
Australia Economy
Australia Economy: A summary of information about Australia Economy, from government research data as well as independent research and other sources.
Australia: Economy
Economy - overview
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.
GDP
purchasing power parity - $416.2 billion (1999 est.)
GDP - real growth rate
4.3% (1999 est.)
GDP - per capita
purchasing power parity - $22,200 (1999 est.)
GDP - composition by sector
agriculture: 3% industry: 26% services: 71% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 2.5% highest 10%: 24.8% (1989)
Inflation rate (consumer prices)
1.8% (1999 est.)
Labor force
8.9 million (December 1999)
Labor force - by occupation
services 73%, industry 22%, agriculture 5% (1997 est.)
Unemployment rate
7.5% (1999)
Budget
revenues: $90.73 billion expenditures: $89.04 billion, including capital expenditures of $NA (FY98/99 est.)
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial production growth rate
1.5% (1999 est.)
Electricity - production
186.387 billion kWh (1998)
Electricity - production by source
fossil fuel: 89.85% hydro: 8.35% nuclear: 0% other: 1.8% (1998)
Electricity - consumption
173.34 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Exports
$58 billion (f.o.b., 1999 est.)
Exports - commodities
coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Exports - partners
Japan 20%, EU 14%, ASEAN 11%, US 10%, South Korea, NZ, Taiwan, Hong Kong, China (1998)
Imports
$67 billion (f.o.b., 1999 est.)
Imports - commodities
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partners
EU 24%, US 22%, Japan 14%, ASEAN 12% (1998)
Debt - external
$222 billion (1999)
Economic aid - donor
ODA, $1.43 billion (FY97/98)
Currency
1 Australian dollar ($A) = 100 cents
Exchange rates
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)
Fiscal year
1 July - 30 June