After a sharp depreciation of the Australian dollar and a related drop in the price of key commodities, it looks like Australia's long-awaited transition away from mining-related infrastructure development is well under way. According to Barclays, the value of non-mining, non-farm exports has climbed 7% in the past 12 months, and services such as tourism are leading the way. So while miners are shipping more volume than ever to make up the price shortfall, Australia is looking increasingly cheap to holidaymakers, students and business groups from China, the US and Europe. Their currencies are, respectively stable, relatively strong and resilient against the odds. If this trend of growth continues, tourism will have replaced coal as Australia's No. 2 export earner, behind iron ore. Find out more.
Via Tourism Australia