Economy Overview
Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports, so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. While Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s and during the recent financial problems in East Asia, the economy has expanded at a solid 4% annual growth pace in the last five years. Canberra's emphasis on reforms is a key factor behind the economy's resilience to the regional crisis and its stronger than expected growth rate. Growth in 2001 will depend on key international commodity prices, the extent of recovery in nearby Asian economies, and the strength of US and European markets.
Agriculture Products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
1.5% (1999 est.)
Labor Force
9.5 million (December 1999)
Electricity production
191.727 billion kWh (1999)
Electricity production by source
Fossil fuel: 89.93%
Hydro: 8.36%
Nuclear: 0%
Other: 1.71% (1999)
Electricity Consumption
178.306 billion kWh (1999)
Electricity Exports
0 kWh (1999)
Electricity Imports
0 kWh (1999)
Economic Aid - Donor
ODA, $1.43 billion (FY97/98)
Currency
Australian dollar (AUD)
Unemployment Rate
6.4% (2000)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 25.4% (1994)
Budget
Revenues: $94 billion
Expenditures: $103 billion, including capital expenditures of $NA (1999 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$220.6 billion (2000)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Australian dollars per US dollar - 1.7995 (January 2001), 1.7173 (2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997), 1.2773 (1996)
