MBA Australia

Australian Economy


 

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Australia possesses the 9th largest Australian Stock Exchange in the world: The Australian Securities Exchange and the 3rd in the Index of Economic Freedom; and with a high GDP per capita, Australia enjoys a free-market economy and a low poverty rate. The country has the Australian Dollar as the national currency.

The country has an average growth of 3.6% per year, and the country had, by 2007, an unemployment rate of 5%. The country has a strong economy, one of the strongest in the world, and its GDP per capita is over many others with $1 trillion by 2006, higher than the ones from the UK, USA and Germany.

Inflation rate is relatively low, reaching around 2.5% per year during the last 15 years. The service sector is the strongest in the country, followed by important sectors such as mining and agriculture. Australia exports different products such as wool, minerals, grains, gas and metals.

Economy Statistics

These are some of the most important statistics of Australia's economy :

Economy of Australia
Currency Australian Dollar ($A or A$, AU$ or $AU, AUD)
Fiscal year 1 July - 30 June
Trade organisations APEC, WTO and OECD
Economy Statistics
GDP ranking 34th (2003)
GDP (purchasing power parity PPP) $645.3 billion (2006 est.)
GDP (official exchange rate) $NZ921.5 billion (2005)
GDP growth 3.8% (Q2 2007)
GDP per capita (PPP) $32,900 (2006 est.)
GDP composition by sector agriculture (3.8%) industry (26.2%) services (70%) (2005 est.)
Inflation rate 2.1% (Q2 2007)
Pop below poverty line N/A (2006)
Budget Revenues $NZ375.6 bn, Expenditures $NZ361.2 bn
Public debt 16.1% of GDP (2005)
Reserves and foreign exchange and gold $NZ65.1 billion
External debt $NZ486.3 billion
Economic aid donor $NZ1.344 million
Unemployment 4.3% (Q2 2007)
Arable land 6.15%
Labour force 10.66 million (2006 est.)
Labour force by occupation agriculture 3.6%
mining 1.1%
industry 20.2% services 75.1% (2004)
Industries mining, industrial and transportation equipment, food processing, chemicals, steel.
Natural resources bauxite, coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas, petroleum.
Trading Partners
Exports $117 billion (2006 est.)
Export goods coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment.
Main partners Japan 20.3%, China 11.5%, South Korea 7.9%, US 6.7%, New Zealand 6.5%, India 5% (2005)
Imports $127.7 billion (2006 est.)
Imports goods machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products.
Main Partners US 13.9%, China 13.7%, Japan 11%, Singapore 5.6%, Germany 5.6% (2005)
Public finances
Public debt $585.1 billion (30 June 2006 est.)
External debt $15.5bn (2003)
Revenues A$222.9 billion (2005-2006)
Expenses A$206.0 billion (2005-2006)
Economic aid donor: ODA, $2.5 billion (2005/06 Budget)

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