Economy Overview
Australia has an enviable Western-style capitalist economy, with a per capita GDP on par with the four dominant West European economies. Rising output in the domestic economy has been offsetting the global slump, and business and consumer confidence remains robust. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. The impact of drought, weak foreign demand, and strong import demand pushed the trade deficit up to $18 billion in 2003 and to $20 billion in 2004 from $8 billion in 2002. One other concern is the domestic housing bubble.
Agriculture Products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
-0.1% (2003 est.)
Labor Force
10.19 million (37256)
Electricity production
198.2 billion kWh (2001)
Electricity Consumption
184.4 billion kWh (2001)
Electricity Exports
0 kWh (2001)
Electricity Imports
0 kWh (2001)
Economic Aid - Donor
ODA, $894 million (FY99/00)
Currency
Australian dollar (AUD)
Unemployment Rate
6% (2003)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 25.4% (1994)
Distribution of Family Income Gini Index
35.2 (1994)
Budget
Revenues: $185 billion
Expenditures: $181 billion, including capital expenditures of NA (2003)
Public Debt
18.2% of GDP (2003)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$233.5 billion (2003 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Australian dollars per US dollar - 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000), 1.55 (1999)
