Economy of Australia

Economy - overview
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, 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. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
GDP (purchasing power parity)
$926.2 billion (2011 est.)
$885.2 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$1.488 trillion (2011 est.)
GDP - real growth rate
2% (2011 est.)
1.4% (2009 est.)
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GDP - per capita (PPP)
$40,800 (2011 est.)
$40,000 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
4%
industry:
24.6%
services:
71.4% (2011 est.)
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Labor force
12.05 million (2011 est.)
rank:
43
Labor force - by occupation
agriculture:
3.6%
industry:
21.1%
services:
75% (2009 est.)
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Unemployment rate
5.1% (2011 est.)
5.2% (2010 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%:
2%
highest 10%:
25.4% (1994)
Distribution of family income - Gini index
30.5 (2006)
35.2 (1994)
Investment (gross fixed)
26.8% of GDP (2011 est.)
rank:
34
Budget
revenues:
$473.2 billion
expenditures:
$521.8 billion (2011 est.)
Taxes and other revenues
31.8% of GDP (2011 est.)
rank:
82
Budget surplus (+) or deficit (-)
-3.3% of GDP (2011 est.)
rank:
106
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Public debt
26.8% of GDP (2011 est.)
23.5% of GDP (2010 est.)
Inflation rate (consumer prices)
3.4% (2011 est.)
2.8% (2010 est.)
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Central bank discount rate
4.35% (31 December 2010 est.)
3.28% (31 December 2009 est.)
this is the Reserve Bank of Australia's "cash rate target," or policy rate
Commercial bank prime lending rate
7.74% (31 December 2011 est.)
7.279% (31 December 2010 est.)
Stock of narrow money
$492.2 billion (31 December 2011 est.)
$421.7 billion (31 December 2010 est.)
Stock of broad money
$1.502 trillion (31 December 2011 est.)
$1.392 trillion (31 December 2010 est.)
Stock of domestic credit
$2.08 trillion (31 December 2011 est.)
$1.927 trillion (31 December 2010 est.)
Market value of publicly traded shares
$1.198 trillion (31 December 2011)
$1.258 trillion (31 December 2009)
Agriculture - products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial production growth rate
-0.1% (2011 est.)
rank:
148
Electricity - production
232 billion kWh (2009 est.)
rank:
16
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Electricity - consumption
225.4 billion kWh (2008 est.)
rank:
15
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Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production
549,200 bbl/day (2010 est.)
rank:
30
Oil - consumption
960,800 bbl/day (2010 est.)
rank:
23
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Oil - exports
312,600 bbl/day (2009 est.)
rank:
40
Oil - imports
731,400 bbl/day (2009 est.)
rank:
19
Oil - proved reserves
3.318 billion bbl (1 January 2011 est.)
rank:
29
Natural gas - production
45.11 billion cu m (2010 est.)
rank:
20
Natural gas - consumption
26.41 billion cu m (2010 est.)
rank:
29
Natural gas - exports
24.7 billion cu m (2010 est.)
rank:
11
Natural gas - imports
5.99 billion cu m (2010 est.)
rank:
30
Natural gas - proved reserves
3.115 trillion cu m (1 January 2011 est.)
rank:
12
Current account balance
-$40.5 billion (2011 est.)
-$31.99 billion (2010 est.)
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Exports
$272.1 billion (2011 est.)
$212.9 billion (2010 est.)
Exports - commodities
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Exports - partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% (2011)
Imports
$243.4 billion (2011 est.)
$194.7 billion (2010 est.)
Imports - commodities
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partners
China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7% (2011)
Reserves of foreign exchange and gold
$46.8 billion (31 December 2011 est.)
$42.27 billion (31 December 2010 est.)
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Debt - external
$1.376 trillion (31 December 2011 est.)
$1.266 trillion (31 December 2010 est.)
Stock of direct foreign investment - at home
$549.1 billion (31 December 2011 est.)
$514.4 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$443.5 billion (31 December 2011 est.)
$400.7 billion (31 December 2010 est.)
Exchange rates
1.2137 (2007)
Fiscal year
1 July - 30 June
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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