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Economy - overview: |
Australia has an enviable Western-style capitalist 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. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australia's budget in surplus since 2002. |
GDP (purchasing power parity): |
$666.3 billion (2006 est.) |
GDP (official exchange rate): |
$645.3 billion (2006 est.) |
GDP - real growth rate: |
2.8% (2006 est.) |
GDP - per capita (PPP): |
$32,900 (2006 est.) |
GDP - composition by sector: |
agriculture: 3.8% industry: 26.2% services: 70% (2005 est.) |
Labor force: |
10.66 million (2006 est.) |
Labor force - by occupation: |
agriculture: 3.6% industry: 21.2% services: 75.2% (2004 est.) |
Unemployment rate: |
4.9% (2006 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) |
Inflation rate (consumer prices): |
3.8% (2006 est.) |
Investment (gross fixed): |
26.8% of GDP (2006 est.) |
Budget: |
revenues: $267 billion expenditures: $258 billion; including capital expenditures of $NA (2006 est.) |
Public debt: |
14.1% of GDP (2006 est.) |
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% (2006 est.) |
Electricity - production: |
225.3 billion kWh (2004) |
Electricity - consumption: |
209.5 billion kWh (2004) |
Electricity - exports: |
0 kWh (2004) |
Electricity - imports: |
0 kWh (2004) |
Oil - production: |
530,000 bbl/day (2005 est.) |
Oil - consumption: |
877,300 bbl/day (2004 est.) |
Oil - exports: |
523,400 bbl/day (2001) |
Oil - imports: |
530,800 bbl/day (2001) |
Oil - proved reserves: |
3.664 billion bbl (1 January 2002) |
Natural gas - production: |
37.03 billion cu m (2004 est.) |
Natural gas - consumption: |
26.37 billion cu m (2004 est.) |
Natural gas - exports: |
10.66 billion cu m (2004 est.) |
Natural gas - imports: |
0 cu m (2004 est.) |
Natural gas - proved reserves: |
821.2 billion cu m (1 January 2005 est.) |
Current account balance: |
-$41.62 billion (2006 est.) |
Exports: |
$117 billion (2006 est.) |
Exports - commodities: |
coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment |
Exports - partners: |
Japan 20.3%, China 11.5%, South Korea 7.9%, US 6.7%, NZ 6.5%, India 5% (2005) |
Imports: |
$127.7 billion (2006 est.) |
Imports - commodities: |
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
Imports - partners: |
US 13.9%, China 13.7%, Japan 11%, Singapore 5.6%, Germany 5.6% (2005) |
Reserves of foreign exchange and gold: |
$48.25 billion (2006 est.) |
Debt - external: |
$585.1 billion (30 June 2006 est.) |
Economic aid - donor: |
ODA, $894 million (FY99/00) |
Currency (code): |
Australian dollar (AUD) |
Exchange rates: |
Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002) |
Fiscal year: |
1 July - 30 June |
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