To install click the Add extension button. That's it.

The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. You could also do it yourself at any point in time.

Kelly Slayton
Congratulations on this excellent venture… what a great idea!
Alexander Grigorievskiy
I use WIKI 2 every day and almost forgot how the original Wikipedia looks like.
What we do. Every page goes through several hundred of perfecting techniques; in live mode. Quite the same Wikipedia. Just better.

Economy of Australia

From Wikipedia, the free encyclopedia

Economy of Australia
Sydney City from Waverton.jpg
Sydney's central business district is Australia's largest financial and business services hub.
CurrencyAustralian dollar (AUD) = 0.72 USD
1 July – 30 June
Trade organisations
(IMF; 2018)[1]
GDP rank (IMF; 2018)[2][3]
GDP growth
0.6% (Q3 2017)[4][5]
GDP per capita
  • $58,941 (nominal)
  • $52,191 (PPP)
(IMF; 2018)[1]
GDP per capita rank
(IMF; 2018)[6][7]
GDP by sector
  • Services: 61.1%
  • Construction: 8.1%
  • Mining: 6.9%
  • Manufacturing: 6.0%
  • Agriculture: 2.2% (2016)[8]
  • 1.8% annual
  • 0.6% quarterly
(Sep Qtr 2017)[9]
0.333 (2014)[10]
Labour force
12.7 million (2017)[11]
Labour force by occupation
  • Services: 79.2%
  • Construction: 8.8%
  • Manufacturing: 7.4%
  • Agriculture: 2.7%
  • Mining: 1.9% (2016)[8]
Unemployment5.5% (February 2018)[12]
Average gross salary
  • AUD weekly (May 2017):[13]
  • A$1,605 (full-time adult)
  • A$1,179 (all employees)
Main industries
Decrease 18th (2019)[16]
Exports$190.2 billion (2016)[17]
Export goods
iron ore, coal, petroleum gases, gold, synthetic corundum, wheat and meslin, bovine meat, wool, meat of sheep or goat[17]
Main export partners
  • China 31.6%
  • Japan 13.9%
  • European Union 7.5%
  • South Korea 6.7%
  • United States 4.6%
  • Other 35.6%[17]
Imports$196.1 billion (2016)[17]
Import goods
cars, petroleum, automatic data processing equipment, medicaments, other food preparations, cigars, wine, baked goods, alcohol of less than 80% volume[17]
Main import partners
  • China 23.4%
  • European Union 19.3%
  • United States 11.5%
  • Japan 7.7%
  • Thailand 5.7%
  • Other 32.5%[17]
FDI stock
  • Inward: $576.037 billion
  • Outward: $401.506 billion
(UNCTAD 2016)[18]
US$1.487 trillion (30 June 2017)[19]
Public finances
42.3% of GDP (October 2017)[20]
Revenues$461 billion (2017 est.)
Expenses$484 billion (2017 est.)
Economic aiddonor: ODA, $3.02 billion (2016)[21]
  • AAA
  • Outlook: Negative
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
Foreign reserves
$51.838 billion (Oct 2017)[25]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017.[26] In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult.[27] Australia's total wealth was AUD$8.9 trillion as of June 2016.[28] In 2016, Australia was the 14th-largest national economy by nominal GDP,[2] 20th-largest by PPP-adjusted GDP,[3] and was the 25th-largest goods exporter and 20th-largest goods importer.[29] Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).[30]

The Australian economy is dominated by its service sector, comprising 61.1% of the GDP and employing 79.2% of the labour force in 2016.[8] East Asia (including ASEAN and Northeast Asia) is a top export destination, accounting for about 64% of exports in 2016.[31] Australia has the eighth-highest total estimated value of natural resources, valued at US$19.9 trillion in 2016.[32] At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP.[33] Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable[34][35] and has not experienced a recession since July 1991.[36]

The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation[37] and has the largest interest rate derivatives market in Asia.[38] Some of Australia's large companies include but are not limited to: Wesfarmers, Woolworths, Rio Tinto Group, BHP Billiton, Commonwealth Bank, National Australia Bank, Westpac, ANZ, Macquarie Group, Telstra and Caltex Australia.[39] The currency of Australia and its territories is the Australian dollar which it shares with several Pacific nation states.

Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and the United States.[40][41][42] The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.[43]

YouTube Encyclopedic

  • 1/5
    135 996
    6 611
    9 462
    3 995
    20 346
  • ✪ Introduction to Australia's Economy


