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Sydney's central business district, a major financial and business services hub.
| |
| Rank | 12th (nominal) / 17th (PPP) |
|---|---|
| Currency | Australian dollar (A$ or AUD) |
| Fiscal year | 1 July – 30 June |
| Trade organisations | APEC, WTO and OECD |
| Statistics | |
| GDP | $1.542 trillion (2012 est.) |
| GDP growth | 3.6% (2012 est.)[1][2] |
| GDP per capita | $67,304 (nominal; 2012)[3] |
| GDP by sector | agriculture: 4%, industry: 27.3%, services: 68.8% (2012 est.) |
| Inflation (CPI) | 1.8% (2012 est.)[4] |
| Gini coefficient | 0.331 (2009)[5] |
| Labour force | 12.15 million (2012 est.) |
| Labour force by occupation | agriculture: 3.6%, industry: 21.1%,services: 75% (2009 est.) |
| Unemployment | 5.7% (September 2013)[6] |
| Main industries | mining, industrial and transportation equipment, food processing, chemicals,steel[7][8][9] |
| Ease of doing business rank | 10th[10] |
| External | |
| Exports | $258.8 billion (2012 est.) |
| Export goods | coal, iron ore, gold, meat, wool, alumina,wheat, machinery and transport equipment[7][8][9][11][12] |
| Main export partners |  China 29.5% Japan 19.3% South Korea 8.0% India 4.9% [13] |
| Imports | $239.7 billion (2012 est.) |
| Import goods | machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
| Main import partners | China 18.2% United States 11.6% Japan 7.8% Singapore 5.9% Germany 4.6% Thailand 4.2% South Korea 4.0% (2012)[14] |
| FDI stock | $329.1 billion (31 December 2010 est.) |
| Gross external debt | |
The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion. Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjustedGDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australiapublishes forecasts of the economy quarterly. Australia has the eighth highest tax rate in the world, which could hinder economic growth in the long term especially affecting Small and medium enterprises after the global financial crisis and further strengthening its economy with the development of the Chinese economy, which is the one of the main export destinations for Australian raw materials.
The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP – the total mining sector is 19% of GDP.[29] Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market.
The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific[31] and ranks 9th in the world in terms of market capitalisation.[32] Australia is home to some of the largest companies in the world, including but not limited to, BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank, Woolworths and AMP – which also are the 10 largest companies in Australia. The Australian Financial Review is associated with economic-liberalism of the economy of Australia. The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island,Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru andTuvalu.
Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Chile, New Zealand, and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and in 2011 there was a plan to form an Australasian Single Economic Market.
