Economic Stability in Australia And Its Impact on The Australian Dollar
It is a wide known fact that the economy of Australia is one of the fastest growing economies of the world, they have a stable economic system, trade, exports are on a ever high, and the value of the Australian dollar has also been increased in the recent past as well, there may be a lot of effort behind it as well, otherwise a lot cannot be achieved with such short period of time, and keeping in mind the economic crisis Australia faced in 2009-10. May be that was because of the global economic turndown, that brought recession and joblessness in many countries, it was a nightmare for businesses all around the globe, and it has left its mark on many countries and their economies, but same cannot be said about Australia, Australia has not only recovered from the slump but it came back stronger, their currency reached new heights after that, and joined the elites when it comes to the most traded currencies in the international trade and monetary markets. Yes! It may be surprising for you, but is among the top most traded currencies in the international trade and monetary markets today, it shares the ranking with the likes of the British Pound (GBP), the Japanese Yen (JPY) and the US Dollar (USD). But getting there was not easy, the government and the citizens of Australia deserves some credit, because the policies of the Australian government to get them out of the slump were spot on.
Australia has different ways of earning, they have exports that earn a lot to their economy, their tourism industry as well as their education industry, and their strong education system attracts students from all over the globe, but the rise in the Australian dollar has neither helped the education department nor the tourism industry, though the rise in the value of a country is seen as a good sign, a sign of stability and power of the currency, but it also carries some baggage, the number of international students enrolling in the Australian universities has been decreased, because the international students find it much more expensive than before, their tuition fee and other expenses have increased as well, so students are now exploring opportunities other than Australia, and other countries come up with different scholarships and packages to attract the international students, that has also happened in the recent past, similarly this has also happened in the tourism department, Australia has one of the finest landscapes on the entire planet and it is a centre of attraction for tourist from all over the globe. Thousands of tourist have been visiting Australia over the years, which contributed a lot to their economy, but tourist now find it more expensive to come to Australia, as they used to come before and it was not that hard, although the economy is stable, the currency is strong and government has been doing some excellent work but there are thing or two which they should address sooner rather than later.
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