Economy of Australia
Sydney's central business district is Australia's largest financial and business services hub.
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| Currency | Australian Dollar (AUD) ~ 0.77 USD |
|---|---|
| 1 July – 30 June | |
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Trade organisations
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APEC, WTO and OECD |
| Statistics | |
| GDP | $1.2 trillion (2015,Nominal), $1.1 trillion (2015,PPP) |
| GDP rank | 12th (nominal) / 21st (PPP) |
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GDP growth
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1.8% (September 2016) |
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GDP per capita
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$51,000(2015, Nominal), $47,000(2015, PPP) (5th, nominal; 16th, PPP) |
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GDP by sector
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Services: 58%, Retail Trade: 5%, Mining: 7%, Construction:9%, Manufacturing:7% (2016) |
| 1.0% (September 2016) | |
| 0.331 (2009) | |
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Labour force
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12 million (2016) |
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Labour force by occupation
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agriculture: 3.6%, industry: 21.1%, services: 75% (2009 est.) |
| Unemployment | 5.7% (September 2016) |
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Average gross salary
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US$ 4,000 month (2015) |
| US$ 3,000 month (2015) | |
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Main industries
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mining, industrial and transportation equipment, food processing, chemicals, steel |
| 15th (2017) | |
| External | |
| Exports | US$184.4 billion (2015 est.) |
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Export goods
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iron ore, gold, coal, meat, wool, alumina, wheat, machinery and transport equipment |
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Main export partners
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 China 32.2% Japan 15.9% South Korea 7.1% United States 5.4% India 4.2% (2015) |
| Imports | US$208.4 billion (2015 est.) |
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Import goods
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machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
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Main import partners
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China 23% United States 11.2% Japan 7.4% South Korea 5.95% Thailand 5.1% Germany 4.6% (2015) |
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FDI stock
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$0.3 trillion (31 December 2010 est.) |
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Gross external debt
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$1.5 trillion (31 December 2012 est.) |
| Public finances | |
| 23.3% of GDP (2013-14 outcome) | |
| $43.7 billion (2013-14 outcome) | |
| Revenues | $373.9 billion (2013-14 outcome) |
| Expenses | $413.8 billion (2013-14 outcome) |
| Economic aid | donor: ODA, $7.7 billion (2012) |
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Standard & Poor's: AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Negative Moody's: AAA Outlook: Stable Fitch: AAA Outlook: Stable |
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Foreign reserves
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$0.04 trillion (March 2011) |
The economy of Australia is one of the largest mixed market economies in the world, with a GDP of AUD$1.62 trillion as of 2015. Australia's total wealth is AUD$6.4 trillion in 2013. In 2012, it was the 12th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes quarterly forecasts of the economy.
The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 7% of GDP; including services to mining, the total value of the mining industry in 2009-10 was 8.4% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector (12% of GDP) with the products to be exported mainly to the East Asian market. Despite the recent decline of the mining boom in the country, the Australian economy has remained resilient and stable.
The Australian Securities Exchange in Sydney is the largest and in terms of market capitalisation. Australia is home to some of the largest companies in the world, including but not limited to: Wesfarmers (Coles Group), Woolworths, BHP Billiton, National Australia Bank, ANZ, Commonwealth Bank, Westpac, Rio Tinto Group, Telstra & Caltex – which are the 10 largest companies in 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 and Tuvalu.
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