Economy

Australia’s economy ranks 4th among the 39 other countries in the Asia-Pacific region of the world (Heritage, 2022). Their economy has even been able to stay strong while many other European nations have faced difficulty in their economies due to the Russian invasion of Ukraine. With other nations struggling with rising energy prices because of the war, Australia has been able to create record high sales of coal, iron ore, and natural gas (Pandy, 2022). Being able to keep their economy strong even after major world events take place shows the strength of Australia’s economy. Most recently in the past year Australia saw a growth of 3.6 percent in their economy (Australian Bureau of Statistics, 2022). In regards to fashion the government has recently begun initiatives to invest 380 million dollars into the Australian fashion and design industries (Safe, 2021). The fashion industry has currently contributed to about 1.5 percent of Australia’s overall GDP (Naja, 2021). The Australian government making an effort to invest into their fashion industry is vital to continuing its growth. The fashion industry has added 27 billion to the economy and more than 7 billion in export revenues (Blair, 2021).