Why is the Australian economy Soon going to collapse. I'm gonna add a few links in the description and today I'm just gonna be talking off the top of my head because I don't really have time to be making these videos at the moment why the Australian economy will collapse Why and I'm going to try to point out to you guys all of the different Signs and signals that I am seeing within the economy, which tell me this so if you want to support me you can support me on Patreon and if you like this video make sure you click the subscribe button and the bell icon. So don't miss out on anything So today I'm going to talk about why the Australian economy is going to collapse and To understand that you need to understand a little bit about the Australian economy. So I'll give you a little bit of Australian economy 101 Australia is not a very smart country we dig holes and We do mining. We put them on boats and we send them north We're in isolated country too. So it costs a lot of money to fuel these boats most of these boats our biggest trading partner is China they do say about 35% of the Entire Australian economy relies on China buying resources from Australia There's a lot of geopolitical problems that couldn't happen When we are sending our maritime trade through the South China Sea and through Anna neva, but we won't touch on that today But we're just going to talk about the big factors in the Australian economy and Australia relies on China and even the dummies out there they have just started to realize this second one we invest a lot in our education system so we have a lot of immigrants and International students who travel to Australia they pay exorbitant fees and they They come down here to get a some sort of formal education So they're the two main things that drive the Australian economy now earlier this year There was a new law passed in the Australian government where they in a Financial crisis the Australian government can take money out of your bank account now when that happened The smart people around there noticed the people that see signals noticed and they challenged that and they asked for a thing A new law to be passed called glass Segal I think that's how you pronounce it They have that in America What it does is it prevents the government from dipping into your bank account in financial crisis now earlier this year The Australian economy was looking fine even though I've been telling you guys for over a year now that It's not fine and the signs are not good because of the changing geopolitical situation That's one sign the the government refused to pass it that's a sign and the fact that They then just said all the economy is doing fine We don't you don't have to worry about your bank accounts. The fact that that happened that always happens and the dummies In this country. Just thought okay, the economy is doing fine now I Want to let you guys to what's been happening the last two weeks. So this is recent We're going to go back to the trade with China. I think that's a big factor the tariffs between America and China there's a big deal that happened where Malcolm Turnbull was really happy that he was able to convince The the Americans to not put tariffs on our steel exports well For the dummies in Australia, they thought that was awesome. But I'll tell you one thing The raw materials come from Australia They go to China It gets created. They they manufacture it. We don't do that here It's manufactured in the iron ore and then the Chinese for quite a long time. They've been diluting the market with cheap iron ore Now if China gets tariffs put on their iron ore Does that mean China is going to continue to buy? The resources from Australia. No, they're not going to at all. So we just got a tariff by proxy second we we are going through a Right now this trade war is a changing of the trade structure so What's happening is America now is trying to convince all of its allies to not trade with China China is also looking now to emerging markets developing countries to try and trade with because it's going to lose trade with other countries and If Australia is allied with America Why the hell would China want to continue to trade with its enemies best friend? Okay. So right now if you this last two weeks Zi Jing ping has been shaking hands with Individually on individual little contracts in Africa almost every African leader Now what does that mean for Australia? Well that means that their resource is going to come from Africa They're not going to come from Australia from Australia anymore So what we can do now is we can assume that 30% that's right 30 percent of the Australian GDP should be wiped off the map As soon as China decides to switch over That means astray is going to become 30 percent poorer Okay Another thing that happened was Malcolm Turnbull. He kind of got strong-armed into investing Australian superannuation into American in structural projects gee, I think he he Invested over a trillion dollars of that's right your retirement in American infrastructure projects Donald Trump is a good businessman Australian politicians are spoiled little shits that don't know what they're doing. So Now your future relies on these Future infrastructure projects going really well in America and if they don't your retirement is going to suffer now recently The I have been saying this I'm also going to at the end of this video. I'm going to the end screen Will divert you through some other videos that I've put up over a year ago. I was talking about the Australian currency the Australian economy or the problems that we are going to face in the future and how we will possibly become the Venezuela of Asia Now This is where Indonesia comes in The new the new prime minister, which the Australians did not vote in Scott Morrison as soon as he got elected boom straight to Indonesia to sign a new deal with Indonesia why because he's trying to Diversify Australian trade because they see something bad happening that's why Malcolm Turnbull also invested our superannuation abroad because We don't have any proper business leaders in Australia. We just have dummy rent seekers. I'll explain that later so Indonesia in a way is a trading partner of China and I foresee Australia trading with Indonesia are thinking that everything's going to go well there Indonesia does have a history of invading countries East Timor is a prime example Now if Australia was to be blockaded in any way shape or form The Australian economy would collapse within six months totally collapse. We will become as poor as the Philippines within Six months time. That's right now what if Indonesia plays nice with us and then Flips and goes okay, China will do what you will do your bidding and we'll blockade Australia or some pirated some pirates happen to be taking out our ships. Keep in mind We are an island. All of our trade goes by the sea what if some unaccounted for Some unaccountable pirates that are taking out our maritime trade, that would be very costly for our economy also That that could be that's a big geopolitical problem for Australia is just getting our trade out through the sea I Hope you understand what that really means and you look at the map Get out the map use your own brain use some critical thinking and have a look at what is going on in the world Stray is full of dummies. But I don't want my followers to be dummies like the rest of this stupid country another problem is Singapore Singapore is a good trading partner of Australia We pump a lot of money into them. They refine our oil and our fuel it comes from Singapore now Singapore's a long way away I don't see why we shouldn't have through this massive boom that we've had over the last 30 years Our government didn't invest in figured out how to refine our own oil or Secure our own resources secure our own energy future Why because they're stupid if Anything was to happen between Australia and Singapore and believe me China's putting a lot of pressure on Singapore to become entirely Pro China Australia would run out of oil if we ran out of fuel, we don't have any sort of fuel to even fuel our boats to go abroad and continue this economy ticking over the economy collapses now right now China has now put money into a port in Malaysia and They they promised the Malaysia. They said look if we build this port in Malaysia we will run a lot of Chinese trade through this port which will be on the Malacca Straits side of Malaysia and we will divert a lot of traffic from Singapore which will damage Singapore's Economy. Now this is a way of strong-arming Singapore to becoming more pro-beijing and less see Singapore for a very long time has been Let's just say the Switzerland of Asia. That's the way I would put it. They've been neutral to everyone. They've been so Neutral and fair to every side but it's coming to the point where they're gonna have to start Becoming more Pro Beijing because America's although I don't care how much Fox News you watch America is losing its power and Donald Trump doesn't really have the influence that people think he does So Singapore is a Singapore possibly becoming Pro Beijing is a threat to our fuel So our maritime trades endanger our fuels in danger, ow Our resources are in danger even just by a Donald Trump and the trade Wall of China Now this gets to The other signals in the economy the currency Now this week the currency started to drop and I have warned you guys I warned you guys last year. I said the property market is overpriced I said sell your property and possibly Start diversifying last year why you still have the power? People thought people said I was stupid Property prices are dropping Why property prices started dropping when China implemented a new policy? Last year and that's why I made that property video saying that you cannot take more than $200,000 $200,000 out of the Chinese economy and spend it abroad without explicit permission From the Chinese Communist Party so that meant that millions of dollars wasn't flowing into our economy anymore Now this this is another problem with our economy There's no innovation here in Australia, there's no smart people running this place, there's just rent-seeking parasites Let me explain 70s 80s 90s Well, if you brought property back then it's gonna be worth a lot right now and All of those rich people squandered it. They got lazy they become rent-seeking parasites now if you were to Put a law out there to prevent like okay if you think of a rich person in Australia What do you think of do you think of the CEO of Apple? Do you think of someone who invented something some magnificent product which is a a world-beating product? Can you think of any Australian that has actually invented anything? I? Bet you can what you think of and what I think of and my friends think of when we think of rich Australians We think of people that earn three or four houses they got like five six seven million dollars in assets and The cost of rent keeps going up So I'm going to use the yokota economic term unity cost now. The opportunity cost is Extremely damaging to the Australian economy over the last 40 years A strong Australian dollar property prices just kept going up The the Immigrants kept coming to Australia investing money here the population started growing So therefore supply and demand hit the Australian property prices and they just kept going up and then all of these rent-seeking leeches latched on I got the people buying properties. You got the people the real estate agents So 30 years ago If you worked full-time for three years just say you weren't twenty thousand dollars a year You could buy yourself a big house in a an expensive suburb in Sydney or Melbourne for say $70,000 just three and a half years wages. Now. It's like thirty five years Yeah, and it's impossible for someone of my generation of my property now that's inflation the problem with that Opportunity cost is that my generation has to spend all their surplus money on Rent instead of trying to innovate and create products and businesses for the economy My biggest beef here. Is that for so many years you have all of these Rent-seeking parasites buying properties When if the government had have come in and limited it to say three properties per person. Let's just round it off at three Because that's when you hit a critical mass and you start buying four or five six houses You have three houses there they are going to still be rent-seeking but they're going to have a surplus of money and What is a rich person going to want to do with that money? Perhaps they might even start up a goddamn Business in Australia and hire someone for once instead of rent-seeking and being a parasite on the next generation Now the opportunity cost here is not only two-fold. It's tenfold because if I'm paying rent and I am working seven days a week, which was unheard of for the generation before me. They only worked Monday to Friday. I Don't have the money to invest in a in any sort of business definitely don't can't afford a property But if these people had a surplus of money, they might have been able to start up a business they might have started looking to invest in other people's businesses and That would not only improve the economy over the last 3040 years would have been better for the entire country going forward and I believe that this is one of the main factors where the Australian economy is struggling right now because we can't just be rent seeking parasites in the property market as well as all we do is guard the land and dig holes and sell it as resources not a very smart move The smartest economies out there create something they create Technologies and especially when you think about how strong the Australian dollars been over such a long time the Australian dollar Leaped over and was stronger than the American dollar at one stage. That's right people The Australian dollar was stronger than the American dollar at one stage Now I have said in other videos that I believe that the Australian dollar will become one dollar to one RMB That's the Chinese money I've said that and I stand by that today Recently we have seen that the Australian dollar has started to behave like emerging market currencies That's right. The world now sees us for the Charlatans That we are we dig holes we put them on goddamn boats when we send them through the sea and we rent seek at home and the generation before us is screwed over my generation and the generation after ours I Might sound a little bit annoyed with this. Of course, I am There should be big companies created in Australia. There should have been Investment in new technologies, why can't we have our own Apple or or our own new? Technology company or something like that instead of just digging holes and sending it through the sea. So this is my rant for today I want to I just want to point out those points to you guys the tariffs and the trade war between America and China is directly going to affect Australia because our economy relies China China's not going to help out Australia if we are their enemy China's going to get their recent resources from Africa. So The currency has dropped the Australian government has obviously seen that we are in panic mode because they have sent our superannuation funds to American infrastructure projects We our our fuel is not Secured from Singapore because China's putting pressure on them we are now going to trade more with Indonesia and our geopolitical situation is not looking good there either because We are now at the whim of Indonesian Policymakers if they decide to turn on us our economy would be totally screwed the Australian government Implemented that law that means that in financial crisis they can dip into your bank accounts That's right you if you're in Australia right now and you have an Australian bank account and there's a crisis a financial crisis that they can take the money out of your bank the West Park recently last week Westpac put their um They put their interest rates up and Another signal I'd like to let you guys know about is as soon as they put their interest rates up Which is a sign of inflation in Australia, okay? it's a warning sign that the economy is not going too well because it's going to be less money flowing around the Economy for trade. There's going to be less money going into property as well. So the property prices will drop Businesses will have less money to trade with as well But as soon as Westpac because they were the first bank to move on interest rates there was a spike in the amount of people buying stocks in Westpac now what this tells me is that there's a lot of people out there with a lot of money looking for opportunities because There's not too many safe bets around and to pump that amount of money into West Park off such a small thing, like increasing interest rates tells me that there's a lot of people that don't There they're either greedy Which is another warning sign of the economy or they're just stupid I would say there's a mixture of both going on here and if you if you remember what happened in 2007 before the global financial crisis that was one of the big warning factors was Greedy people throwing the money around Thinking that they're going to win everywhere and next thing you know it all collapses and everyone loses their money It's all doom and gloom is it no, it's not all doom and gloom, right? now we're going through a pivotal moment and I've been following it all obsessively for years There's so many opportunities out there if you if you were to put your money in a smart place right now Guaranteed in ten years time you'll be a multimillionaire. I Implore you guys out there to put your collective brains Together and I hope that the people following me are the intelligent ones not the fools Because believe me Australia's full of a lot of fools. I'm hoping to somehow attract to the intelligent ones to my channel from now on If you can come up with any better ideas Leave a comment below and we can brainstorm in the comments on where we should be investing our money If you are an Australian right now, my theory right now is gold. I like gold I believe if you're gonna buy gold you believe that China and Russia is going to win if you invest in US stocks and US currency that means that you believe that US UK Australia that team's going to win I Am not so positive about the situation I believe that Russia and China is going to win so I'm investing in gold China some people have been saying It's hard to find But there's there's some conspiracy theorists. Yes That's right conspiracy theorists out there saying that they believe that the Chinese are hoarding gold But they're not being transparent with it. So they're they're Reducing the supply so that the cost of gold increases and the plan of that also So that the price of gold increases Russia's also Transparently investing in gold They're letting everybody know quite transparently that they have been investing gold over the last decade now the reason why this is so important is because Recently America has just just gone to town on Iran got rid of the Iran nuclear deal to try and destroy their economy because Iran is selling oil in gold to China and Russia I believe gold because if you do some technical analysis on The charts Gold is very volatile. It goes up and it goes down people like gold. They trust gold So I believe that that is possibly a good place to put your money I believe gold because I believe China and Russia will win America will in turn try to Collapse the the price of gold so that's the battle that's going on right now America wants gold to drop Russia and China want gold to rise so that they can back their currencies And then the irony the Chinese are on baby can become the new reserve currency. That's their plan so you can either buy RMB or you can buy gold if you believe that side's going to win if you think America is going to win invest somewhere in America. It's easier to find Investments in America, especially if you're in an Australian in a western country. You have a plethora of options So I'm not gonna just tell you one or two. You've got so many options to choose from now if you were to of panicked and sold your property or In my opinion one of the smart people and sold your property You got a surplus of money and you want to invest in property somewhere else I would definitely say Sri Lanka in Colombo because China just is building that port up and a lot of trades going to go through Sri Lanka because I believe that that Sri Lanka That Sri Lankan port might become as rich and powerful as say a Singapore or a Hong Kong Therefore the property prices will explode in the next 10 20 years Probably buying property or investing around Malaysia. I think Malaysia is another interesting Situation where they've dealt with corruption for such a long time and it seems like they're cleaning it up and Building this port and getting a lot of trade from China And would definitely 100 percent boost their economy So Malaysia, not many people are going to be talking about Malaysia, but I like the look of this I like to look at what's going on over there The other option is Indonesia If you trust Indonesia as a country When you look at how many Australians go there every year 1.1 million Australians travel to Indonesia last year believe it or not. That's how many Australians travel to Indonesia and holidays There's a lot of connections between the two of us By the way the Australian currency dropped faster than the Indonesian currency That's another signal that you should be taking note of it dropped faster than the Indonesian currency Which tells me that more people Only a small percentage but more people trust the Indonesian economy than they do the Australian economy. And the Projections for the Indonesian economy is that the Indonesian economy will be the fifth largest economy in the world. I learned them there in the next decade so Investing in Indonesia might be a good opportunity for you guys If you're a smart Australian you have some sort of technology and some sort of Getting go in you and you are willing to take advantage of this opportunity Starting up a business in Indonesia Might be a good option for you As well, so there's so many opportunities out there. I also think if we're going to talk about currencies if If China's shaking hands with leaders of say Zimbabwe and all of these African nations Some of these currencies are going to go from worthless, and they're going to They're going to times by a thousand overnight. So as soon as China signs a deal with some of these African countries Their currency is going to boom So this is a bit of a risky one, but if you were to pick the right one You could definitely it's like winning the lotto you could there's not that many African countries and if you follow it closely as soon as they sign the deal and the money goes through and some sort of Projects start up in some of these African countries their currencies are going to increase and you can definitely ride that out Pull your money out. That's definitely another option as well. There's a lot of huge Opportunities out there, so it's not all doom and gloom. It's just doom and gloom for Australia So if you liked this video make sure you click the subscribe button and click the bell icon so you don't miss out on anything make sure you Let me know what you think about this. I'd like some feedback you can link things in the comments as well and also if you like my videos And you want to help me out. I do have a patreon and you can help me out financially so that I can obviously Buy a better camera and some better audio equipment so that I can provide you with a far higher quality video than what I'm doing today by just an ad hoc type video like this where I just Pull out the mic and I just tell you off the top of my head what I think about what's going on But I'm hopefully I still Provided you with enough information About what's going on and by looks of it. This is like a thirty half an hour video, so I better go now and Nice chatting with you guys And I'll see you guys in the next video. Don't let fear stop you



