Country Profile: Australia

Welcome to Australia!

The name Australia is derived from the Latin word australis, meaning “southern”, which is apropos for the land down under. Australia is the sixth largest country in the world and is about the same size as the 48 mainland states in the USA, but has the lowest population density in the world—only two people per square kilometre. Australia is the only nation to govern and entire continent and its outlying islands, and the mainland is the largest island and the world’s smallest and flattest continent. It is referred to as the “island continent” because of its size and isolation.

Australia has six states—New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia—and two major mainland territories—the Northern Territory and the Australian Capital Territory.

The coastline of Australia stretches over almost 50,000 kilometres and is linked by over 10,000 beaches, the highest number of beaches of any country in the world. More than 85 per cent of Australians enjoy living within 40 kilometres of the coast, which has contributed to Australia’s beach, surf and swim culture. The Great Barrier Reef, the largest coral reef system on Earth is a source of great pride for Australians. Stretching over 2,600 kilometres, it can be seen from outer space. The reef is a very popular destination for tourists, which is also an important economic activity for the region. Fishing also occurs in the region, generating AU$ 1 billion per year.

Australia welcomes immigrants to populate its cities. Since 1945, more than 6 million people have come from across the world to call Australia home.  Historically, mining booms have also encouraged immigration to Australia.

Mining is a significant primary industry and contributor to the economy in Australia. 5.6 per cent of the country’s GDP is derived from mining and is an integral part of economic development in all of Australia’s states and territories. Significantly, Australia is the world’s largest exporter of coal and second largest producer of zinc, about 14 per cent of the world’s quantity of zinc. Coal, incidentally, is mined in every state, and is the basis of a strong exporting relationship with Asia, who imports 75 per cent of the coal produced down under.

World renowned mine sites include the country’s Olympic Dam, which is the site of an extremely large iron oxide-copper-gold deposit and is the fourth largest copper deposit and the largest know single deposit of uranium on Earth. Australia is also home to the Fimiston Open Pit, sometimes referred to as the Super Pit, which mines 28 tonnes of gold, per year. Of the developed countries, Australia is in the top three—along with Canada and Norway—in the world for mining.

Australia’s trade with China has been a major factor to the growing Australian economy, as has smart economic management. Australia was singular amongst developed countries to avoid the global recession which allowed the country a continued run on its record 17 years of consecutive economic growth. The country’s central bank was also the first of the group of 20 to raise interest rates, due to falling rates of unemployment, rising stock and housing prices and increased business investments.

IRJ is pleased to feature some of the great businesses intrinsic to the success and promotion of Australia. The Presidents and CEOs we have interviewed all have an assiduous pride and affection for their great country which has come through in the articles in this issue.