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Economy of Australia

Economy of Australia
Sydney's central business district is Australia's largest financial and business services hub.
CurrencyAustralian dollar (AUD)
1 July – 30 June
Trade organisations
APEC, CPTPP, G20, OECD, WTO, RCEP
Country group
Statistics
PopulationIncrease 27,077,833 (2024 Estimate)
GDP
GDP rank
GDP growth
  • Increase 3.7% (2022)[4]
  • Increase 1.6% (2023f)[4]
  • Increase 1.7% (2024f)[4]
GDP per capita
  • Decrease $63,487 (nominal; 2023)[3]
  • Increase $64,674 (PPP; 2023)[3]
GDP per capita rank
GDP by sector
  • Services: 62.7%
  • Construction: 7.4%
  • Mining: 5.8%
  • Manufacturing: 5.8%
  • Agriculture: 2.8% (2017)[5]
  • 7% (March 2023)[6]
Population below poverty line
13.4% (2020)[7]
Positive decrease 33.0 medium (2021)[8]
Labour force
  • Increase 14.3 million (April 2024)[10]
  • Increase 74.6% employment rate (Q1-2020)[11]
Labour force by occupation
  • Services: 78.8%
  • Construction: 9.2%
  • Manufacturing: 7.5%
  • Agriculture: 2.5%
  • Mining: 1.9% (2017)[5]
Unemployment
  • Negative increase 4.1% (April 2024)[10]
  • Negative increase 604.2 thousand unemployed (April 2024)[10]
  • Negative increase 9.7% youth unemployment (April 2024; 15 to 24 year-olds)[10]
Average gross salary
A$7,890 / $5,031.37 monthly[12] (2022)
A$6,076 / $3,874.21 monthly[13][14] (2022)
Main industries
External
ExportsA$671.1 billion (2023)[17]
Export goods
iron ore, coal, natural gas, gold, aluminium, beef, crude petroleum, copper, meat (non-beef)[17]
Main export partners
ImportsA$526.8 billion (2023)[17]
Import goods
petroleum, cars, telecom equipment and parts, goods vehicles, computers, medicaments, gold, civil engineering equipment, furniture[17]
Main import partners
FDI stock
  • Inward: $682.9 billion
  • Outward: $491.0 billion
(UNCTAD 2018)[18]
Increase A$14.1 billion (2022)[19]
Positive decrease US$2.095 trillion (Q1, 2019)[20]
Public finances
66.4% of GDP (October 2021)[21]
−0.2% (of GDP) (2019)[22][23]
RevenuesA$668.1 billion (2023)[22]
ExpensesA$682.1 billion (2023)[22]
Economic aiddonor: ODA, $4.09 billion (2022)[24]
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
$66.58 billion (31 December 2017 est.)[28]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Australia is a highly developed country with a mixed economy.[29][30] As of 2023, Australia was the 14th-largest national economy by nominal GDP (gross domestic product),[31] the 19th-largest by PPP-adjusted GDP,[32] and was the 21st-largest goods exporter and 24th-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 $1.98 trillion.[35]

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.[5] At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP.[36] Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable[37][38] and did not experience a recession from 1991 until 2020.[39][40] Among OECD members, Australia has a highly efficient and strong social security system, which comprises roughly 25% of GDP.[41][42][43]

The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation[44] and has one of the largest interest rate derivatives markets in the Asia-Pacific region.[45] Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue Metals Group, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy, and Transurban.[46] 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.[47] China in particular is Australia's main export and import partner by a wide margin.[48] 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.[49][50][51] The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand.[52]

