The Australia Facts then includes the political history of Australia. The country went under the colonial power in the year 1770. The British were the first colonial powers to have conquered the mainland of Australia. With the passage of time more powers came to Australia and ultimately, the mainland of Australia has been shared among five colonial powers. On 01.01.1901, these five self governed colonies were brought under one roof and was termed as Commonwealth of Australia.
The political system of Australia is basically known as constitutional monarchy where the Queen is the head of the state. But the electoral system is basically parliamentary democracy. The Queen, Senate and the House of Representatives come under the Australian Legislative Council. All the elected members of the parliament are categorized under Federal Executive Council of Australia. The courts that are present in the Commonwealth of Australia come under the Australian Judiciary.
The last but not the least aspect of Australia Fact is the economic perspective of the country. It is considered to be one of the most prosperous country in the entire world where the economic system that is followed is a mixed economy one having the special traits of the West. The Per Capita GDP of Australia is better than the other developed countries like France and Germany. The maximum contribution to GDP comes from the services sector which hovers around sixty eight percent of total GDP. In comparison to the services sector, the contribution of the agriculture as well as the mining sector sums up to a maximum of 8 %.
Australia Fact also shows that the export sector is primarily dependent upon the agricultural and mining products. This accounts for almost sixty five percent of the total exported items.
The Australia Fact shows that the reform of the market of Australia started in the early eighties when the Australian Labor Party came into power. The reformation started with the deregulation of the exchange rate of the domestic currency, that is, Australian Dollar. The labor market reform were also part of the reformation process which made the hire and fire policy more flexible.
