A Look at the Australian Finance System

Australia has always been a very stable economy. And the credit for this goes to the Australian Finance System. Here, the entire system comprises of various sectors which include Banks and Insurance Companies, Financial markets, Revenue Generation system (mainly income tax) and various payment systems just like any other country. Australia as a nation has always done extremely well on the HDI and GDP indices every year. This success can also be attributed to the economic liberalization policies that the nation began to follow in the 1980s. Here are a few points that can help you to understand it all better:-

•    The Australia Taxation follows a three-tier system. The taxes are levied at all three government levels, namely, federal, state and local.
•    You should also know that taxes levied in each state are different. This is so because each State has different resources, different levels of population, different income group people living there etc.
•    It is in this regard that Tax Services Australia is customized as per the natives of the country. You can be an individual or a business firm and you can hire a Tax Service in Australia and they would do all the accounting for you, file your return, help you save the tax and provide you with customized services.
•    The Australian currency is the Australian Dollar. It is acceptable in the whole of Commonwealth of Australia and its territories too. The Australian Stock Exchange is the biggest stock exchange in the country.
•    The only drawback or the area of concern of the Australian Finance system is its balance of payments situation. Australia till date has not focused much on manufacturing and thus its exports are really low as compared to its import levels. Thus, Australian Government is trying very hard to salvage the situation somehow by redeveloping the manufacturing sector and in turn handle its balance of payment crisis. This situation has led to a deficit in the current account of the nation as a whole.