Question

What is true about the economic system in Australia?

Answer 1

Australia has a mixed economic system in which the economy includes a variety of private freedom, combined with centralized economic planning and government regulation. Australia is a member of Asian Pacific Economic Cooperation (APEC) and the Trans-Pacific Partnership (TPP).

Answer 2

Free market is the main characteristics of the economic system of Australia. The growth of the economy of Australia is phenomenal and this country is among the first five developed countries of the world. The four main components of the Australian economic system are trade, manufacturing, services and finance.