastern Australia in
32319-407: Was able to produce a national budget surplus for the years 1988, 1989 and 1990, with the surplus of 1988 proving to be the largest budget surplus in Australian history. During the campaign for the 1987 election , Keating was credited as dealing a "fatal" blow to the Liberal-National Coalition's hopes for victory, after giving a press conference in which he exposed a significant accounting error in
32508-503: Was aimed at ensuring that most Australians would have enough money to retire. In 1992, the compulsory employer contribution scheme became a part of a wider reform package addressing this retirement income dilemma. It had been demonstrated that Australia, along with many other Western nations, would experience a major demographic shift in the coming decades, due to ageing population, and it was claimed that this would result in increased pension payments that would place an unaffordable strain on
32697-590: Was appointed Treasurer of Australia by Prime Minister Bob Hawke ; he succeeded John Howard in the position. He and Hawke were able to use the size of the budget deficit that the Hawke government had inherited from the Fraser government to question the economic credibility of the Liberal-National Coalition over the coming years. According to Hawke, the historically large $ 9.6 billion budget deficit left by
32886-421: Was awarded the Euromoney Finance Minister of the Year , an award which became colloquially known in Australia as the "World's Greatest Treasurer", becoming the first Australian treasurer to be presented with the award. Throughout the second and third terms of the Hawke government, Keating led a significant overhaul of the long-stagnant Australian taxation system . In 1985, he became a passionate advocate within
33075-439: Was curtailed by the Howard government after 1996. Throughout his time as prime minister, Keating took a number of steps to strengthen and develop bilateral links with Australia's closest neighbours; he frequently said that there was no country in the world that was more important to Australia than Indonesia , and undertook his first overseas visit to the country, becoming the first Australian prime minister to do so. Keating made
33264-400: Was descended from Irish immigrants born in counties Galway , Roscommon , and Tipperary . On his mother's side, he was of mixed English and Irish descent. His maternal grandfather, Fred Chapman, was the son of two convicts , John Chapman and Sarah Gallagher, both of whom had been transported for theft in the 1830s. Keating grew up in Bankstown , a working-class suburb in western Sydney,
33453-413: Was established in 1829, evolving into the largest Australian colony by area, Western Australia . In accordance with population growth, separate colonies were carved from New South Wales: Tasmania in 1825, South Australia in 1836, New Zealand in 1841, Victoria in 1851, and Queensland in 1859. South Australia was founded as a free colony—it never accepted transported convicts. Growing opposition to
33642-485: Was estimated to be 17.7% (2.381 million) in the same month. Around 4.219 million were estimated to be in part-time employment. In 2007, 228,621 Newstart unemployment allowance recipients were registered, a total that increased to 646,414 or 5.3% of the total labour force by March 2013. As of December 2018, the number of Newstart recipients stands at 722,923 or 5.4% of the labour force. The accuracy of official unemployment figures has been brought into question in
33831-533: Was estimated to be AUD$ 10.9 trillion as of September 2019. Between 2010 and 2013, much of the economic growth in Australia was attributed to areas of the country where mining- and resource-based industries and services are mostly located. Western Australia and the Northern Territory are the only states that have economic growth. During 2012 and 2013 Australian Capital Territory , Queensland , Tasmania , South Australia, New South Wales and Victoria experienced recessions at various times. The Australian economy
34020-415: Was facing decline, which eventually led to a savings and loan crisis which compromised the well-being of millions of US people. The following recession thus impacted the many countries closely linked to the US, including Australia. Paul Keating, who was treasurer at the time, famously referred to it as "the recession that Australia had to have." During the recession, GDP fell by 1.7%, employment by 3.4% and
34209-443: Was helped by Hewson struggling towards the end of the campaign to explain exactly which products would have the GST levied on them, and which would not. Having begun the campaign far behind the Coalition in opinion polls, on 13 March Keating led Labor to an unexpected and record-breaking fifth consecutive election victory , picking up a two-seat swing. The speech Keating delivered at the victory celebration has been described as one of
34398-459: Was necessary to reduce economic growth gradually so that demand for imports did not grow out of control. Throughout the 1980s, both the global and Australian economies grew quickly, and by the late 1980s, inflation had grown to around 9%. By 1988, the Reserve Bank of Australia began tightening monetary policy, and household interest rates peaked at 18%. It is often said that the bank was too slow in easing monetary policy, and that this ultimately led to
34587-416: Was one of the founding members of the League of Nations in 1920, and the United Nations in 1945. The Statute of Westminster 1931 formally ended the ability of the UK to pass federal laws without Australia's consent. Australia adopted it in 1942, but it was backdated to 1939 to confirm the validity of legislation passed during World War II. The Australian Capital Territory was formed in 1911 as
34776-418: Was popularised by the explorer Matthew Flinders , who said it was "more agreeable to the ear, and an assimilation to the names of the other great portions of the Earth". The first time that Australia appears to have been officially used was in April 1817, when Governor Lachlan Macquarie acknowledged the receipt of Flinders' charts of Australia from Lord Bathurst . In December 1817, Macquarie recommended to
34965-414: Was ranked fifth in the United Nations 2022 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005. In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average after the financial crisis of 2007–2008 , compared with a 9.2% rate over 2000–2007. Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than
35154-421: Was replaced as Liberal Leader by Alexander Downer , whose leadership was quickly marred by gaffes and controversies within months. Keating routinely succeeded in outwitting Downer within Parliament, and in early 1995, Downer resigned to be replaced by John Howard , who had previously led the Liberals from 1985 to 1989. Howard was able to give the Coalition renewed momentum after Labor lost the seat of Canberra in
35343-471: Was supported by enormous government outlays for transport, communication, and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration satisfied the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself benefited strongly from mining iron ore and gold from
35532-438: Was that he privately hoped to succeed Hayden himself in the near future. However, by 1982, the members of his faction had swung behind Hawke, and Keating endorsed his challenge. The formal announcement of Keating's support for Hawke was written by a fellow Labor politician, Gareth Evans . Although Hayden survived the challenge, pressure continued to mount on him. In an attempt to shore up his position, Hayden promoted Keating to
35721-437: Was undertaken. The early 1990s recession came swiftly after the Black Monday of October 1987 , as a result of a stock collapse of unprecedented size which caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929 , was handled effectively by the global economy and the stock market began to quickly recover. But in North America, the lumbering savings and loans industry
#120879