Australia is also a leader in sugar cane production. Exports are limited by the European Unions tariffs. Australia along with South Africa and Brazil is among the most favorably endowed with mineral resources. Australia s resource base includes coal, uranium, iron ore, bauxite, natural gas, lead, zinc and other minerals. Petroleum is in short supply but discoveries in the Tasman Sea in the 1980 s are promising.
Industry is the weakest link in Australia s economy.
What has developed are import-substitution industries which are geared to consumer goods, as well as the partial processing of mineral and agricultural products. Much of Australian industry is protected by tariff barriers because the small domestic market does produce goods that are competitive with foreign imports. Australia does have a double complementary relationship with Japan which is Australia s major market for coal and iron ore and supplies Austria with many of their consumer goods. Although there have been shifts in Australia s economic sectors, the country still depends on exporting primary or semi-processed primary goods in exchange for manufactured goods from developed countries. New Zealand Located 1,000 miles southeast of Australia New Zealand consists of two main islands, North Island with a smaller area but two-thirds of the population, and South Island.