Economy Overview
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’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, 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
1.5% (2015 est.)
Labor Force
12.5 million (2015 est.)
Labor Force by Occupation
Agriculture: 3.6%
Industry: 21.1%
Services: 75.3% (2009 est.)
Unemployment Rate
6.1% (2014 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: $415.6 billion
Expenditures: $436.3 billion (2015 est.)
Public Debt
42.2% of GDP (2014 est.)
Central Bank Discount Rate
4.35% (31 December 2010)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$224.9 billion (31 December 2014 est.)
Stock of Broad Money
$1.648 trillion (31 December 2012 est.)
Stock of Domestic Credit
$2.09 trillion (31 December 2014 est.)
Market Value of Publicly Traded Shares
$1.455 trillion (31 December 2013 est.)
Reserves of Foreign Exchange and Gold
$53.89 billion (31 December 2014 est.)
Debt External
$1.552 trillion (31 December 2014 est.)
Stock of Direct Foreign Investment at Home
$599.5 billion (31 December 2014 est.)
Stock of Direct Foreign Investment Abroad
$483.1 billion (31 December 2014 est.)
Exchange Rates
0.9695 (2011 est.)
