The
Commonwealth of Australia is a federation of six States (New South
Wales, Victoria, Queensland, South Australia, Western Australia
and Tasmania), two internal Territories (Northern Territory and
the Australian Capital Territory) and a number of minor external
Territories).
A written Constitution divides power between the central Federation
Parliament, located in Canberra in the Australian Capital Territory,
and eight State and Territory Parliaments. The Constitution gives
the Federal Parliament legislative power over various areas relevant
to foreign investment including corporations, taxation, international
and interstate trade and commerce, communications, banking, insurance,
bankruptcy and insolvency, intellectual property, immigration and
industrial disputes. Each State has legislative power to make any
laws it desires, except in relation to a few matters reserved to
the Federal Parliament. Federal law prevails over State or Territory
law to the extent of any inconsistency.
There are two sources of law in Australia, statute law and common
law. Statute law is the body of legislation enacted by the various
levels of Government, and includes subordinate legislation such
as regulations, rules and by-laws. Common law is the body of decisions
of the various Federal and State and Territory courts.
Each state has its own court system, consisting
of a Supreme Court and a number of minor courts. The Federal Government
has its own court system consisting of the High Court, the Federal
Court and the Family Court. The High Court hears appeals (if leave
is granted) from the Federal Court and the State Supreme Courts.
In addition, there are numerous panels and tribunals administering
particular areas of law, such as industrial relations, equal opportunity
and the Takeovers Panel.
The population of Australia is 20.4 million occupying
a continent similar in size to that if the United States.
Australia is a prosperous, western style economy
with a GDP per capita income similar to those of the UK, France
and Germany. The Australian economy is dominated by its services
sector which accounts for 70% of GDP. The agriculture and mining
sectors, which account for 10% of the GDP, represent approximately
60% of the country’s exports.
The legitimate goal of the Government is for Australia
to become a competitive producer and exporter, and to this end the
Government has implemented a program of economic reforms focusing
particularly on the labour market, Union involvement, deregulation
of industries and the privatisation of monopolies.
The influence of China and the Tiger economies
has automatically helped export lead growth and the short to medium
term outlook is for stable expansion, coupled with continuing economic
reform.
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