Economy of Australia

The economy of Australia is a highly developed market economy.[30] As of 2021, Australia was the 13th-largest national economy by nominal GDP (Gross Domestic Product),[31] the 18th-largest by PPP-adjusted GDP,[32] and was the 25th-largest goods exporter and 20th-largest goods importer.[33] 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).[34] As of June 2021, the country's GDP was estimated at A$1.98 trillion.[35]

Economy of Australia
Sydney's central business district is Australia's largest financial and business services hub.
CurrencyAustralian dollar (AUD) = 0.74USD
1 July–30 June
Trade organisations
APEC, CPTPP, G20, OECD, WTO
Country group
Statistics
Population 25,925,667 (2021)
GDP
GDP rank
GDP growth
  • 2.7% (2018) 1.8% (2019)
  • −6.7% (2020e) 6.1% (2021e)[4]
GDP per capita
  • $62,728 (nominal, 2021 est.)[5]
  • $54,891 (PPP, 2021 est.)[5]
GDP per capita rank
GDP by sector
  • Services: 62.7%
  • Construction: 7.4%
  • Mining: 5.8%
  • Manufacturing: 5.8%
  • Agriculture: 2.8% (2017)[6]
  • 1.4% (2020 est.)[4]
  • 3.5% annual/1.3% quarterly (Dec Qtr 2021)[7]
Population below poverty line
13.6% (2017)[8]
34.0 medium (2018)[9]
Labour force
  • 13.8 million (June 2021)[12]
  • 74.6% employment rate (Q1-2020)[13]
Labour force by occupation
  • Services: 78.8%
  • Construction: 9.2%
  • Manufacturing: 7.5%
  • Agriculture: 2.5%
  • Mining: 1.9% (2017)[6]
Unemployment
  • 4.2% (December 2021)[12]
  • 574.4 thousand unemployed (December 2021)[12]
  • 9.4% youth unemployment (December 2021; 15 to 24 year-olds)[12]
Average gross salary
  • AUD weekly (Nov 2020):[14]
  • A$1,711 (full-time adult)
  • A$1,280 (all employees)
Main industries
14th (very easy, 2020)[17]
External
ExportsUS$480.2 billion (2018–19)[18]
Export goods
iron ore, coal, natural gas, gold, aluminium, beef, crude petroleum, copper, meat (non-beef)[18]
Main export partners
ImportsUS$420.4 billion (2018–19)[18]
Import goods
petroleum, cars, telecom equipment and parts, goods vehicles, computers, medicaments, gold, civil engineering equipment, furniture[18]
Main import partners
FDI stock
  • Inward: $682.9 billion
  • Outward: $491.0 billion
(UNCTAD 2018)[19]
−A$38.8 billion (2018 est.)[20]
US$2.095 trillion (Q1, 2019)[21]
Public finances
41.1% of GDP (April 2019)[22]
−0.2% (of GDP) (2019)[23][24]
RevenuesA$485.2 billion (2019)[23]
ExpensesA$482.7 billion (2019)[23]
Economic aiddonor: ODA, $3.12 billion (2018)[25]
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
Foreign reserves
$66.58 billion (31 December 2017 est.)[29]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

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.[6] Australia has the tenth-highest total estimated value of natural resources, valued at US$19.9 trillion in 2019.[36] At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP.[37] Despite the recent decline in the mining sector, the Australian economy had remained resilient and stable[38][39] and did not experience a recession from 1991 until 2020.[40][41]

The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation[42] and has one of the largest interest rate derivatives markets in the Asia-Pacific region.[43] 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.[44] 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.[45] China in particular is Australia's main export and import partner by a wide margin.[46] 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.[47][48][49] 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.[50]


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