Australia has a prosperous Western-style
capitalist economy, with a per capita GDP at the level of the four
dominant West European economies. Rich in natural resources, Australia
is a major exporter of agricultural products, minerals, metals, and
fossil fuels. Commodities account for 57% of the value of total
exports, so that a downturn in world commodity prices can have a big
impact on the economy. The government is pushing for increased exports
of manufactured goods, but competition in international markets
continues to be severe. While Australia has suffered from the low
growth and high unemployment characterizing the OECD countries in the
early 1990s and during the recent financial problems in East Asia, the
economy has expanded at a solid 4% annual growth pace in the last five
years. Canberra's emphasis on reforms is a key factor behind the
economy's resilience to the regional crisis and its stronger than
expected growth rate. Growth in 2000 will depend on key international
commodity prices, the extent of recovery in nearby Asian economies,
and the strength of US and European markets.

purchasing power parity - $416.2 billion (1999 est.)

4.3% (1999 est.)

purchasing power parity - $22,200 (1999 est.)

agriculture: 3%
industry: 26%
services: 71% (1998 est.)

NA%

lowest 10%: 2.5%
highest 10%: 24.8% (1989)

1.8% (1999 est.)

8.9 million (December 1999)

services 73%, industry 22%, agriculture
5% (1997 est.)

7.5% (1999)

revenues: $90.73 billion
expenditures: $89.04 billion, including capital expenditures of $NA
(FY98/99 est.)

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

1.5% (1999 est.)

186.387 billion kWh (1998)

fossil fuel: 89.85%
hydro: 8.35%
nuclear: 0%
other: 1.8% (1998)

173.34 billion kWh (1998)

0 kWh (1998)

0 kWh (1998)

wheat, barley, sugarcane, fruits; cattle,
sheep, poultry

$58 billion (f.o.b., 1999 est.)

coal, gold, meat, wool, alumina, iron ore,
wheat, machinery and transport equipment

Japan 20%, EU 14%, ASEAN 11%, US 10%, South Korea,
NZ, Taiwan, Hong Kong, China (1998)

$67 billion (f.o.b., 1999 est.)

machinery and transport equipment, computers
and office machines, telecommunication equipment and parts; crude oil
and petroleum products

EU 24%, US 22%, Japan 14%, ASEAN 12% (1998)

$222 billion (1999)

ODA, $1.43 billion (FY97/98)

1 Australian dollar ($A) = 100 cents

Australian dollars ($A) per US$1 - 1.52068 (January
2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997), 1.2773 (1996),
1.3486 (1995)

1 July - 30 June