Annual percentage growth in real (chain volume) GDP per capita since 1961
Annual percentage growth in real (chain volume) GDP per capita since 1961

20th century

Australia's average GDP growth rate for the period 1901–2000 was 3.4% annually. As opposed to many neighbouring Southeast Asian countries, the process towards independence was relatively peaceful and thus did not have significant negative impact on the economy and standard of living.[44] Growth peaked during the 1920s, followed by the 1950s and the 1980s. By contrast, the late 1910s/early 1920s, the 1930s, the 1970s and early 1990s were marked by financial crises.

Economic liberalisation

From the early 1980s onwards, the Australian economy has undergone intermittent economic liberalisation. In 1983, under prime minister Bob Hawke, but mainly driven by treasurer Paul Keating, the Australian dollar was floated and financial deregulation was undertaken.

Early 1990s recession

The early 1990s recession came swiftly after the Black Monday of October 1987, as a result of a stock collapse of unprecedented size which caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy and the stock market began to quickly recover. But in North America, the lumbering savings and loans industry was facing decline, which eventually led to a savings and loan crisis which compromised the well-being of millions of US people. The following recession thus impacted the many countries closely linked to the USs, including Australia. Paul Keating, who was prime minister at the time, famously referred to it as "the recession that Australia had to have."[45] During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%.[46] However, the recession did assist in reducing long-term inflation rate expectations and Australia has maintained a low inflation environment since the 1990s to the present day.


Mining has contributed to Australia's high level of economic growth, from the gold rush in the 1840s to the present day. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion was supported by enormous government outlays for transport, communication, and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large-scale immigration satisfied the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued economic growth and Western Australia itself benefited strongly from mining iron ore and gold from the 1960s and 1970s which fueled the rise of suburbanisation and consumerism in Perth, the capital and most populous city of Western Australia, as well as other regional centres.

Global financial crisis

The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[47]

The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[48] The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.[49][50] The growth rate was reported to be 4.3% year-on-year.[51]

The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years; the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",[52] the National Australia Bank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[53] and JP Morgan in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.[54] Deutsche Bank in August 2012, and Société Générale in October 2012, warned that there is risk of recession in Australia in 2013.[55][56]

While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.[57][58][59]


The following table shows the main economic indicators in 1980–2017. Inflation under 2 % is in green.[60]

Year GDP
(in Bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP growth
Inflation rate
(in Percent)
(in Percent)
Government debt
(in % of GDP)
1980 155.1 10,480 Increase2.9 % Negative increase10.1 % 6.1 % n/a
1981 Increase176.6 Increase11,744 Increase4.1 % Negative increase9.5 % Positive decrease5.8 % n/a
1982 Increase187.7 Increase12.276 Increase0.1 % Negative increase11.4 % Negative increase7.1 % n/a
1983 Increase194.2 Increase12,541 Decrease−0.5 % Negative increase10.0 % Negative increase10.0 % n/a
1984 Increase213.8 Increase13,639 Increase6.3 % Negative increase4.0 % Positive decrease8.9 % n/a
1985 Increase232.7 Increase14,635 Increase5.5 % Negative increase4.0 % Positive decrease8.3 % n/a
1986 Increase243.2 Increase15,070 Increase2.4 % Negative increase9.1 % Positive decrease8.1 % n/a
1987 Increase261.6 Increase15,958 Increase4.9 % Negative increase8.5 % Steady8.1 % n/a
1988 Increase282.3 Increase16,917 Increase4.3 % Negative increase7.3 % Positive decrease7.2 % n/a
1989 Increase306.8 Increase18,116 Increase4.6 % Negative increase7.6 % Positive decrease6.1 % 17.1 %
1990 Increase323.0 Increase18,811 Increase1.5 % Negative increase7.2 % Negative increase6.7 % Positive decrease16.5 %
1991 Increase330.4 Increase19,010 Decrease−1.0 % Negative increase3.3 % Negative increase9.6 % Negative increase21.7 %
1992 Increase346.7 Increase19,747 Increase2.6 % Increase1.0 % Negative increase10.7 % Negative increase27.7 %
1993 Increase368.8 Increase20,813 Increase3.9 % Increase1.8 % Negative increase10.9 % Negative increase30.7 %
1994 Increase395.0 Increase22,076 Increase4.9 % Increase2.0 % Positive decrease9.7 % Negative increase31.8 %
1995 Increase414.8 Increase22,891 Increase2.9 % Negative increase4.6 % Positive decrease8.5 % Negative increase31.2 %
1996 Increase439.9 Increase23,998 Increase4.2 % Negative increase2.7 % Steady8.5 % Positive decrease29.4 %
1997 Increase467.7 Increase25,269 Increase4.5 % Increase0.2 % Positive decrease8.4 % Positive decrease26.0 %
1998 Increase495.2 Increase26,472 Increase4.7 % Increase0.9 % Positive decrease7.7 % Positive decrease23.8 %
1999 Increase524.8 Increase27,737 Increase4.4 % Increase1.4 % Positive decrease6.9 % Positive decrease22.6 %
2000 Increase553.3 Increase28,904 Increase3.1 % Negative increase4.5 % Positive decrease6.3 % Positive decrease19.6 %
2001 Increase580.4 Increase29,940 Increase2.6 % Negative increase4.4 % Negative increase6.8 % Positive decrease17.2 %
2002 Increase614.0 Increase31,318 Increase4.2 % Negative increase3.0 % Positive decrease6.4 % Positive decrease15.1 %
2003 Increase642.3 Increase32,428 Increase2.7 % Negative increase2.7 % Positive decrease5.9 % Positive decrease13.2 %
2004 Increase688.3 Increase34,337 Increase4.2 % Negative increase2.3 % Positive decrease5.4 % Positive decrease12.0 %
2005 Increase731.4 Increase36,008 Increase2.9 % Negative increase2.7 % Positive decrease5.0 % Positive decrease10.9 %
2006 Increase774.9 Increase37,568 Increase2.8 % Negative increase3.6 % Positive decrease4.8 % Positive decrease10.0 %
2007 Increase829.9 Increase39,487 Increase4.3 % Negative increase2.4 % Positive decrease4.4 % Positive decrease9.7 %
2008 Increase868.9 Increase40,461 Increase2.7 % Negative increase4.3 % Negative increase6.2 % Negative increase11.8 %
2009 Increase891.7 Increase40,780 Increase1.8 % Increase1.8 % Positive decrease5.6 % Negative increase16.7 %
2010 Increase924.0 Increase41,675 Increase2.4 % Negative increase2.9 % Positive decrease5.2 % Negative increase20.5 %
2011 Increase969.0 Increase43,016 Increase2.7 % Negative increase3.3 % Positive decrease5.1 % Negative increase24.1 %
2012 Increase1,025.3 Increase44,692 Increase3.9 % Increase1.7 % Negative increase5.2 % Negative increase27.7 %
2013 Increase1,064.4 Increase45,640 Increase2.2 % Negative increase2.5 % Negative increase5.7 % Negative increase30.6 %
2014 Increase1,111.9 Increase46,968 Increase2.6 % Negative increase2.5 % Negative increase6.1 % Negative increase34.1 %
2015 Increase1,151.7 Increase47,962 Increase2.5 % Increase1.5 % Steady6.1 % Negative increase37.8 %
2016 Increase1,197.2 Increase49,096 Increase2.6 % Increase1.3 % Positive decrease5.7 % Negative increase40.6 %
2017 Increase1,246.5 Increase50,334 Increase2.3 % Increase2.0 % Positive decrease5.6 % Negative increase41.6 %


