Comparison of Economy Between Australia and Canada

1 Introduction

History can say a lot about a country and in respect to Australia and Canada, a lot of similarities can be seen and observed between the two growing nations that one could actually say that two are in a way twins who were permanently separated at birth. It is true that they are located quite far apart from each other that Australians usually see in the night sky the Southern Cross while Canadians look up to the North Star and Great Dipper instead. Correspondingly, the sun moves from right to left for Australia, and the other way around for Canada. That said there are still a lot shocking similarities these two nations share.

Australia and Canada were recognized as settler colonies where aboriginal people occupied these territories until the British and French respectively moved in to take control. For Canada’s case, British power took over later on. Both countries came of age as continent-spanning enterprises during the Victorian age which led to its introduction to the industrial and economical world (Laxer 2009).

Both countries attained independent dominion status from the British Empire, Australia in 1901, and Canada in 1867, although both retained their parliamentary structures of federal government. Since then, Australia and Canada were considered highly developed and industrialized nations, with small populations and large amount of natural resources. Due to this, their economies have relied heavily on substantial immigration as well as the exportation of natural resource products to continue their economic growth. Both nations have been experiencing economic penetration by foreign investors which has helped greatly in adding to their imports market and competitive businesses market within each country (Atchison 2012).

It is obvious that early settlement patterns, colonization and immigration have contributed to the current level of urbanization and development of both nations. All the resemblances amid Australia and Canada, both in the...