Economy Overview
Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors over the course of the economy's 17 solid years of expansion. Robust business and consumer confidence and high export prices for raw materials and agricultural products fueled the economy in recent years, particularly in mining states. Drought, robust import demand, and a strong currency pushed the trade deficit up however, while infrastructure bottlenecks and a tight labor market constrained growth in export volumes and stoked inflation through mid-2008. The unwinding of the yen-based carry trade in late 2008 has contributed to a weakening of the Australian dollar. Tight global liquidity has challenged Australia's banking sector, which relies heavily on international wholesale markets for funding. The economy remains relatively healthy despite falling export commodity prices. The government plans to counter slowing growth in 2009 with fiscal stimulus efforts.
Agriculture Products
wheat, barley, sugarcane, fruits, cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Production Growth Rate
3% (2008 est.)country comparison to the world: 86
Labor Force
11.25 million (2008 est.)country comparison to the world: 45
Electricity production
239.9 billion kWh (2007 est.)country comparison to the world: 17
Electricity Consumption
222 billion kWh (2007 est.)country comparison to the world: 16
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
4.2% (2008 est.)country comparison to the world: 51 4.4% (2007 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
30.5 (2006)country comparison to the world: 111 35.2 (1994)
Budget
Revenues: $350.3 billion
Expenditures: $332.4 billion (2008 est.)
Public Debt
14.7% of GDP (2008 est.)country comparison to the world: 104 17.4% of GDP (2004 est.) note: the Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$NA (31 December 2008)$1.312 trillion (31 December 2007)
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 13 $1.298 trillion (31 December 2007)$1.096 trillion (31 December 2006)
Reserves of Foreign Exchange and Gold
$32.92 billion (31 December 2008 est.)country comparison to the world: 39 $26.91 billion (31 December 2007 est.)
Debt External
$799.8 billion (31 December 2008)country comparison to the world: 14 $820.4 billion (31 December 2007)
Stock of Direct Foreign Investment at Home
$366.5 billion (31 December 2008 est.)country comparison to the world: 14 $337.5 billion (31 December 2007 est.)
Stock of Direct Foreign Investment Abroad
$197.2 billion (31 December 2008 est.)country comparison to the world: 15 $290.4 billion (31 December 2007 est.)
Exchange Rates
Australian dollars (AUD) per US dollar - 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004)