Australia's annual inflation rate (percentage change in CPI) since 1949.
Australia's annual inflation rate (percentage change in CPI) since 1949.

Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook 2016). The country was ranked second in the United Nations 2016 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[61][62] In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average since 2007, compared with a 9.2% rate over 2000–2007.[63] Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than the United States of America.

The emphasis on exporting commodities rather than manufactures underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. However, due to a colonial heritage a lot of companies operating in Australia are foreign-owned and as a result, Australia has had persistent current account deficits for over 60 years despite periods of positive net merchandise exports; given the net income outlay between Australia and the rest of the world is always negative. The current account deficit totalled AUD$44.5 billion in 2016[64] or 2.6% of GDP.

Inflation has typically been between 2–3% and the pre-GFC cash rate typically ranged between 5–7%, however, partly in response to the end of the mining boom the cash rate has recently been steadily falling, dropping from 4.75% in October 2011 to 1.5% in Aug 2016. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.[65] Australian National University in Canberra also provides a probabilistic interest-rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU academic staff.[66]

Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to Australia's export composition. Australia's largest export markets are Japan, China, South Korea, India and the US.[67]

At the turn of the current century, Australia experienced a significant mining boom. The mining sector's contribution to overall GDP grew from around 4.5% in 1993–94, to almost 8% in 2006–07. The services sector also grew considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[68]

Regional differences

Between 2010 and 2013, much of the economic growth in Australia was attributed to areas of the country where mining- and resource-based industries and services are mostly located. Western Australia and the Northern Territory are the only states that have economic growth.[69][70][71] During 2012 and 2013 Australian Capital Territory, Queensland, Tasmania, South Australia, New South Wales and Victoria experiences recessions at various times.[69][72][73][74][75][76] The Australian economy is characterised as a "two-speed economy".[77][78][79][80][81][82][83] From June 2012 to March 2013 Victoria experienced a recession. In 2012 the Government of Victoria cut 10% of all jobs in the public service.[84][85] The period since has seen these trends reversed with West Australia and the Northern Territory, who are heavily dependent on mining, experience significant downturns in GDP while the eastern states returned to growth, led by strong upturns in NSW and Victoria.[86]


Quarterly taxation revenue ($millions) since 1959.
Quarterly taxation revenue ($millions) since 1959.

Taxation in Australia is levied at the federal, state, and local government levels. The federal government raises revenue from personal income taxes and business taxes. Other taxes include the goods and services tax (General Service Tax), excise and customs duties. The federal government is the main source of income for state governments. As a result of state dependence on federal taxation revenue to meet decentralised expenditure responsibilities, Australia is said to have a vertical fiscal imbalance.

Besides receipts of funds from the federal government, states and territories have their own taxes, in many cases as slightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-machine tax on businesses that offer gambling services, land tax on people and businesses that own land and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states, unlisted shares in others, and even sales of contracts in some states).

The states effectively lost the ability to raise income tax during the Second World War. In 1942, Canberra invoked its Constitutional taxation power (s. 51 (ii)) and enacted the Income Tax Act and three other statutes to levy a uniform income tax across the country. These acts sought to raise the funds necessary to meet burgeoning wartime expenses and reduce the unequal tax burden between the states by replacing state income taxes with a centralised tax system. The legislation could not expressly prohibit state income taxes (s. 51(ii) does not curtail the power of states to levy taxes) but the federal government's proposal made localised income tax extremely difficult politically. The federal government offered instead compensatory grants authorised by s. 96 of the Constitution for the loss of state income (State Grants (Income Tax Reimbursement) Act 1942).

The states rejected Canberra's regime and challenged the legislation's validity in the First Uniform Tax Case (South Australia v Commonwealth) of 1942. The High Court of Australia held that each of the statutes establishing Commonwealth income tax was a valid use of the s. 51(ii) power, in which Latham CJ noted that the system did not undermine essential state functions and imposed only economic and political pressure upon them.

The Second Uniform Tax Case (Victoria v Commonwealth (1957)) reaffirmed the court's earlier decision and confirmed the power of the federal government's power to make s. 96 grants conditionally (in this case, a grant made on the condition that the recipient state does not levy income tax).

Since the Second Uniform Tax Case, a number of other political and legal decisions have centralised fiscal power with the Commonwealth. In Ha vs. New South Wales (1997), the High Court found that the Business Franchise Licences (Tobacco) Act 1987 (NSW) was invalid because it levied a customs duty, a power exercisable only by the Commonwealth (s.90). This decision effectively invalidated state taxes on cigarettes, alcohol and petrol. Similarly, the imposition of a Commonwealth goods and services tax (GST) in 2000 transferred another revenue base to the Commonwealth.

Consequently, Australia has one of the most pronounced vertical fiscal imbalances in the world: the states and territories collect just 18% of all governmental revenues but are responsible for almost 50% of the spending areas. Furthermore, the centralisation of revenue collection has allowed Canberra to force state policy in areas well beyond the scope of its constitutional powers, by using the grants power (s.96) to mandate the terms on which the states spend money in areas over which it has no power (such as spending on education, health and policing).

Local governments (called councils in Australia) have their own taxes (called rates) to enable them to provide services such as local road repairs, local planning and building management, garbage collection, street cleaning, park maintenance services, libraries, and museums. Councils also rely on state and federal funding to provide infrastructure and services such as roads, bridges, sporting facilities and buildings, aged care, maternal and child health, and childcare.

In 2000, a goods and services tax (GST) was introduced, similar to the European-style VAT.


