The service sector accounts for almost three-quarters of GDP, but other sectors of the economy contribute significantly to Australian export earnings.
Manufacturing is concentrated in the iron, steel and engineering industries.
The main agricultural industry, sheep-farming, has suffered a downturn which may prove to be permanent. The country's service industries, which now account for the major part of the economy, have grown steadily, despite some damage in the wake of the 1997 Asian financial crisis which severely affected many of Australia's major trading partners. Japanese investment in Australia, particularly in property and tourist ventures, has reached the point where most of the eastern seaboard 'Gold Coast' is now Japanese-owned. Australia's economic performance during 2000 was satisfactory, but there are clear signs of an impending recession during 2001. Suits are usually worn in Sydney and Melbourne.