Economy 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.
Agriculture Products
wheat, barley, sugarcane, fruits, cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
-3.5% (2006 est.)
Labor Force
10.74 million (2006 est.)
Electricity production
236.7 billion kWh (2005)
Electricity Consumption
219.8 billion kWh (2005)
Electricity Exports
0 kWh (2005)
Electricity Imports
0 kWh (2005)
Economic Aid - Donor
ODA, $894 million (FY99/00)
Unemployment Rate
4.9% (2006 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: $268.2 billion
Expenditures: $257.3 billion (2006 est.)
Public Debt
16.1% of GDP (2006 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$804.1 billion (2005)
Reserves of Foreign Exchange and Gold
$55.08 billion (2006 est.)
Debt External
$628.1 billion (2006 est.)
Stock of Direct Foreign Investment at Home
$246.2 billion (2006 est.)
Stock of Direct Foreign Investment Abroad
$226.8 billion (2006 est.)
Exchange Rates
Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002)
