The Economics of Wheat in Australia Essay Example | Topics and Well Written Essays - 1000 words

The political economy of Wheat in Australia - Essay ExampleThe essay The Economics of Wheat in Australia discusses the macroeconomic aspects of wheat issue and consumption in Australia. The crop is grown on a large scale basis and accounts for a significant percentage of the global wheat exports. well-nigh 25,000 out of the 121,000 farms in Australia have wheat as one of the major crops planted by farmers. produce land devoted to wheat in the country averages 2,250 acres. Domestic demand and consumption of wheat in Australia is much less than the countrys production. While the country accounts for only 3% of the global wheat production by volume, it meets 18% of the global export value. Clearly, the country exports a larger percentage of the cereal grass than the fraction of worlds wheat it produces. The Australian Bureau of Statistics noted that the country produced wheat price $5.6 billion in the financial year 2003-2004, which made up 15% of all farm production in value. Over 60% of this was sold in overseas markets, underscoring the significance of the country as a major player in the global wheat market. According to the Australian Bureau of Statistics, wheat accounted for 22% of the total crop production for the country in 2010. The volume of wheat produced in the country has been emerging over the last four decades. Australia has a GDP ($ 999.6 billion the equivalent of USD 1454 billion) and a GDP ingathering rate of 2.4%. Inflation (CPI) stands at 2.5% while unemployment is at 5.6%. Statistics show that the GDP growth rate throw by a small margin towards 2015.