The seasonally adjusted unemployment rate since 1978
The seasonally adjusted unemployment rate since 1978
The number of job vacancies (thousands) since 1979
The number of job vacancies (thousands) since 1979

According to the Australian Bureau of Statistics (ABS) seasonally adjusted estimates, the unemployment rate decreased 0.1% to 5.5% in September 2017 while the labor force participation rate remained steady at 65.2%. The trend participation rate for 15- to 24-year-olds increased by 0.3 percentage points to 67.7 per cent while unemployment rate for this group declined by less than 0.1% to 12.7%, decreasing by 0.3% over the year.[87] According to the Australian Bureau of statistics, in August 2017, the quarterly underemployment rate decreased by 0.2% to 8.6% while the quarterly underutilisation rate (the unemployed plus the under-employed)[88] decreased by 0.2% to 14.1 per cent.[89]

According to Roy Morgan Research the unemployment rate in August 2017 was 10.2%,[90] while Australian workers who were considered either unemployed or underemployed was estimated to be 19.7% (2.565 million) in the same month.[90] Around 4.247 million were estimated to be in part-time employment.[91]

In 2007 228,621 Newstart unemployment allowance recipients were registered, a total that increased to 646,414 or 5.3% of the total labour force by March 2013.[92] As of March 2017, the number of Newstart recipients stands at 746,681 or 5.8% of the labour force; a proportional increase of 0.5% in four years.[93]

The accuracy of official unemployment figures has been brought into question in the Australian media due to discrepancies between the methods of different research bodies (Roy Morgan versus the ABS), differing definitions of the term 'unemployed' and the ABS' practice of counting under-employed people as "employed".[88][94]

As of May 2017, the Australia labour force were employed in the following industries:[95]

Rank Industry No. of employees
% of total
1 Health care and social assistance 1562.6 12.9%
2 Retail trade 1228.4 10.1%
3 Construction 1108.3 9.1%
4 Professional, scientific and technical services 1018.5 8.4%
5 Education and training 971.8 8.0%
6 Manufacturing 906.5 7.5%
7 Accommodation and food services 872.1 7.2%
8 Public administration and safety 812.0 6.7%
9 Transport, postal and warehousing 614.0 5.1%
10 Financial and insurance services 436.1 3.6%
11 Administrative and support services 411.0 3.4%
12 Wholesale trade 391.0 3.2%
13 Agriculture, forestry and fishing 296.7 2.4%
14 Mining 235.8 1.9%
15 Arts and recreation 215.7 1.8%
16 Rental, hiring and real estate services 212.8 1.8%
17 Information media and telecommunications 211.4 1.0%
18 Utilities 125.5 1.0%
Total labour force 12113.3[96] 100.0%

Employment for newly qualified professionals

According to the Australian Graduate Survey done by Graduate Careers Australia, full-time employment for newly qualified professionals from various occupations (around four months after the completion of their qualifications) experienced some declines between 2012 and 2015.[97] Some examples are:

Field of Education 2012[98] 2013[99] 2014[100] 2015[101] Change 2012–2015
Dentistry 83.6% 83.3% 79.6% 86.7% +3.1%
Computer Science 74.7% 70.3% 67.2% 67% -7.7%
Architecture 63.9% 60.0% 57.8% 70.2% +6.3%
Psychology 63.1% 56.1% 52.1% 55.2% -7.9%
Business studies 74.5% 71.8% 69.7% 70.8% -3.7%
Electronic/Computer engineering 79.5% 80.9% 74.9% 78.1% -1.4%
Mechanical engineering 88.4% 82.4% 71.0% 72.2% -16.2%
Surveying 93.0% 86.5% 83.9% 90.7% -2.3%
Health other 73.3% 69.7% 70.4% 69.2% -4.1%
Nursing (initial) 92.2% 83.1% 80.5% 79% -13.2%
Nursing (post-initial) 86.1% 71.4% 75.8% 74.9% -11.2%
Medicine 98.1% 96.9% 97.5% 96.3% -1.8%
Education (initial) 74.9% 70.8% 70% 71.8% -3.1%
Education (post-initial) 58.8% 71.4% 69.2% 72.7% +13.9%

The Graduate Careers Survey 2014 explained, "However, GCA's Beyond Graduation Survey (BGS) indicates that the middle- and longer-term outlook is very positive, with the employment figures for 2010 graduates growing by 14 percentage points three years later."[100] The Beyond Graduation Survey 2013 included 12,384 responses[102] and the Graduate Careers Survey 2014 survey included 113,263 responses ("59.3 per cent of the almost 191,000 Australian resident graduates who were surveyed responded to the AGS.")[100]

The professional associations of some of these occupations expressed their criticism of the immigration policy in 2014.[103]

States and territories ranked by unemployment rates

Rank States Unemployment rate
(September 2017)[87]
1 Victoria 6.0%
2 Queensland 5.9%
3 South Australia 5.8%
4 Tasmania 5.7%
5 Western Australia 5.7%
6 New South Wales 4.6%
7 Australian Capital Territory 4.4%
8 Northern Territory 4.1%

Note: All data in the table above are seasonally adjusted, except for the Northern Territory and the Australian Capital Territory, which are trend data.[87]

In September 2017, South Australia's seasonally adjusted unemployment rate rose from 5.8% to 5.9% but the trend unemployment rate fell below 6% for the first time in four years to 5.8%.[104]


Gross operating profits across all industries since 1994 ($millions/quarter)
Gross operating profits across all industries since 1994 ($millions/quarter)



Australian energy resources and major export ports map
Australian energy resources and major export ports map

In 2014–15 mineral extraction in Australia was valued at 212 billion Australian dollars. Of this, Coal represented 45,869 million, oil and natural gas 40,369 million, Iron ore 69,486 million, Gold ore 13,685 million, and other metals 7,903 million.[105]

Coal is mined primarily in Queensland, New South Wales and Victoria. Fifty-four per cent of the coal mined in Australia is exported, mostly to East Asia. In 2000–01, 258.5 million tonnes of coal was mined, and 193.6 million tonnes exported. Coal provides about 85% of Australia's electricity production.[106] In fiscal year 2008–09, 487 million tonnes of coal was mined, and 261 million tonnes exported.[107] Australia is the world's leading coal exporter.[108]

The Australian mining corporations Rio Tinto Group and BHP are among the largest in the world.

Australia's Argyle mine is the second-largest diamond mine in the world estimated to produce 12.6 million carats in 2014, worth over $500 million.[citation needed] Argyle is known for producing some of the world's most valuable pink and red diamonds.


The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in 2007.[109]

In 2008, four companies mass-produced cars in Australia.[110] Mitsubishi ceased production in March 2008, followed by Ford in 2016, and Holden and Toyota in 2017.[111]

Until trade liberalisation in the mid 1980s, Australia had a large textile industry.[citation needed] This decline continued through the first decade of the 21st century.[112] Since the 1980s, tariffs have steadily been reduced; in early 2010, the tariffs were reduced from 17.5 per cent to 10 per cent on clothing, and 7.5–10% to 5% for footwear and other textiles.[113] As of 2010, most textile manufacturing, even by Australian companies, is performed in Asia.

Total employment in Australian textile, clothing and footwear manufacturing (thousands of people) since 1984
Total employment in Australian textile, clothing and footwear manufacturing (thousands of people) since 1984


Agriculture contributes 3% of Australia's GDP at the farm gate and when value-added processing beyond the farm is included this figure rises to 12%.[114] Sixty per cent of farm products are exported. Irrigation is an important and widespread practice for a country where many parts receive low rainfall. Agriculture, Forestry and Fishing was the second-strongest industry from 2013 to 2015, with the number of employees growing from 295,495 in February 2013 to 325,321 in February 2015.[115]


IT-related jobs (such as computer systems design and engineering) are defined as Professional, Scientific and Technical Services by the Department of Education, Employment and Workplace Relations of Australia. IT job creation occurs mostly in the state capital cities of Australia.[116]


Australia's "big four banks" (National Australia Bank, Commonwealth Bank, Australia and New Zealand Banking Group and Westpac) are among the 'World's 50 Safest Banks' as of April 2012.[117]

Between 1991 and 2013, 36,720 mergers and acquisitions with a total known value of US$2,040 billion with the involvement of Australian firms have been announced.[118] In the year 2013, 1,515 transactions valued at US$78 billion had been announced which was a decrease in terms of numbers (−18%) and value (−11%) compared to 2012. The largest takeover or merger transaction involving Australian companies was the 2007 takeover of the Coles Group by Wesfarmers, totalling A$22 billion.[119]


Monthly short-term arrivals in Australia since 1991
Monthly short-term arrivals in Australia since 1991

In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy.[120] Domestic tourism is a significant part of the tourism industry, representing 73% of the total direct tourism GDP.[120]

In calendar year 2015, there were 7.4 million visitor arrivals.[121] Tourism employed 580,800 people in Australia in 2014–15, 5% of the workforce.[120] About 43.7% of persons employed in tourism were part-time. Tourism also contributed 8.0% of Australia's total export earnings in 2010–11.[120]


In 2011–12, Australia was ranked 30th out of 179 countries in accordance to press freedom. Media is a strong industry in Australia, with Fairfax Media and News Corporation representing two of the country's largest media companies.


School attendance is compulsory in Australia, from the age of 5 up until approximately 16 (although it varies between each state and territory).[122] Australia also has an adult literacy rate that was estimated to be 99% in 2003.[123]

In the Programme for International Student Assessment, Australia regularly scores among the top five of thirty major developed countries (member countries of the Organisation for Economic Co-operation and Development). In 2018 there were 525,054 international students in Australia, comprising a market of 32,2 billion A$.[124]



Australian renewable power plants
Australian renewable power plants


The Australian economy is dependent on imported crude oil and petroleum products, the economy's petroleum import dependency is around 80%—crude oil + petroleum products.[125]

Trade and economic performance

In the second half of the 20th century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.[126]

In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years.[127] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.[128] The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.

