Australia and its Technology Industry
Australia's economy has consistently performed well in various aspects of economic development. With a nominal GDP ranking 13th globally, 18th by PPP, 20th as an importer and 25th as an exporter, the country's global economic standing is reinforced. The balanced mix of privatization and public hold has made Australia the fourth freest country in the world in terms of economic freedom. Though the country was primarily agriculture-based pre-World War II, industrialization in mining, manufacturing, and services led to a boom in the economy post-World War II. However, the pandemic caused a 9.2% decline in GDP, the first in a long time. But with excellent recovery policies, Australia exceeded the International Monetary Fund's predicted 3% rise in 2021 and achieved an additional 0.3% increase in January 2021.
The service industry is a significant contributor to the economy, with a primary focus on scientific and technical services. The IT sector is a rapidly growing sub-sector, and while the demand for IT graduates is high, the supply falls short, presenting a good opportunity for graduates. Australia has been exploring various areas of technology, including cybersecurity, digital health, and mining technological solutions, and has excelled in these fields. The country's advancement in cybersecurity and digital health has given it a significant advantage in finding solutions to the pandemic's economic and medical issues. This advantage has enabled Australia to rise above the pandemic's impact and exceed global expectations.