Economy

Introduction

Ainslie is one of the most advanced mixed economies in the region. It has a GDP of 790 Billion USD as of 2016. Ainslie's GDP per person is NS 27,750USD. Ainslie is () largest national economy in the region. The Ahnslen Reserve Bank (ARB or ARBie).

The three main industries in Ainslie are Medical Goods, Services and Management (32% of GDP), Financial Services (20% of GDP) and Professional Consultancy (15% of GDP). Economic growth is mainly dependent on a combination of innovation in healthcare and the further exporting of Ahnslen management and business strategies, an often overlooked sector within th Ahnslen economy. Products are evenly exported amongst different nations across the Isles, with a bias to mixed market liberal economies.

The Ahnslen Stock Exchange (frequently referred to as the Arnton Exchange) in Arnton, is one of the most known stock exchanges. Ainslie is home to some large international companies, with the two most known being Armex International (Resulting from a merger of Armex Pharmaceuticals and Healthcare Solutions International), a global leader in medical treatments, research and service management. The Ahnslen is the currency of the independent Ahnslen sovereign, including its six electorates.

Ainslie is a member of the CU, and is the fourth largest economy in the union. The country has also ratified trade agreements with (list nations here).

History

Ainslie is one of the most advanced mixed economies in the region. It has a GDP of 790 Billion USD as of 2016. Ainslie's GDP per person is NS 27,750USD. Ainslie is () largest national economy in the region. The Ahnslen Reserve Bank (ARB or ARBie).

The three main industries in Ainslie are Medical Goods, Services and Management (32% of GDP), Financial Services (20% of GDP) and Professional Consultancy (15% of GDP). Economic growth is mainly dependent on a combination of innovation in healthcare and the further exporting of Ahnslen management and business strategies, an often overlooked sector within th Ahnslen economy. Products are evenly exported amongst different nations across the Isles, with a bias to mixed market liberal economies.

The Ahnslen Stock Exchange (frequently referred to as the Arnton Exchange) in Arnton, is one of the most known stock exchanges. Ainslie is home to some large international companies, with the two most known being Armex International (Resulting from a merger of Armex Pharmaceuticals and Healthcare Solutions International), a global leader in medical treatments, research and service management. The Ahnslen is the currency of the independent Ahnslen sovereign, including its six electorates.

Ainslie is a member of the CU, and is the fourth largest economy in the union.. The country has also ratified trade agreements with (list nations here).

Sectors

Mining

The establishment of a mining industry continued the high level of economic growth in the post-war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself benefited strongly from mining iron-ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres. Australia's economy grew at an average annual rate of 3.6% for over 15 years[when?], well above the OECD average of 2.5%.[41]

The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[42]

The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[43] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[44][45] The growth rate was reported to be 4.3% year-on-year.[46]

The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years,[47] the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",[48] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[49] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[50] Deutsche Bank in August 2012, and Societe Generale in October 2012, warned that there is risk of recession in Australia in 2013.[51][52]

While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.[53][54][55]

Overview

Australia's annual inflation rate (percentage change in CPI) since 1949.

Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011). The country was ranked second in the United Nations 2011 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[56][57] Australia's sovereign credit rating is "AAA", higher than the United States of America.

According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.[47] The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average.[47] Average wealth was $US397,000, the world's second-highest after Switzerland.[58] The 2014 issue of the Credit Suisse Global Wealth report explains that this reflects a large endowment of land and natural resources relative to population, as well as being a result of high urban real estate prices.[59]

The emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative: Australia has had persistently large current account deficits for more than 50 years.[41]

Inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[60] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[61]

Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.[62]

In the past decade, one of the most significant sectoral trends in the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993–94, to almost 8% in 2006–07.

The services sector has grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[63]

Local anomalies

Due to the different industries Ainslie hosts and cultivates, different electorates are in various situations. Currently, there is economic growth in Wesland and Norlands. The declining agricultural sector in Ainslie, specifically in Lower Verd and Dallama have been a major factor in the region experiencing economic decline.

Manning historically is seen as an electorate with a stable economy, which frequently sees economic growth. This is in comparison to the booming industries in Wesland and the traditional economic powerhouse of Ainslie, the electorate of Norlands. Lower Verd often sees economic decline, due to recently failing harvests and frequent bushfires, limiting their output.

Manning and Dallama both appear to have stable agricultural industries, but Lower Verd does not seem to share this trend. It is often blamed, as a colloquialism, on the ‘jealous farmers in Verdon, who for years saw the thriving agricultural industry in the electorate’. Many farmers in Lower Verd are beginning to invest in cattle and animals, rather than crops. Local economists project economic growth in the electorate because of this.

Taxation

Taxation in the Unified Electorates is collected at the local (in the form of a Services and contribution fee) and federal levels (Through personal and business income tax). The only other mandatory tax is the Goods and Services Tax. Other taxes or federal money collection are done based on circumstances, or specific situations citizens involve themselves in. The federal government collects the main amount of taxation revenue, with the Electoral Council being given a fixed amount of money to be distributed amongst the electorates, with Judicial Council approval.

Electorates additionally tax their residents, whilst receiving funds allocated to them by the Electoral Council. Due to the existence of the Electoral Council, there is practically no inconsistencies between electorates in regards to taxation. Electorates tax large businesses who operate within their borders. However, it is normal for some electorates to counter this nationwide tax with some sort of incentive, but the reduction of money paid to electorates is up to the individual jurisdiction. Additionally, electorates tax shares, additional assets, excessive acquisition of assets and taxation in order to disincentivise the usage of cigarettes, alcohol and poker machines.

Previous Judicial Council rulings have discouraged the electorates to pursue a form of income tax. These rulings are based off early documents outlining the structure and conduct of government activities. These early documents are not legally binding nor have constitutional power, but rather recommend and provide a basis for the Judicial Council to provide rulings (These are similar to Legal Writings, a source of International Law). These rulings have appeared to be enough to discourage them, but the Ahnslen Senate is eager to pass legislation which would extend the powers of the federal government, with sole income taxation at the federal level being a provision. However, part of this bill is not to the Judicial Council’s approval, so it is a policy area where not much progress is being made in.

Local governments (Called prefectures in Ainslie) have their own taxes (Called ‘contributions’) to enable the delivery and maintenance of essential basic services, management, planning and public buildings. Prefectures may seek funding from the electorate’s budget.

Employment

Employment

According to the Ministry of Ahnslen Affairs, the unemployment rate in the Unified Electorates is at 3.8%. The young ahnslen’s (15-24) unemployment rate is 10.2%. According to Cullen Research Limited, the unemployment rate in March 2017 is 3.6%. Ahnslens who are either unemployed or underemployed number around 8%. 2.3 million people are in part time or casual employment, 23% of the total workforce.

Electorates ranked by unemployment rates

1. Wesland - 2.1%
2. Norlands 3.8%
3. Manning - 3.2%
4. Burnett - 3.6%
5. Lower Verd - 4.0%
6. Dallama - 4.4%