The major car manufacturers of Australia are GM/Holden, Ford, Mitsubishi and Toyota. One interesting piece of car news at motoring.com.au was that Australia was one of the first countries outside of Japan where Toyota produced cars. In 2012/13, the Australian automotive industry is expected to account for $10.7bn of revenue, $2.4bn of exports and $213.3 million of profit. Consumers now favour smaller, more fuel-efficient vehicles due to environmental concerns and rising petrol prices.
Australia’s Growth Rate Narrowed in Second Quarter
Australian economy had enjoyed high growth in the first quarter of 2012 but in very less time the growth rate narrowed in the second quarter as reported by the government data on Wednesday 5th September. The reason behind declining growth rate is a slowdown in China argued for cut in interest rates and falling of export prices. The government data report stated that there was an increase of only 0.6% in the gross domestic product (GDP) which was around 1.4% in the last quarter.
Gas and Oil Contribute $28.3 Billion to Economy
The input to the national economy from the gas and oil industry is set to rise in the years ahead as main projects turn out to be operational, says a report. The Deloitte Access Economics report which is commissioned by Australian Petroleum Production and Exploration Association (APPEA) which says the gas and oil industry contributed near about $28.3 billion to the Australian financial system in year 2010/11.
The report said that, this represented about 2% of the national economy. A few $24 billion was because of core oil and gas reserve operators,
Western Australia Eyes New Harbor as Iron Ore Exports Rise
Miners, which include Rio Tinto and BHP Billiton, are spending billions of dollars to increase their iron ore production, influenced top market China's modernization bid will maintain demand more than the long term.The offered Anketell port, situated near the Cape Lambert port utilized entirely by the miner Rio Tinto to the ship ore, that will be developed in phases as a multi-user terminal, along with an eventual annual export ability of over 350 million tons, as per the statement issued by Colin Barnett, the WA state premier recently.
The ports in state's Pilbara iron belt is the largest single source of the iron ore in the world – that are at near full capability or off restrictions to legion of innovative mining firms
Trade of Australia Deficit Expands To Third Month
Economy of Australia recorded its 3rd straight trade deficit in the month of March, showed by official figures, as Julia Gillard, the embattled government of Prime Minister, stakes its outlook on plan to back a budget surplus that is dependent on a mining explosion which is losing momentum.
Australian Bureau of Statistics stated that the country recorded an A$1.59 billion (US$1.62 billion) deficit in the month of March, considerably wider than the A$0.9 billion expected by economists. Reducing exports of and iron and coal ore weighed on the general trade balance simultaneously as imports of the crude oil strike a record.
New Submarine Fleet Acquired By Australia
Defense Minister Stephen Smith and Prime Minister Julia Gillard announced recently that the Australian Labor government will assign $214 million in its budget on May 8 to the planning and design phase of campaign to provide navy with near about 12 new wide-range hunter-killer submarines in the next 2 decades. It will be the costly military procurement in the history of country, with initial price estimates which is ranging from $36 billion to $40 billion.
And the purchase of a new submarine fleet, Labor government declared that a new defense strategic evaluation “White Paper” would be set by the end of 2013 or 12 months before which had been predicted.
