China. In a word. We dig it up, China buys it.
Being back in Australia earlier this month it was interesting to be in a recession-free country. Unemployment is at 4.8% – essentially full employment.
The Cliff Notes on the economy I call home are:
Top three imports in 2009-10:
1) Travel ($19 billion – Go Oprah go!)
2) Passenger vehicles ($15 billion)
3) Petroleum ($15 billion).
Top three exports in 2009 – 10:
1) Coal (to China! – $36 billion)
2) Iron ore (to China! – $35 billion)
3) Education ($19 billion).
We essentially make nothing! But we have tons of stuff to dig up and ship to China and we have really pretty beaches. You should all come down and see them. Over and over again. Just ask Oprah!