Australia Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New Zealand, and India.

 

Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas Project, will significantly expand the resources sector.

 

For nearly two decades up till 2017, Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system. Australia entered 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

Real GDP (purchasing power parity)

$1,250,900,000,000 (2020 est.)

$1,254,480,000,000 (2019 est.)

$1,227,940,000,000 (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.84% (2019 est.)

2.77% (2018 est.)

2.45% (2017 est.)

Real GDP per capita

$48,700 (2020 est.)

$49,500 (2019 est.)

$49,200 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,390,790,000,000 (2019 est.)

Inflation rate (consumer prices)

1.6% (2019 est.)

1.9% (2018 est.)

1.9% (2017 est.)

Credit ratings

Fitch rating: AAA (2011)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (2003)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.6% (2017 est.)

industry: 25.3% (2017 est.)

services: 71.2% (2017 est.)

GDP - composition, by end use

household consumption: 56.9% (2017 est.)

government consumption: 18.4% (2017 est.)

investment in fixed capital: 24.1% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 21.5% (2017 est.)

imports of goods and services: -21% (2017 est.)

Agricultural products

sugar cane, wheat, barley, milk, rapeseed, beef, cotton, grapes, poultry, potatoes

Industries

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

Industrial production growth rate

1.4% (2017 est.)

Labor force

12.568 million (2020 est.)

Labor force - by occupation

agriculture: 3.6%

industry: 21.1%

services: 75.3% (2009 est.)

Unemployment rate

5.16% (2019 est.)

5.29% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 11.3%

male: 12.6%

female: 9.8% (2021 est.)

Gini Index coefficient - distribution of family income

34.4 (2014 est.)

35.2 (1994)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 25.4% (1994)

Budget

revenues: 490 billion (2017 est.)

expenditures: 496.9 billion (2017 est.)

Budget surplus (+) or deficit (-)

-0.5% (of GDP) (2017 est.)

Public debt

40.8% of GDP (2017 est.)

40.6% of GDP (2016 est.)

Taxes and other revenues

35.5% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

$8.146 billion (2019 est.)

-$29.777 billion (2018 est.)

Exports

$299.04 billion (2020 est.)

$342.43 billion (2019 est.)

$327.32 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 39%, Japan 15%, South Korea 7%, India 5% (2019)

Exports - commodities

iron ore, coal, natural gas, gold, aluminum oxide (2019)

Imports

$249.07 billion (2020 est.) note: data are in current year dollars

$295.46 billion (2019 est.) note: data are in current year dollars

$310.23 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 25%, United States 12%, Japan 7%, Germany 5%, Thailand 5% (2019)

Imports - commodities

refined petroleum, cars, crude petroleum, broadcasting equipment, delivery trucks (2019)

Reserves of foreign exchange and gold

$66.58 billion (31 December 2017 est.)

$55.07 billion (31 December 2016 est.)

Debt - external

$3,115,913,000,000 (2019 est.)

$2,837,818,000,000 (2018 est.)

Exchange rates

Australian dollars (AUD) per US dollar -

1.34048 (2020 est.)

1.46402 (2019 est.)

1.38552 (2018 est.)

1.3291 (2014 est.)

1.1094 (2013 est.)

NOTE: The information regarding Australia on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Australia 2022 information contained here. All suggestions for corrections of any errors about Australia 2022 should be addressed to the CIA or the source cited on each page.