  1. ^ "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 16 May 2024.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 14 October 2023.
  4. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  5. ^ a b c "Industry Insights". Office of the Chief Economist. Department of Industry, Innovation and Science. 22 May 2018. Archived from the original on 28 February 2019. Retrieved 9 January 2020.
  6. ^ "Australian Inflation Rate: Annual CPI Falls To 7%". Forbes. Retrieved 26 April 2023.
  7. ^ Dorsch, Penny. "One in eight people in Australia are living in poverty". ACOSS.
  8. ^ "International comparisons of welfare data". Australian Institute of Health and Welfare. Archived from the original on 21 November 2022. Retrieved 19 January 2023.
  9. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 21 April 2024.
  10. ^ a b c d "6202.0 – Labour Force, Australia, April 2024". Australian Bureau of Statistics. 16 May 2024. Retrieved 19 May 2024.
  11. ^ "Employment rate". data.oecd.org. OECD. Retrieved 24 May 2020.
  12. ^ "Home".
  13. ^ "Taxing Wages 2023: Indexation of Labour Taxation and Benefits in OECD Countries | READ online".
  14. ^ "Home".
  15. ^ "Professional, scientific & technical services industry fact sheet". business.gov.au. Australian Government. 7 June 2017. Archived from the original on 6 September 2017. Retrieved 6 September 2017.
  16. ^ Australian Bureau of Statistics (6 September 2017). "Industry Gross Value Added" (PDF). 5206.0 – Australian National Accounts: National Income, Expenditure and Product (June Quarter 2017) (Report). pp. 33, 36. Retrieved 26 October 2017.
  17. ^ a b c d e f "International Trade: Supplementary Information, Calendar Year". Australian Bureau of Statistics. Retrieved 11 May 2024.
  18. ^ "Country Fact Sheet: Australia" (PDF). United Nations Conference on Trade and Development. World Investment Report 2019. Archived from the original (PDF) on 3 August 2019. Retrieved 3 August 2019.
  19. ^ "Balance of Payments and International Investment Position, Australia, Dec 2022". Australian Bureau of Statistics. 28 February 2023. Retrieved 18 March 2023.
  20. ^ "1344.0 – International Monetary Fund – Special Data Dissemination Standard, 2017". Australian Bureau of Statistics. Retrieved 2 July 2019.
  21. ^ "General government gross debt". IMF. 2022. Retrieved 27 February 2022.
  22. ^ a b c "Budget 2019-20". Department of the Treasury. Archived from the original on 3 April 2019. Retrieved 3 August 2019.
  23. ^ After Future Fund adjustments
  24. ^ "Australian Official Development Assistance budget summary 2022-23". OECD. 10 March 2023. Retrieved 7 November 2023.
  25. ^ Pupazzoni, Rachel (21 September 2018). "S&P raises Australia's budget outlook to stable, reaffirms AAA credit rating". ABC News.
  26. ^ Uren, David (24 August 2017). "Australia on track to keep AAA rating, says Moody's". The Australian. Retrieved 25 September 2017.[dead link]; "Australia's credit rating safe for now: Moody's". In Daily. Australian Associated Press. 9 March 2017. Retrieved 25 September 2017.
  27. ^ Fitch Ratings (12 May 2017). "Fitch Affirms Australia at 'AAA'/Stable". Reuters. Retrieved 25 September 2017.
  28. ^ "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 2 July 2019.
  29. ^ Griggs, Lynden (2018). Commercial and economic law in Australia. John McLaren, James Scheibner, George Cho, E. Eugene Clark (3rd ed.). Alphen aan den Rijn, the Netherlands. p. 337. ISBN 978-94-035-0701-9. OCLC 1101177329. Australia is a mixed market economy{{cite book}}: CS1 maint: location missing publisher (link)
  30. ^ Nieuwenhuysen, John; Lloyd, Peter; Mead, Margaret (2001). Reshaping Australia's Economy: Growth with Equity and Sustainability. Cambridge University Press. p. 179. ISBN 978-0521011204.
  31. ^ "GDP ranking". World Bank Open Data. World Bank. April 2019. Retrieved 13 May 2019.
  32. ^ "GDP ranking, PPP based". World Bank Open Data. World Bank. 25 April 2019. Retrieved 13 May 2019.
  33. ^ "AUSTRALIA-OCEANIA :: AUSTRALIA". The World Factbook. CIA. 6 September 2017. Retrieved 25 September 2017.
  34. ^ Bagshaw, Eryk; Massola, James (7 June 2017). "GDP: Australia grabs record for longest time without a recession". The Sydney Morning Herald. Retrieved 6 September 2017.
  35. ^ "Key economic indicators". Australian Bureau of Statistics. Retrieved 16 September 2021.
  36. ^ "Mining Industry – Economic Contribution". ABS. Retrieved 7 April 2015.
  37. ^ "Aussie jumps on surprising economic strength". The Sydney Morning Herald. 2 March 2016. Archived from the original on 2 March 2016. Retrieved 4 March 2016.
  38. ^ "Economy puts aside post-mining boom blues". Nine Network News. 2 March 2016. Retrieved 4 March 2016.
  39. ^ "Australia goes 25 years with recession". BBC. 1 March 2017. Retrieved 26 July 2017.
  40. ^ "Australia suffers first recession in 29 years". CNN. 3 June 2020. Retrieved 16 July 2020.
  41. ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  42. ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  43. ^ "Social Expenditure – Aggregated data".
  44. ^ "Australia is a top 20 country". Australian Government: Department of Foreign Affairs and Trade. 18 May 2017. Archived from the original on 6 September 2017. Retrieved 6 September 2017.
  45. ^ "Corporate Overview". Australian Securities Exchange. Archived from the original on 17 April 2019. Retrieved 6 September 2017.
  46. ^ "ASX Listed Companies (Full List) - Market Index". MarketIndex.com.au. Retrieved 14 May 2021.
  47. ^ Thirlwell, Mark (16 June 2017). "Australia's export performance in 2016". Austrade. Archived from the original on 11 September 2017. Retrieved 10 September 2017.
  48. ^ Tan, Weizhen (29 December 2020). "Australia's growth may 'never return' to its pre-virus path after trade trouble with China, says economist". cnbc.com. CNBC. Retrieved 10 February 2021. China is by far Australia's largest trading partner, accounting for 39.4% of goods exports and 17.6% of services exports between 2019 and 2020, research firm Capital Economics said.
  49. ^ "International agreements on trade and investment". Austrade. Archived from the original on 25 June 2013. Retrieved 11 September 2011.
  50. ^ "Free trade agreements – rules of origin". Australian Customs and Border Protection Services. Retrieved 8 February 2015.
  51. ^ "Peru-Australia Free Trade Agreement".
  52. ^ "Australia New Zealand Closer Economic Agreement (ANZCERTA)". Austrade.gov.au. 1 January 2007. Archived from the original on 4 June 2008. Retrieved 11 September 2011.

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