From Wikipedia, the free encyclopedia This article is about the country. For the continent, see

Environmental issues
See also: Climate change in Australia, Greenhouse gas emissions in Australia and Pollution in Australia

Drought affecting Lake Hume on the Upper Murray River
Protection of the environment is a major political issue in Australia.^[176][177] In 2007, the First Rudd Government signed the instrument of ratification of the Kyoto Protocol. Nevertheless, Australia's carbon dioxide emissions per capita are among the highest in the world, lower than those of only a few other industrialised nations.^[178] Rainfall in southwestern Australia has decreased by 10–20% since the 1970s, while southeastern Australia has also experienced a moderate decline since the 1990s.^[179]
According to the Bureau of Meteorology's 2011 Australian Climate Statement, Australia had lower than average temperatures in 2011 as a consequence of a La Niña weather pattern; however, "the country's 10-year average continues to demonstrate the rising trend in temperatures, with 2002–2011 likely to rank in the top two warmest 10-year periods on record for Australia, at 0.52 °C (0.94 °F) above the long-term average".^[180] Furthermore, 2014 was Australia's third warmest year since national temperature observations commenced in 1910.^[181][182] 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.^[183][184] Throughout much of the continent, major floodingregularly follows extended periods of drought, flushing out inland river systems, overflowing dams and inundating large inland flood plains, as occurred throughout Eastern Australia in 2010, 2011 and 2012 after the 2000s Australian drought.
A carbon tax was introduced in 2012 and helped to reduce Australia's emissions but was scrapped in 2014 under the Liberal Government.^[185] Since the carbon tax was repealed, emissions have again continued to rise.^[186]
Australian biota has been severely impacted by changes occurring since European settlement began in 1788,^[187] with more than 10% of mammal species lost in the past 225 years.^[188] There have also been 23 bird species or subspecies,^[189] 4 amphibians and more than 60 plant species known to be lost during this period.^[187]The Environment Protection and Biodiversity Conservation Act of 1999 was designed to minimise further impacts on ecological communities in Australia and its territories.^[190]
Economy
Main article: Economy of Australia
See also: Economic history of Australia, Median household income in Australia and New Zealand and Transport in Australia

The Super Pit gold mine inKalgoorlie, Western Australia, is the nation's largest open cut mine.^[191]
Australia is a wealthy country; it generates its income from various sources including mining-related exports, telecommunications, banking and manufacturing.^{[192][193][194]} It has a market economy, a relatively high GDP per capita, and a relatively low rate of poverty. In terms of average wealth, Australia ranked second in the world after Switzerland in 2013, although the nation's poverty rate increased from 10.2% to 11.8%, from 2000/01 to 2013.^[195][196] It was identified by the Credit Suisse Research Institute as the nation with the highest median wealth in the world and the second-highest average wealth per adult in 2013.^[195]
The Australian dollar is the currency for the nation, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, and Tuvalu. With the 2006 merger of the Australian Stock Exchange and the Sydney Futures Exchange, the Australian Securities Exchange became the ninth largest in the world.^[197]
Ranked third in the Index of Economic Freedom (2010),^[198] Australia is the world's twelfth largest economy and has the fifth highest per capita GDP (nominal) at $66,984. The country was ranked second in the United Nations 2011 Human Development Index and first in Legatum's 2008 Prosperity Index.^[199] All of Australia's major cities fare well in global comparative livability surveys;^[200] Melbourne reached top spot for the fourth year in a row on The Economist's 2014 list of the world's most liveable cities, followed by Adelaide, Sydney, and Perth in the fifth, seventh, and ninth places respectively.^[201] Total government debt in Australia is about $190 billion^[202] – 20% of GDP in 2010.^[203] Australia has among the highest house prices and some of the highest household-debt levels in the world.^[204]

Destination and value of Australian exports in 2006^[205]
An emphasis on exporting commodities rather than manufactured goods has underpinned a significant increase in Australia's terms of trade since the start of the 21st century, due to rising commodity prices. Australia has a balance of payments that is more than 7% of GDP negative, and has had persistently large current accountdeficits for more than 50 years.^[206] Australia has grown at an average annual rate of 3.6% for over 15 years, in comparison to the OECD annual average of 2.5%.^[206] Australia was the only advanced economy not to experience a recession due to the global financial downturn in 2008–2009.^[207] However, the economies of six of Australia's major trading partners have been in recession, which in turn has affected Australia, significantly hampering its economic growth in recent years.^[208][209] From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.^{[210][211][212]}
The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system.^[213]The Howard Government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry.^[214] The indirect tax system was substantially changed in July 2000 with the introduction of a 10% Goods and Services Tax (GST).^[215] In Australia's tax system, personal and company income tax are the main sources of government revenue.^[216]
In May 2012, there were 11,537,900 people employed (either full- or part-time), with an unemployment rate of 5.1%.^[217] Youth unemployment (15–24) stood at 11.2%.^[217] Data released in mid-November 2013 showed that the number of welfare recipients had grown by 55%. In 2007 228,621 Newstart unemployment allowance recipients were registered, a total that increased to 646,414 in March 2013.^[218] According to the Graduate Careers Survey, full-time employment for newly qualified professionals from various occupations has declined since 2011 but it increases for graduates three years after graduation.^[219][220]
Since 2008, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP.^[221] 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 the forms of liquified natural gas and coal. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand.^[222]Australia is the world's fourth largest exporter of wine, and the wine industry contributes $5.5 billion per year to the nation's economy.^[223]
Demographics