Economy Overview
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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% (2012 est.)country comparison to the world: 80
Labor Force
12.15 million (2012 est.)country comparison to the world: 43
Unemployment Rate
5.2% (2012 est.)country comparison to the world: 47 5.1% (2011 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
30.3 (2008)country comparison to the world: 114 35.2 (1994)
Budget
Revenues: $504.7 billion
Expenditures: $556.1 billion (2012 est.)
Public Debt
32.4% of GDP (2012 est.)country comparison to the world: 110 27.1% of GDP (2011 est.)
Central Bank Discount Rate
3% (February 2013 est.)country comparison to the world: 82 4.35% (31 December 2010 est.) note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$534.8 billion (31 December 2012 est.)country comparison to the world: 10 $475.9 billion (31 December 2011 est.)
Stock of Broad Money
$1.708 trillion (31 December 2012 est.)country comparison to the world: 11 $1.501 trillion (31 December 2011 est.)
Stock of Domestic Credit
$2.255 trillion (31 December 2012 est.)country comparison to the world: 12 $2.061 trillion (31 December 2011 est.)
Market Value of Publicly Traded Shares
$1.4 trillion (31 January 2013)country comparison to the world: 13 $1.198 trillion (31 December 2011) $1.455 trillion (31 December 2010)
Reserves of Foreign Exchange and Gold
$49.15 billion (31 December 2012 est.)country comparison to the world: 39 $46.83 billion (31 December 2011 est.)
Debt External
$1.497 trillion (31 December 2012 est.)country comparison to the world: 13 $1.383 trillion (31 December 2011 est.)
Stock of Direct Foreign Investment at Home
$610.8 billion (31 December 2012 est.)country comparison to the world: 13 $551.9 billion (31 December 2011 est.)
Stock of Direct Foreign Investment Abroad
$426 billion (31 December 2012 est.)country comparison to the world: 16 $379.2 billion (31 December 2011 est.)
Exchange Rates
Australian dollars (AUD) per US dollar -0.97 (2012 est.) 0.97 (2011 est.) 1.09 (2010) 1.28 (2009) 1.21 (2008)