Australian national debt

Australia's net external debt exceeded $1 trillion in April 2017 as a result of Australia's structural current account deficits.[129] Although these deficits have narrowed over the last decade due to an increase in net merchandise trade, this effect has been partly offset by the return of Australian government debt; net federal debt was estimated at $326.0 billion in the 2016–17 federal budget[130] of which 60% is owed to foreigners.[129] The entirety of the debt has been accumulated through ten straight budget deficits as Australia had negative net government debt (i.e. The Australian government had net positive bond holdings) a decade earlier in the 2006–07 fiscal year.[131]

Chinese investment

There is substantial export to China of iron ore, wool and other raw materials, and over 120,000 Chinese students study in Australian schools and universities. China is the largest purchaser of Australian debt.[132] In 2009, offers were made by state-owned Chinese companies to invest $22 billion in Australia's resource extraction industry.[132]

The Signing of the China-Australia Free-Trade Agreement, signed November 2014, has the potential to drastically increase Chinese Investments as agriculture and services become more lenient.

Australia's special investor visa program introduced in 2012 encouraged Chinese investment. The visa program fast-tracks visas and eases the residency requirement for a permanent visa for those ready to invest over five million Australian dollars into state government bonds, specific infrastructure and property investments. Wealthy Chinese interested in retirement houses, top schools and cleaner air, began looking to Australia after Canada started scaling back its investment visa program in 2012 and eliminated its main investor visa program in 2014. In early 2014 it was reported that the Australia's special investor visa was granted to 65 mostly Chinese millionaires who brought over $440 million into the country. By 2017, almost 90% of the more than 1,300 foreigners who used Australia's special investor visa program were from China.[133][134] Australia also has an investor visa program with a required investment of one million Australian dollars but with more restrictions and a lengthier period of time to get a permanent visa.[134]

In 2017, it was reported that Australia is the third-most popular destination for Chinese to invest wealth offshore, with a 7% increase in Chinese private wealth flowing into Australia while interest in the top two investment destinations, Hong Kong and the United States, fell by 18% and 3%, respectively. In 2017 there were 1.6 million high-net-worth Chinese (with at least 10 million Chinese yuan to invest) and 24 per cent of the 3,000 wealthy Chinese surveyed had private investments in Australia. Migration was one of the top three reasons for Chinese investment offshore.[135]

In 2018, in the Lowy Institute poll there had a sharp rise in the proportion of the Australian population who say the Australian government is "allowing too much investment from China".

This number rose from 56 per cent in 2014 to 72 per cent in 2018.[136]

Trade agreements

FTA (Free Trade Agreement) effective[137]
  • FTA with New Zealand (effective January 1983)
  • FTA with Singapore (effective July 2003)
  • FTA with United States (effective January 2005)
  • FTA with Thailand (effective January 2005)
  • FTA with Chile (effective March 2009)
  • FTArea with AANZFTA (ASEAN, New Zealand) (effective January 2010)
  • FTA with Malaysia (effective January 2013)
  • FTA with South Korea (effective December 2014)
  • FTA with Japan (effective January 2015)
  • FTA with China (ChAFTA) (effective December 2015)
FTA (Free Trade Agreement) negotiation

Australia's balance of payments

Australia's current account (in $M) since 1959
Australia's current account (in $M) since 1959
Australia's current account as a proportion of GDP since 1959
Australia's current account as a proportion of GDP since 1959

In trade terms, the Australian economy has had persistently large current account deficits (CADs) for more than 50 years.[138][139] One of the factors that undermines balance of payments is Australia's export base, making it highly vulnerable to the volatility in the prices of commodity goods. In addition, due to a colonial heritage a lot of companies operating in Australia are foreign-owned and, as a result, Australia's net income outlay between it and the rest of the world is always negative; this results in persistent current account deficits even when there is a positive export .

Dependent upon commodities, the Australian government endeavoured to redevelop the Australian manufacturing sector. This initiative, also known as microeconomic reform, helped Australian manufacturing to grow from 10.1% in 1983–1984 to 17.8% in 2003–2004.[140]

There are other factors that have contributed to the extremely high current account deficit in Australia such as lack of international competitiveness.[141]

However, as Australia's CAD is almost entirely generated by the private sector, as outlined in Professor John Pitchford's 'Consenting Adults Thesis' in the early 1990s, there is an argument that the CAD is not a significant issue. Historically, Australia has relied on overseas capital to fill the gap between domestic savings and investment, and many of these investment opportunities could not have been pursued if Australia did not have access to foreign savings. This suggests that Australia's apparently low savings level and CAD are not necessarily a significant problem. As long as the investment that is being funded by overseas capital inflow generates sufficient returns to pay for the servicing costs in the future, the increase in foreign liabilities can be viewed as sustainable in the longer term.[142]

Personal wealth

GNI per capita in 2015
GNI per capita in 2015

According to the 2011 Credit Suisse Global Wealth report, Australia's wealth per adult had quadrupled over the past decade, and its total wealth was US$6.4 trillion. In the report Australia was the second-wealthiest country in the world behind Switzerland based on average wealth per adult, and had the highest median wealth in the world (US$222,000, nearly four times the amount of each US adult) and a proportion of people with wealth above US$100,000 that was eight times the world average. This was attributed to a resilient Australian dollar, property ownership levels and a strong labour market. Compared to the rest of the world, very few Australians had a net worth of less than US$1,000, which was attributed to relatively low credit card and student loan debt.[143] In 2013, Australia was identified by the Credit Suisse as retaining its 2012 position as the nation with the second-highest average wealth per adult (US$403,000);[144] however, the nation's poverty rate was also reported to have increased from 10.2% in 2000–01 to 11.8% at the time of the 2013 report on global wealth.[145]

Despite the economic slowdown, in the 2014 Credit Suisse Global Wealth Report, Australia continued to have the second-highest average wealth per adult (US$430,800) and the highest median wealth (US$225,400), with a total wealth of $7.2 trillion. The average level of real assets (US$319,700) was the second-highest in the world after Norway and 60% of gross household assets. The report explained that this partly reflects a large endowment of land and natural resources relative to population, and also high urban real estate prices. Only 6% of Australians had a net worth below US$10,000, compared to 29% in the USA and 70% for the world as a whole. The average debt was 20% of gross assets. The proportion of people with wealth above US$100,000 was the highest in the world (eight times the world average). Australia had 3.8% (1,783,000 people) of the top 1% of global wealth holders while having 0.4% of the world's adult population.[63] The wealth share by Australia's top decile was 51.1% in 2000, 50.7% in 2007, and 51.1% in 2014.[146] In 2016, Australia continued to be the second-wealthiest nation in terms of wealth per adult.[37]

In 2017, Australia was the world's top destination for millionaires, beating the United States for the second consecutive year. An estimated 11,000 millionaires moved to Australia in 2016, compared with the 10,000 who moved to the United States. Australia was especially attractive to Chinese millionaires due to its relative proximity, cleaner environment, political and economic stability, and investor visa programs. Also, the primary reason for millionaires leaving China is top schools abroad that will give their children a better education and career connections.[133][134]

Mergers and acquisitions

All in all over 43,150 deals have been completed national, inbound or outbound Australia. This cumulates to an overall value of US$2,554 billion. There was a strong upward trend between 1989 and 2007. In this peak year almost 3,100 deals took place, which is almost 60% more than in 2017, the current low. Australian companies are particularly investing in the fields of metals and minerals (15% of all deals from Australia into foreign countries). Runner-up is the oil and gas industry with only 6.4%.[147]

Here is a list of the top 10 deals with participation of Australian companies as the acquirer or target company:

Date Acquirer name Acquirer industry Acquirer nation Target name Target industry Target country Value in US$bn
12 May 2008 Westpac Banking Corp Banks Australia St George Bank Ltd Banks Australia 17,932.98
2 July 2007 Wesfarmers Ltd Food & beverage retailing Australia Coles Group Ltd Food & beverage retailing Australia 15,287.79
16 October 2006 Kemble Water Ltd Other Financials Australia Thames Water PLC Water and waste management United Kingdom 14,888.80
27 October 2006 Cemex SAB de CV Construction materials Mexico Rinker Group Ltd Construction materials Australia 14,247.73
20 October 2016 Investor Group Other Financials Australia Ausgrid Pty Ltd Power Australia 12,499.92
19 March 2001 BHP Ltd Metals & mining Australia Billiton PLC Metals & mining United Kingdom 11,510.99
21 June 2011 SABMiller Beverage Investments Other Financials Australia Foster's Group Ltd Food and beverage Australia 10,792.76
6 December 1996 Investors Other Financials Australia Telstra Corp Ltd Telecommunications services Australia 9,976.59
2 November 2010 Shareholders Other Financials Australia Westfield Group-Assets(54) Non-residential Australia 9,482.42


The Liberal/National Coalition and its forebears (right wing) and the Labor Party (left wing) have formed every Australian Government since Federation, and continue to be the major forces in the predominantly two-party system under which Australia operates.


