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, robust business and consumer confidence, and rising exports of 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. The impact of drought, weak foreign demand, and strong import demand pushed the trade deficit up from $8 billion in 2002, to $18 billion in 2003, and to $13 billion in 2004. One other concern is the rapid increase in domestic housing prices, which have raised the prospect that interest rates will need to be raised to prevent a speculative bubble.
Agriculture Products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
1.9% (2004 est.)
Labor Force
10.35 million (2004 est.)
Electricity production
210.3 billion kWh (2002)
Electricity Consumption
195.6 billion kWh (2002)
Electricity Exports
0 kWh (2002)
Electricity Imports
0 kWh (2002)
Economic Aid - Donor
ODA, $894 million (FY99/00)
Unemployment Rate
5.1% (December 2004 est.)
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: $222.7 billion
Expenditures: $221.7 billion, including capital expenditures of NA (2004 est.)
Public Debt
17.4% of GDP (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$35.14 billion (2004 est.)
Debt External
$308.7 billion (3rd quarter, 2004 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Australian dollars per US dollar - 1.3598 (2004), 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000)
