Politics & the economy
Australia is one of the most developed markets in the world with a capitalist economy worth approximately US$1.6 trillion. The nation is a G7 member. The Reserve Bank of Australia headquartered in Sydney.
Australia is a constitutional monarchy run through a federal government. While Queen Elizabeth II of England is the country's figure-head, operational power is held by the government, currently the Labor Party. The party leader, Julia Gillard, also happens to be the country's first female Prime Minister. The federal government is based in Canberra.