Economy Overview
Australia has an enviable, strong 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, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth.
Agriculture Products
wheat, barley, sugarcane, fruits, cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
4.1% (2007 est.)
Labor Force
10.95 million (2007 est.)
Electricity production
244.2 billion kWh (2007 est.)
Electricity Consumption
220 billion kWh (2006 est.)
Electricity Exports
0 kWh (2007 est.)
Electricity Imports
0 kWh (2007 est.)
Unemployment Rate
4.4% (2007 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 25.4% (1994)
Distribution of Family Income Gini Index
30.5 (2006)
Budget
Revenues: $321.9 billion
Expenditures: $315.8 billion (2007 est.)
Public Debt
Public debt: 15.6% of GDP
Note: the Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities (2007 est.)
Central Bank Discount Rate
NA
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$1.312 trillion (31 December 2007)
Market Value of Publicly Traded Shares
$804.1 billion (2005)
Reserves of Foreign Exchange and Gold
$26.91 billion (31 December 2007 est.)
Debt External
$826.4 billion (31 December 2007)
Stock of Direct Foreign Investment at Home
$315 billion (2007 est.)
Stock of Direct Foreign Investment Abroad
$280.6 billion (2007 est.)
Exchange Rates
Australian dollars (AUD) per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)