In 2017 ACOSS released a new report revealing that poverty is growing in Australia, with an estimated 2.9 million of people, or 13.3% of all people, living below the internationally accepted poverty line it also estimated that there are 731,000 children in poverty, and 17.5% of children under the age of 15 are in poverty.


There were 105,237 people experiencing homelessness in Australia on census night in 2011. This equated to 1 in 200 Australians,[148] and represented an increase of 17% from the 2006 census, with the rate of homelessness increasing from 45 per 10,000 to 49 per 10,000.

The number of homeless people in Australia jumped by more than 14,000—or 14 per cent—in the five years to 2016, according to census data. The Australian Bureau of Statistics (ABS) said 116,000 people were homeless on census night in 2016, representing 50 homeless people per 10,000.[149]

See also


  1. ^ a b "Report for Selected Countries and Subjects (Australia)". World Economic Outlook Database. International Monetary Fund. April 2018. Retrieved 2 November 2018.
  2. ^ a b "GDP ranking". World Bank Open Data. World Bank. 1 July 2017. Retrieved 6 September 2017.
  3. ^ a b "GDP ranking, PPP based". World Bank Open Data. World Bank. 1 July 2017. Retrieved 6 September 2017.
  4. ^ "5206.0 – Australian National Accounts: National Income, Expenditure and Product, Jun 2017". Australian Bureau of Statistics. 6 September 2017. Retrieved 6 September 2017.
  5. ^ "Key Economic Indicators Snapshot". Reserve Bank of Australia. 26 July 2017. Retrieved 14 September 2017.
  6. ^ "GDP per capita (current US$)". World Bank Open Data. World Bank. Retrieved 6 September 2018.
  7. ^ "GDP per capita, PPP (current international $)". World Bank Open Data. World Bank. Retrieved 6 September 2017.
  8. ^ a b c "Australian Industry Report 2016, Chapter 2: Economic Conditions" (PDF). Australian Government: Department of Industry, Innovation and Science. p. 33. Archived from the original (PDF) on 5 September 2017. Retrieved 5 September 2017.
  9. ^ "6401.0 – Consumer Price Index, Australia, Sep 2017". Australian Bureau of Statistics. 25 October 2017. Retrieved 25 October 2017.
  10. ^ "6523.0 – Household Income and Wealth, Australia, 2013–14". Australian Bureau of Statistics. 28 July 2016. Retrieved 5 September 2017.
  11. ^ "Labor force, total". World Bank Open Data. World Bank. Retrieved 5 September 2017.
  12. ^ "6202.0 – Labour Force, Australia, Sep 2017". Australian Bureau of Statistics. 19 October 2017. Retrieved 19 October 2017.
  13. ^ "6302.0 – Average Weekly Earnings, Australia, May 2017". Australian Bureau of Statistics. 17 August 2017. Retrieved 24 September 2017.
  14. ^ "Professional, scientific & technical services industry fact sheet". Australian Government. 7 June 2017. Retrieved 6 September 2017.
  15. ^ Australian Bureau of Statistics (6 September 2017). "Industry Gross Value Added". 5206.0 – Australian National Accounts: National Income, Expenditure and Product (June Quarter 2017) (PDF) (Report). pp. 33, 36. Retrieved 26 October 2017.
  16. ^ "Ease of Doing Business in Australia". The World Bank. Retrieved 24 November 2017.
  17. ^ a b c d e f "Trade Profiles: Australia". WTO Statistics Database. World Trade Organization. Retrieved 5 September 2017.
  18. ^ "Country Fact Sheet: Australia" (PDF). United Nations Conference on Trade and Development. World Investment Report 2017. Retrieved 25 September 2017.
  19. ^ "1344.0 – International Monetary Fund – Special Data Dissemination Standard, 2017". Australian Bureau of Statistics. 20 September 2017. Retrieved 25 September 2017.
  20. ^ "General government gross debt". IMF. 2017. Retrieved 11 February 2017.
  21. ^ "Development aid rises again in 2016 but flows to poorest countries dip". OECD. 11 April 2017. Retrieved 25 September 2017.
  22. ^ Janda, Michael (17 May 2017). "Federal budget 2017: Standard & Poor's reaffirms Australia's AAA credit rating". Australian Broadcasting Corporation. Retrieved 25 September 2017.
  23. ^ Uren, David (24 August 2017). "Australia on track to keep AAA rating, says Moody's". The Australian. Archived from the original on 2017-09-23. Retrieved 25 September 2017.; "Australia's credit rating safe for now: Moody's". In Daily. Australian Associated Press. 9 March 2017. Retrieved 25 September 2017.
  24. ^ Fitch Ratings (12 May 2017). "Fitch Affirms Australia at 'AAA'/Stable". Reuters. Retrieved 25 September 2017.
  25. ^ "Official Reserve Assets". Reserve Bank of Australia. 7 November 2017. Retrieved 7 November 2017.
  26. ^ "1345.0 – Key Economic Indicators, 2017". Australian Bureau of Statistics. Retrieved 6 September 2017.
  27. ^ Urs, Rohner (October 2018). "Global Wealth Report 2018". Credit Suisse - Research Institute. Credit Suisse: 7.
  28. ^ "Australian household wealth now stands at $8.9 trillion". Retrieved 26 July 2017.
  29. ^ "AUSTRALIA-OCEANIA :: AUSTRALIA". The World Factbook. CIA. 6 September 2017. Retrieved 25 September 2017.
  30. ^ Bagshaw, Eryk; Massola, James (7 June 2017). "GDP: Australia grabs record for longest time without a recession". The Sydney Morning Herald. Retrieved 6 September 2017.
  31. ^ Thirlwell, Mark (16 June 2017). "Australia's export performance in 2016". Austrade. Retrieved 10 September 2017.
  32. ^ Anthony, Craig (12 September 2016). "10 Countries with the Most Natural Resources". Investopedia.
  33. ^ "Mining Industry – Economic Contribution". ABS. Retrieved 7 April 2015.
  34. ^ "Aussie jumps on surprising economic strength". The Sydney Morning Herald. 2 March 2016. Retrieved 4 March 2016.
  35. ^ "Economy puts aside post-mining boom blues". Nine Network News. 2 March 2016. Retrieved 4 March 2016.
  36. ^ "Australia goes 25 years with recession". BBC. 1 March 2017. Retrieved 26 July 2017.
  37. ^ a b "Australia is a top 20 country". Australian Government: Department of Foreign Affairs and Trade. 18 May 2017. Archived from the original on 6 September 2017. Retrieved 6 September 2017.
  38. ^ "Corporate Overview". Australian Securities Exchange. Retrieved 6 September 2017.
  39. ^ Hatch, Patrick (7 March 2016). "Australia's 10 Largest Companies". The Sydney Morning Herald. Retrieved 6 September 2017.
  40. ^ "International agreements on trade and investment". Austrade. Retrieved 11 September 2011.
  41. ^ "Free trade agreements – rules of origin". Australian Customs and Border Protection Services. Retrieved 8 February 2015.
  42. ^
  43. ^ "Australia New Zealand Closer Economic Agreement (ANZCERTA)". 1 January 2007. Retrieved 11 September 2011.
  44. ^ Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 288. ISBN 9781107507180.
  45. ^ Paul Keating – Chronology Archived 26 September 2011 at the Wayback Machine. at
  46. ^ "The real reasons why it was the 1990s recession we had to have". The Age. 2 December 2006. Retrieved 8 January 2014.
  47. ^ Junankar, P. (2013). "Australia: The Miracle Economy". IZA Discussion Papers 7505, Institute for the Study of Labor (IZA).
  48. ^ "World Bank expects Australian GDP growth of 3.2% in 2011 and 3.8% in 2012 | The Stump". 13 January 2011. Retrieved 24 July 2012.
  49. ^ "Australia's economy expands 0.4% in the fourth-quarter". BBC News. 7 March 2012.
  50. ^ "Australia Posts 1.3% GDP; Aussie Dollar Soars". International Business Times. 6 June 2012. Archived from the original on 8 June 2012. Retrieved 24 July 2012.
  51. ^ Creighton, Adam (6 June 2012). "GDP growth surges 1.3pc for first quarter". The Australian.
  52. ^ "Australian economy to outperform the world: IMF". Special Broadcasting Service. Australian Associated Press. 18 April 2012. Archived from the original on 2012-04-23. Retrieved 24 July 2012.
