The Hawke Government

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The Hawke Government

Post  kosovohp on Sat Oct 02, 2010 12:09 pm

The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system.[174] The Howard Government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry.[175] The indirect tax system was substantially changed in July 2000 with the introduction of a 10% Goods and Services Tax (GST).[176] In Australia's tax system, personal and company income tax are the main sources of government revenue.[177]

In January 2007, there were 10,033,480 people employed, with an unemployment rate of 5.1%.[178] Over the past decade, inflation has typically been 23% and the base interest rate 56%. The service sector of the economy, including tourism, education, and financial services, accounts for 69% of GDP.[179] Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand

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