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Restaurants and convenience stores are generally open to later hours. Many retail establishments are open on Saturday and Sunday. Travelers checks and credit cards are widely accepted. A 10% goods and services tax (GST) replaced wholesale and state sales taxes as of July 1, 2000. The GST applies to most goods and services with a few exceptions, including basic foods, education, and health care. Most advertising is done through the press, radio, and television. Principal advertising agencies are in Sydney and Melbourne.
The Australian Academy of Technological Sciences and Engineering was founded in 1976. The Australian Science and Technology Council (ASTEC) provides an independent source of counsel for the Australian Prime Minister; it’s role was augmented in 1986 by the creation of a post for a Minister Assisting the Prime Minister with portfolio for science and technology. In 1996, Australia had 36 universities offering courses in basic and applied science. In 1987–97, science and engineering students accounted for 24% of college and university enrollments.
It also indicated that firming economic growth, together with the uncertainties surrounding wage outcomes, made changes to monetary policy settings unlikely. Interest rate cuts were not on the bank’s policy agenda, as it waited to see the impact of reductions made in late 1996. From 1996 to 2000, the Australian dollar fell by almost 30% against the US dollar; losing 12% in the first half of 2000 alone. The Reserve Bank increased interest rates a number of times in order to stave off inflation, but the introduction of the 10% GST in July threatened to raise inflation despite monetary policies.