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The Economy of Australia

Australian Economy

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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.

GDP:

GDP - real growth rate: 2.2% (2008 est.) 4% (2007 est.) 2.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 2.5% industry: 26.4% services: 71.1% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 25.4% (1994)

Distribution of family income - Gini index: 30.5 (2006)

Inflation rate (consumer prices):

Labor force: 11.21 million (2008 est.)

Labor force - by occupation: agriculture: 3.6% industry: 21.1% services: 75% (2005 est.)

Unemployment rate: 4.5% (2008 est.)

Budget: revenues: $343.6 billion expenditures: $340.7 billion (2008 est.)

Industries: mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate: 3.5% (2008 est.)

Electricity - production: 244.2 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 220 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 600,000 bbl/day (2008 est.)

Oil - consumption: 966,200 bbl/day (2007 est.)

Oil - exports: 337,400 bbl/day (2005)

Oil - imports: 615,000 bbl/day (2005)

Oil - proved reserves: 1.5 billion bbl (1 January 2008 est.)

Natural gas - production: 43.62 billion cu m (2007 est.)

Natural gas - consumption: 29.4 billion cu m (2007 est.)

Natural gas - exports: 19.91 billion cu m (2007 est.)

Natural gas - imports: 5.689 billion cu m (2007 est.)

Natural gas - proved reserves: 849.5 billion cu m (1 January 2008 est.)

Agriculture - products: wheat, barley, sugarcane, fruits, cattle, sheep, poultry

Exports: $178.9 billion (2008 est.)

Exports - commodities: coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners: Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India 5.5%, UK 4.2% (2007)

Imports: $187.2 billion (2008 est.)

Imports - commodities: machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners: China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2% (2007)

Debt - external: $1.032 trillion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Australian dollars (AUD) per US dollar - 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004)

Fiscal year: