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Globalisation

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Economic globalisation
Globalisation has largely benefited the Australian economy. Australia has an abundance of natural resources that our population of 20 million people cannot use, therefore we sell the surplus to other countries that have a demand for the resources, giving us a world market of over 6.5 billion people.
Australia's main exports have come from our primary industry, that is, raw materials such as minerals and produce. Our primary industry accounts for approximately 50 percent of our exports and includes coal, uranium, and iron ore as well as other minerals; cereal, such as wheat and rice; and meat and animal products, such as beef and wool. The other 50 percent of our exports are secondary goods and tertiary services. Secondary goods are those that have been processed or manufactured, such as machinery and food products, while tertiary exports are services, including education and tourism.
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Australia imports a number of primary, secondary and tertiary products and services. Crude petroleum makes up the bulk of the primary imports, while computers and cars make up the majority of the secondary goods we import. Most of our tertiary imports are travel-related, including travel, transportation and insurance.
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Importation has negatively affected some local industries. The hardest hit industries are secondary, such as manufacturing, because the cost of labour in Australia is quite high due to our higher standard of living compared to other countries. Footwear manufacturer Blundstone, for example, which has been based in Tasmania since the 1870s, announced in early 2007 that manufacturing would be moved to parts of Asia in order to cut production costs. Other industries can be affected by uncontrollable events; for example, drought will affect a crop yield or a herd population in the agricultural sector.
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In the...

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