Economy of Australia
Overview
Australia has an enviable Western-style capitalist economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australia's budget in surplus since 2002.
GDP
Real Growth Rate
3%
Per Capita
USD 32,900
From Agriculture
4%
From Industry
26%
From Services
70%
Labour Force
Available for Work
Unknown
Working in Agriculture
0%
Working in Industry
0%
Working in Services
0%
Unemployment Rate
0%
Population Below Poverty Line
0%
Inflation Rate
4%
Investment as Percent of GDP
27%
Budget
Revenues
USD 267,000 (m)
Expenditures
USD 258,000 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Wheat, barley, sugarcane, fruits, cattle, sheep, poultry
Core Industries
Mining, industrial and transportation equipment, food processing, chemicals, steel
Exports
Value
USD 117,000 (m)
Commodities
Coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Partners
Japan 20.3%, China 11.5%, South Korea 7.9%, US 6.7%, NZ 6.5%, India 5% (2005)
Imports
Value
USD 127,700 (m)
Commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Partners
US 13.9%, China 13.7%, Japan 11%, Singapore 5.6%, Germany 5.6% (2005)
External Debt
USD 585,100 (m)
Fiscal Year
1 July - 30 June
