Analysis Australian industries Research Paper Example | Topics and Well Written Essays - 1000 words

Analysis Australian industries - Research Paper Example 350). In fact the Australian per capita GDP is better than Britain, France and Germany. Australia always maintained a position in the top 20 developed countries in the world. Service sector is mainly contributing to the Australian economy apart from agriculture and mining. In 1900, Australia was the highest income country in the world. By 1950 it slipped to the third position, in 1970 it was in the 8 th position whereas its position further slipped down to 26 th in 1999 (Anderson, K. 2001, p.33) This paper briefly explains the environmental factors like technological element, economic element, legal-political element, socio- cultural element and international element which affect the Australian industrial growth. The importance of technological development cannot be underestimated in any business. â€Å"The technological element reflects current knowledge about product and service generation† (Bartol et al, 2008, p.43). Technological advancement gives an organization competitive power in the market. For example, consider two firms; first one still using typewriters and fax machines for typing and sending documents whereas the second one using computers and internet for the same purpose. The second firm will get more competitive advantage in the market compared to the first firm because of the better technology it uses for the communication process. As mentioned earlier, service sector, agriculture and mining sector are the major contributors for the Australian economy and the role of technological advancements are critical in these sectors. Banking, finance, insurance, tourism, media, entertainment food etc are some of the major service sectors in Australia which needs technological advancements (Service Sector—World class tertiary industries, 2009). For example, it is difficult for the banking sector to use rely on conventional means to improve the business. Internet banking, mobile