Australia Economy - 2024

Economic overview

Asian and global economic leader and partner for 3 decades; strong financial sector and highly traded domestic currency support best credit ratings; aging workforce; export-led model; reduced consumer spending offset by government and business; energy investor

Real GDP (purchasing power parity)

$1.279 trillion (2021 est.)
$1.251 trillion (2020 est.)
$1.251 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.24% (2021 est.)
-0.05% (2020 est.)
2.17% (2019 est.)

Real GDP per capita

$49,800 (2021 est.)
$48,700 (2020 est.)
$49,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

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

Inflation rate (consumer prices)

2.86% (2021 est.)
0.85% (2020 est.)
1.61% (2019 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

-0.55% (2021 est.)

Labor force

13.786 million (2021 est.)

Unemployment rate

5.11% (2021 est.)
6.46% (2020 est.)
5.16% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 10.8% (2021 est.)

male: 12.7%

female: 8.9%

Gini Index coefficient - distribution of family income

34.3 (2018 est.)

Average household expenditures

on food: 9.3% of household expenditures (2018 est.)

on alcohol and tobacco: 3.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 25.4% (1994)

Remittances

0.06% of GDP (2021 est.)
0.09% of GDP (2020 est.)
0.13% of GDP (2019 est.)

Budget

revenues: $479.33 billion (2019 est.)

expenditures: $532.579 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

69.41% of GDP (2020 est.)
60.25% of GDP (2019 est.)
54.49% of GDP (2018 est.)

Taxes and other revenues

22.61% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

$56.261 billion (2021 est.)
$35.601 billion (2020 est.)
$7.658 billion (2019 est.)

Exports

$389.794 billion (2021 est.)
$300.77 billion (2020 est.)
$342.485 billion (2019 est.)

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

Exports - partners

China 40%, Japan 14%, South Korea 9%, India 6%, Taiwan 4% (2021)

Exports - commodities

iron ore, coal, natural gas, gold, wheat (2021)

Imports

$298.712 billion (2021 est.) note: data are in current year dollars
$250.178 billion (2020 est.) note: data are in current year dollars
$295.504 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 28%, United States 10%, Japan 6%, Germany 5%, Thailand 5% (2021)

Imports - commodities

refined petroleum, cars, delivery trucks, broadcasting equipment, computers and gold (2021)

Reserves of foreign exchange and gold

$57.878 billion (31 December 2021 est.)
$42.545 billion (31 December 2020 est.)
$57.995 billion (31 December 2019 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 -

Exchange rates:
1.331 (2021 est.)
1.453 (2020 est.)
1.439 (2019 est.)
1.338 (2018 est.)
1.305 (2017 est.)