Economy of Australia
The economy of Australia is a highly developed market economy. As of 2021, Australia was the 13th-largest national economy by nominal GDP (Gross Domestic Product), the 18th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at A$1.98 trillion.
|Currency||Australian dollar (AUD) = 0.74USD|
|1 July–30 June|
|APEC, CPTPP, G20, OECD, WTO|
GDP per capita
GDP per capita rank
GDP by sector
Population below poverty line
|34.0 medium (2018)|
Labour force by occupation
Average gross salary
|14th (very easy, 2020)|
|Exports||US$480.2 billion (2018–19)|
|iron ore, coal, natural gas, gold, aluminium, beef, crude petroleum, copper, meat (non-beef)|
Main export partners
|Imports||US$420.4 billion (2018–19)|
|petroleum, cars, telecom equipment and parts, goods vehicles, computers, medicaments, gold, civil engineering equipment, furniture|
Main import partners
|−A$38.8 billion (2018 est.)|
Gross external debt
|US$2.095 trillion (Q1, 2019)|
|41.1% of GDP (April 2019)|
|−0.2% (of GDP) (2019)|
|Revenues||A$485.2 billion (2019)|
|Expenses||A$482.7 billion (2019)|
|Economic aid||donor: ODA, $3.12 billion (2018)|
|$66.58 billion (31 December 2017 est.)|
The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. Australia has the tenth-highest total estimated value of natural resources, valued at US$19.9 trillion in 2019. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy had remained resilient and stable and did not experience a recession from 1991 until 2020.
The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region. Some of Australia's large companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue Metals Group, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, and Telstra. The currency of Australia and its territories is the Australian dollar, which it shares with several Pacific nation states.
Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. China in particular is Australia's main export and import partner by a wide margin. Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.