significantly over recent years.
The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system. The Howard Government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry. The indirect tax system was substantially changed in July 2000 with the introduction of a 10 per cent Goods and Services Tax (GST). In Australia's tax system, personal and company income tax are the main sources of government revenue.
In May 2012, there were 11,537,900 people employed (either full- or part-time), with an unemployment rate of 5.1 per cent. Youth unemployment (15–24) stood at 11.2 per cent.
Over the past decade, inflation has typically been 2–3 per cent and the base interest rate 5–6 per cent. The service sector of the economy, including tourism, education, and financial services, accounts for about 70 per cent of GDP. 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 account for only 3 per cent and 5 per cent of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand. Australia is the world's fourth largest exporter of wine, in an industry contributing $5.5 billion per annum to the nation's economy
