The political system prevailing in the Commonwealth of Australia is constitutional monarchy but is essentially governed under the system of parliamentary democracy. The governance of the Commonwealth of Australia can be categorized into three hierarchical categories, namely, Legislature Council of Australia which consists of the Queen, Senate and the house of representatives; Federal Executive Council of Australia which consists of all the elected ministers including the prime minister; Judiciary of Australia consisting of all the courts present in Australia including the High Court.
Now, coming to the economic overview of Australia. Like most of the economies in the world, the form of the Australia economy is basically a mixed type having the characteristic features of the western world. In terms of the Human Development Index of 2006, Australia has a ranking of 6. The process of economic reform started in Australia in the year 1983.
The reform kick started by changing the currency system from the pegged regulated form to the floating one. The reformation process has also seen the liberalization in the labor market along with privatization of the public sector enterprises. The sector that mostly contributes to the Australia Economy and GDP is the Services sector. It has been observed that its contribution is near about 70 %. In percentage terms, the contribution of agriculture to GDP has been recorded to be a minuscule 3 %.
To have more in depth knowledge on Australia, one is required to know about the real estate market in Australia, the banking system in the country along with its national bank, Australian currency and monetary system.
