| Economy | Australia |
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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 (purchasing power parity):
|
$800.5 billion (2008 est.)
$783.2 billion (2007)
$753.1 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$38,100 (2008 est.)
$37,700 (2007 est.)
$36,800 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$1.069 trillion (2008 est.) |
GDP - real growth rate:
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2.2% (2008 est.)
4% (2007 est.)
2.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 2.5%
industry: 26.4%
services: 71.1% (2008 est.) |
Investment (gross fixed):
|
27.6% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 25.4% (1994) |
Distribution of family income - Gini index:
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30.5 (2006) |
Inflation rate (consumer prices):
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4.7% (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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10.02% (31 December 2007) |
Stock of money:
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$298.5 billion (31 December 2007) |
Stock of money - per capita:
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14,039 USD per capita |
Stock of quasi money:
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$667.2 billion (31 December 2007) |
Stock of quasi money - per capita:
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31,379 USD per capita |
Stock of domestic credit:
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$1.312 trillion (31 December 2007) |
Stock of domestic credit - per capita:
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61,705 USD per capita |
Labor force:
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11.21 million (2008 est.) |
Labor force participation rate:
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52.72 % of population |
Labor force - by occupation:
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agriculture: 3.6%
industry: 21.1%
services: 75% (2005 est.) |
Unemployment rate:
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4.5% (2008 est.) |
Budget:
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revenues: $343.6 billion
expenditures: $340.7 billion (2008 est.) |
Budget revenues per capita:
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16,160 USD per capita |
Public debt:
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15.4% of GDP
note: the Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities (2008 est.) |
Industries:
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mining, industrial and transportation equipment, food processing, chemicals, steel |
Industrial production growth rate:
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3.5% (2008 est.) |
Electricity - production:
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244.2 billion kWh (2007 est.) |
Electricity - production per capita:
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11,485 kWh per capita |
Electricity - consumption:
|
220 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
10,347 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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600,000 bbl/day (2008 est.) |
Oil - production per capita:
|
28,219 bbl/day per capita |
Oil - consumption:
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966,200 bbl/day (2007 est.) |
Oil - consumption - per capita:
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16.59 bbl/year per capita |
Oil - exports:
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337,400 bbl/day (2005) |
Oil - imports:
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615,000 bbl/day (2005) |
Oil - proved reserves:
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1.5 billion bbl (1 January 2008 est.) |
Natural gas - production:
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43.62 billion cu m (2007 est.) |
Natural gas - production per capita:
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2,052 cu m per capita |
Natural gas - consumption:
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29.4 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,383 cu m per capita |
Natural gas - exports:
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19.91 billion cu m (2007 est.) |
Natural gas - imports:
|
5.689 billion cu m (2007 est.) |
Natural gas - proved reserves:
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849.5 billion cu m (1 January 2008 est.) |
Agriculture - products:
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wheat, barley, sugarcane, fruits, cattle, sheep, poultry |
Current account balance:
|
-$43.84 billion (2008 est.) |
Current account balance - per capita:
|
-2,061 USD per capita |
Exports:
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$178.9 billion (2008 est.) |
Exports per capita:
|
8,414 USD per capita |
Exports - commodities:
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coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment |
Exports - partners:
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Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India 5.5%, UK 4.2% (2007) |
Imports:
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$187.2 billion (2008 est.) |
Imports per capita:
|
8,805 USD per capita |
Imports - commodities:
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machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
Imports - partners:
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China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2% (2007) |
Reserves of foreign exchange and gold:
|
$25.75 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,212 USD per capita |
Debt - external:
|
$1.032 trillion (31 December 2008 est.) |
Debt - external - per capita:
|
48,536 USD per capita |
Stock of direct foreign investment - at home:
|
$333.1 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
15,666 USD per capita |
Stock of direct foreign investment - abroad:
|
$301.1 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
14,161 USD per capita |
Market value of publicly traded shares:
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$1.298 trillion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
61,047 USD per capita |
Economic aid - donor:
|
ODA, $2.123 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Australian dollar (AUD) |
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:
|
1 July - 30 June |
|
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