What is the main source of income of Australians? - ProProfs
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What is the main source of income of Australians?

Asked by T. Wikati on Apr 17, 2019

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D. Jacob

Self Aware, Optimist and Tech Savvy

D. Jacob
Content Producer, MCA, Florence, Italy

Answered on May 15, 2019

The Australian economy is one of the best in the world, Australia is the second wealthiest country in terms of wealth owned by every adult. Australia operates a mixed market economy, this is a type of economy in which the means of production is shared by both the private and public sector, and it has the largest mixed market economy with the GDP of about 1.6 trillion The poverty rate is at the lowest level.


The huge gain Australia has recorded about its economy is mainly as a result of their huge investments in agriculture together with foreign investments in the country.


Australia has a lot of cattle ranches, and the largest ranch in the world is in Australia. Australia exports crops like wheat dairy produce, beef and so on. The influence of foreign investors cannot be underestimated. Tourism is also making a very huge impact on the economy. Australia is one of the most tourist’s desirable destinations because the country is so blessed with many natural wonders and amazing landscape that appeal greatly to one's eyes.

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