Economy - overview
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, 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 also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia's trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the Rudd government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.2% during 2009 - the best performance in the OECD - and by 3.3% in 2010. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.1% in 2010. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia's economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.GDP (purchasing power parity)
$882.4 billion (2010 est.)$858.8 billion (2009 est.)
$847.5 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate)
$1.236 trillion (2010 est.)GDP - real growth rate
2.7% (2010 est.)1.3% (2009 est.)
2.6% (2008 est.)
GDP - per capita (PPP)
$41,000 (2010 est.)$40,400 (2009 est.)
$40,300 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector
agriculture: 4%industry: 24.8%
services: 71.2% (2010 est.)
Population below poverty line
NA%Labor force
11.62 million (2010 est.)Labor force - by occupation
agriculture: 3.6%industry: 21.1%
services: 75% (2009 est.)
Unemployment rate
5.1% (2010 est.)5.6% (2009 est.)
Household income or consumption by percentage share
lowest 10%: 2%highest 10%: 25.4% (1994)
Distribution of family income - Gini index
30.5 (2006)35.2 (1994)
Investment (gross fixed)
27.4% of GDP (2010 est.)Budget
revenues: $396.1 billionexpenditures: $426.5 billion (2010 est.)
Public debt
22.4% of GDP (2010 est.)22.1% of GDP (2009 est.)
Inflation rate (consumer prices)
2.9% (2010 est.)1.8% (2009 est.)
Central bank discount rate
4% (31 March 2010)4.25% (3 December 2008)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
Commercial bank prime lending rate
6.02% (31 December 2009 est.)8.91% (31 December 2008 est.)
Stock of money
$248.5 billion (31 December 2008)$298.5 billion (31 December 2007)
Stock of quasi money
$617 billion (31 December 2008)$667.2 billion (31 December 2007)
Stock of domestic credit
$1.731 trillion (31 December 2010 est.)$1.407 trillion (31 December 2009 est.)
Industries
mining, industrial and transportation equipment, food processing, chemicals, steelIndustrial production growth rate
3% (2010 est.)Electricity - production
239.9 billion kWh (2007 est.)Electricity - production by source
fossil fuel: 90.8%hydro: 8.3%
nuclear: 0%
other: 0.9% (2001)
Electricity - consumption
222 billion kWh (2007 est.)Electricity - exports
0 kWh (2008 est.)Electricity - imports
0 kWh (2008 est.)Oil - production
589,200 bbl/day (2009 est.)Oil - consumption
946,300 bbl/day (2009 est.)Oil - imports
716,700 bbl/day (2008 est.)Oil - exports
311,900 bbl/day (2008 est.)Oil - proved reserves
3.318 billion bbl (1 January 2010 est.)Natural gas - production
42.33 billion cu m (2009 est.)Natural gas - consumption
26.59 billion cu m (2009 est.)Natural gas - exports
22.3 billion cu m (2009 est.)Natural gas - imports
6.56 billion cu m (2009 est.)Natural gas - proved reserves
3.115 trillion cu m (1 January 2010 est.)Current Account Balance
$-35.23 billion (2010 est.)$-41.33 billion (2009 est.)
Agriculture - products
wheat, barley, sugarcane, fruits; cattle, sheep, poultryExports
$210.7 billion (2010 est.)$154.8 billion (2009 est.)
Exports - commodities
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipmentExports - partners
China 21.8%, Japan 19.2%, South Korea 7.9%, India 7.5%, US 4.9%, UK 4.4%, NZ 4.1% (2009)Imports
$200.4 billion (2010 est.)$160.4 billion (2009 est.)
Imports - commodities
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum productsImports - partners
China 17.9%, US 11.3%, Japan 8.4%, Thailand 5.8%, Singapore 5.5%, Germany 5.3% (2009)Reserves of foreign exchange and gold
$38.62 billion (31 December 2010 est.)$41.74 billion (31 December 2009 est.)
Debt - external
$1.169 trillion (31 December 2010 est.)$1.094 trillion (31 December 2009 est.)
Stock of direct foreign investment - at home
$329.1 billion (31 December 2010 est.)$295.9 billion (31 December 2009 est.)
Stock of direct foreign investment - abroad
$245.9 billion (31 December 2010 est.)$221.1 billion (31 December 2009 est.)
Market value of publicly traded shares
$1.258 trillion (31 December 2009)$675.6 billion (31 December 2008)
$1.298 trillion (31 December 2007)
Exchange rates
Australian dollars (AUD) per US dollar -1.0902 (2010)
1.2822 (2009)
1.2059 (2008)
1.2137 (2007)
1.3285 (2006)
Source : http://www.indexmundi.com/australia/economy_profile.html
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