Australia is a country with a strong economy. Its Gross Domestic Product (GDP) was estimated at $1.3 trillion in 2016, according to the World Bank. This made Australia the 12th largest economy in the world. Australia’s GDP per capita was also high, at $52,962 in 2016.
The Australian economy is dominated by the service sector, which accounts for around 70% of GDP. The manufacturing and agriculture sectors make up around 10% each of GDP, while mining and other industries account for the remaining 10%.
Australia has a diverse range of trading partners, with its largest export markets being China, Japan, the United States, and South Korea. Its main imports come from China, the United States, and New Zealand.
Australia has a mixed economy, with both private and public sector involvement. The government is involved in industries such as health care, education, and infrastructure. The private sector is responsible for most other economic activity, including manufacturing, agriculture, mining, and tourism.
Australia’s economy is strong and diversified, and it continues to grow steadily. This makes it an attractive destination for investment and trade.
In 1901, Australia became part of the British Empire. It was able to take full advantage of its natural riches to rapidly develop its agricultural and manufacturing sectors, as well as making a significant contribution to the British effort in World Wars I and II. Nowadays, Australia has a wealthy Western-style capitalist economy with a GDP per capita comparable to that of the four major West European economies. With an abundance of natural resources, Australia is one of the world’s largest agricultural exporters.
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. Australia is the world’s largest exporter of coal and iron ore, and the second-largest exporter of gold.
Australia has a services-oriented economy with tourism and education being two of the major industries. Australia is also home to some of the world’s largest companies such as BHP Billiton, National Australia Bank, Commonwealth Bank of Australia, Telstra Corporation, ANZ Banking Group Limited.
The Australian economy is one of the strongest and most stable in the world. In recent years Australia has had record low unemployment levels and strong economic growth. The economy is expected to continue to grow strongly in the coming years.
Australia is a wealthy country with a strong economy. The economy is diversified, with industries such as agriculture, mining, manufacturing, and services all contributing significantly to GDP. Australia has significant reserves of natural resources, including coal, iron ore, copper, gold, and natural gas. Australia is a major exporter of these resources and also benefits from tourism and education exports. Australia’s economic stability and strong growth prospects make it an attractive destination for foreign investment.
The Australian government is committed to maintaining a strong and stable economy. The government has implemented a number of reforms to improve the efficiency of the economy and reduce Australia’s reliance on foreign capital. These reforms have helped Australia weather the global economic downturn and maintain strong economic growth.
Australia’s economy is largely free-market in nature, with finance, manufacturing, services, and trade as its primary engines. The gross national product (GNP) is expanding at a greater rate than the population, and the GNP per capita is comparable to those of other industrialized countries.
Australia exports significant amounts of minerals, wool, wheat, beef, and mutton and is a major importer of manufactured goods. Australia generally experiences favorable terms of trade; that is, prices for its export commodities have risen faster than import prices. Australia’s mineral resources are adequate to support industrial expansion and future development. They include bauxite, coal, iron ore, copper, tin, gold, silver, uranium, and oil. Australia also has large reserves of natural gas.
Agriculture accounts for 4% of the gross domestic product (GDP) and a near-equal proportion of the labour force. Arable land makes up about 6% of the overall area, with one-third needing irrigation. Barley, oats, rice, potatoes, cotton, sunflower seeds, and tomatoes are the most important crops. Grap
Australia is the world’s largest exporter of wool and a major producer of beef. Australia also exports large quantities of live animals, mostly to Asian markets. The manufacturing sector has declined in importance since the 1970s as a result of Australia’s increasing focus on primary production and service industries. The country’s main manufactures include food, beverages, and tobacco; motor vehicles and parts; textile, clothing, and footwear; wood and paper products; chemicals; minerals processing; printing; and publishing.
Australia has abundant reserves of coal, iron ore, uranium, bauxite (aluminum), lead, zinc, copper, gold, silver, natural gas, and oil. Australia is a world leader in the production of alumina, bauxite, lead, lithium, manganese ore, merino wool, opals, rutile (titanium dioxide), and zircon. Australia is the world’s largest exporter of coal and iron ore.
Australia has a prosperous Western-style capitalist economy with a per capita GDP on purchasing power parity basis of about $37,000 in 2006, slightly higher than that of the United Kingdom and on par with France and Italy. Australia enjoyed 20 years of uninterrupted economic growth from 1991 to 2011—the longest period without recession in Australian history—and annual GDP growth averaged 3.5 percent during that time.
Australia was comparatively unaffected by the global financial crisis that began in 2007, due largely to the timely implementation of proactive macroeconomic policies, including Australia’s stimulatory fiscal response and the Reserve Bank of Australia’s (RBA) aggressive interest rate cuts. Australia entered into recession in late 2008 for the first time since 1991, but emerged from recession in December 2009, as commodity prices—particularly for iron ore and coal—rose on the back of strong demand from Asia, Australia’s largest export market.
Australia’s economic growth moderated in 2012-13 as mining investment and exports softened in the wake of the global financial crisis, but picked up in 2014-15 on the back of higher iron ore prices and increased output from Australia’s liquefied natural gas (LNG) export projects. Australia’s unemployment rate remained at a decade low of 5.7 percent in 2016 even as the economy transitioned away from mining-led growth.
Australia’s economic growth is forecast to remain solid in the coming years, supported by LNG exports, strong population growth, and high levels of government and business investment. Australia is a member of the Asia-Pacific Economic Cooperation (APEC) forum, the G20 group of major economies, and the Organization for Economic Cooperation and Development (OECD).