  53. ^ "NAB Cuts Australia's Growth Forecast to 2.9%". International Business Times. 11 April 2012. Archived from the original on 13 April 2012. Retrieved 24 July 2012.
  54. ^ "JP Morgan Cuts Australian 2012 GDP Forecast To 2.7% Vs 3.0%". The Wall Street Journal.[dead link]
  55. ^ Glynn, James (21 August 2012). "Deutsche Bank Warns of Australian Recession Risk". The Wall Street Journal.
  56. ^ "Dylan Price predicts an Australian recession in 2013". Business Insider.
  57. ^ "National economy grows but some non-mining states in recession". The Conversation. Retrieved 22 March 2013.
  58. ^ Syvret, Paul (7 April 2012). "Mining punches through recession". Courier Mail. Archived from the original on 16 April 2012.
  59. ^ "Non-mining states going backwards". ABC. Retrieved 22 March 2013.
  60. ^ "Report for Selected Countries and Subjects". Retrieved 2018-09-11.
  61. ^ "Statistics". hdr. Retrieved 13 May 2014.
  62. ^ "Quality of Life" (PDF). The Economist. Retrieved 13 May 2014.
  63. ^ a b Credit Suisse (1 October 2014). "Global Wealth Report 2014" (PDF). University of Western Ontario. p. 57. Retrieved 6 September 2017.
  64. ^ "Balance of Payments and International Investment Position". Retrieved 26 July 2017.
  65. ^[permanent dead link]
  66. ^ "CAMA RBA Shadow Board". Retrieved 23 May 2014.
  67. ^ "Australian Government, DFAT, Composition of Trade Australia 2008–09" (PDF). Archived from the original (PDF) on 16 September 2012. Retrieved 23 May 2014.
  68. ^ "Summary". Archived from the original on 7 September 2008.
  69. ^ a b "Economy grows but some non-mining states in recession" (PDF). Archived from the original (PDF) on 24 August 2006.
  70. ^ Tim Colebatch (8 March 2012). "State close to recession". The Sydney Morning Herald. Retrieved 25 July 2012.
  71. ^ Tim Colebatch (24 October 2009). "No place for political stunts in tackling economic crisis". The Sydney Morning Herald. Retrieved 25 July 2012.
  72. ^ "David Walsh: MONA economic benefits for Tasmania". Crikey. 8 June 2012. Retrieved 24 July 2012.
  73. ^ "South Australia is in recession, Westpac warns". The Advertiser. Adelaide. 4 April 2012. Retrieved 24 July 2012.
  74. ^ "Rate cut may save NSW sliding into recession". The Daily Telegraph. Australia. 10 June 2012. Retrieved 24 July 2012.
  75. ^ "Victoria in a state of decay". Herald Sun. Australia. 10 March 2012. Archived from the original on 2 July 2012.
  76. ^ "State close to recession – National News – National – General". Melbourne Times Weekly. 8 March 2012. Retrieved 24 July 2012.[permanent dead link]
  77. ^ Creighton, Adam (8 June 2012). "Reserve Bank governor says Australia has long had a two-speed economy". The Australian.
  78. ^ "HIA bursts Swan's economic bubble". Archived from the original on 1 July 2012. Retrieved 13 May 2014.
  79. ^ "Banking made tricky by '10-speed' economy: Clyne". The Sydney Morning Herald. 14 August 2012.
  80. ^ Tim Colebatch (24 October 2009). "No place for political stunts in tackling economic crisis". The Age. Melbourne, Australia. Retrieved 24 July 2012.
  81. ^ "Flow across Tasman tipped to reverse". 9 June 2012. Retrieved 24 July 2012.
  82. ^ "Warning to drop recession row". Australian Broadcasting Corporation. 7 June 2012. Retrieved 24 July 2012.
  83. ^ "Giddings rejects figures". The Mercury – The Voice of Tasmania. 7 June 2012. Retrieved 24 July 2012.
  84. ^ "Australia: Victorian premier removed as state slides into recession". Retrieved 13 May 2014.
  85. ^ "Victoria, SA and Tasmania slide into recession". Melbourne Times Weekly. Archived from the original on 10 April 2013. Retrieved 13 May 2014.
  86. ^ "Commsec state of the states, 2016" (PDF).
  87. ^ a b c "6202.0 – Labour Force, Australia, Sep 2017: LABOUR FORCE COMMENTARY SEPTEMBER 2017". Australian Bureau of Statistics. 19 October 2017. Retrieved 19 October 2017.[permanent dead link]
  88. ^ a b Bite, Natasha (18 January 2013). "Under-employed numbers are on the rise too masking unemployment figures".
  89. ^ "6202.0 – Labour Force, Australia, Aug 2017: LABOUR FORCE COMMENTARY AUGUST 2017". Australian Bureau of Statistics. 14 September 2017. Archived from the original on 2017-10-11. Retrieved 19 October 2017.
  90. ^ a b "Roy Morgan Unemployment & Under-employment Estimates (2005–2017)". Roy Morgan Research. Retrieved 19 September 2017.
  91. ^ "Roy Morgan Employment Estimates (1999–2017)". Roy Morgan Research. Retrieved 19 September 2017.
  92. ^ Patricia Karvelas (13 November 2013). "Call for end to welfare poverty". The Australian. Retrieved 15 November 2013.
  93. ^ "DSS Demographics March 2017". Retrieved 28 July 2017.
  94. ^ Michael Janda (14 May 2012). "Doing a job on the employment figures". ABC News – The Drum. Retrieved 15 November 2013.
  95. ^ "Labour Force, Australia, Detailed, Quarterly, May 2017". 22 June 2017. Retrieved 28 July 2017.
  96. ^ The industry categories do not sum to the total labour force as the ABS allocates some Australian employment into "Other Services", which was not included in this table
  97. ^ "Australian Graduate Survey". Graduate Careers Australia. Retrieved 26 August 2017.; "Gradstats". Graduate Careers Australia. Retrieved 26 August 2017.
  98. ^ "Gradstats 2012" (PDF). Graduate Careers Australia. December 2012. Retrieved 26 August 2017.
  99. ^ "Gradstats 2013" (PDF). Graduate Careers Australia. December 2013. Retrieved 26 August 2017.
  100. ^ a b c "Gradstats 2014" (PDF). Graduate Careers Australia. December 2014. Retrieved 26 August 2017.
  101. ^ "Gradstats 2015" (PDF). Graduate Careers Australia. December 2015. Retrieved 26 August 2017.
  102. ^ "Beyond Graduation 2013" (PDF). Graduate Careers Australia. 2014. Retrieved 29 August 2017.
  103. ^ Ross, John (2 April 2014). "Dentists join the growing calls for cap on student uni places". The Australian. Archived from the original on 2017-08-19. Retrieved 29 August 2017.
  104. ^ Harmsen, Nick (19 October 2017). "South Australia's unemployment rate falls to its best level since 2013". Australian Broadcasting Corporation. Retrieved 10 November 2017.
  105. ^ "ABS – Mining".
  106. ^ "The Importance of Coal in the Modern World – Australia". Gladstone Centre for Clean Coal. Archived from the original on 8 February 2007. Retrieved 17 March 2007.
  107. ^ "Australia Mineral Statistics 2009– June Quarter" (PDF). Australian Bureau of Agricultural and Resource Economics. Archived from the original (PDF) on 7 July 2011. Retrieved 3 October 2009.
  108. ^ International Energy Agency. (31 August 2008) Coal Information 2008. Organisation for Economic Cooperation & Development. ISBN 92-64-04241-5
  109. ^ "Australian Manufacturing (PDF)" (PDF). Archived from the original (PDF) on 25 January 2014. Retrieved 20 May 2014.
  110. ^ Hassall, David (12 April 2012). "Tomcar – New local vehicle manufacturer". GoAuto. Retrieved 10 February 2014.
  111. ^ "Toyota workers out of jobs as car manufacturer closes Altona plant". Australia: ABC News. 6 December 2017. Retrieved 9 October 2017.
  112. ^ "Australian manufacturing—structural trends 2001–02 to 2006–07". 24 November 2008. Retrieved 9 July 2014.
  113. ^ Peter Anderson (1 January 2010). "ACCI Welcomes textiles and car tariff cuts (ACCI media release 003/10)" (PDF). Retrieved 13 February 2010.
  114. ^ "Farm Facts". National Farmers Federation. Retrieved 25 October 2012.
  115. ^'s Careers in Australia Report 2015
  116. ^ "Employment Research Statistics" (PDF). Archived from the original (PDF) on 22 March 2012. Retrieved 20 May 2014.
  117. ^ "WORLD'S 50 SAFEST BANKS 2012 | Global Finance". Retrieved 24 July 2012.
  118. ^ "Statistics on Mergers & Acquisitions (M&A) – M&A Courses | Mergers & Acquisitions Courses". Archived from the original on 6 January 2012. Retrieved 2 January 2014.
  119. ^ Carson, Vanda (2 July 2007). "Wesfarmers buys Coles". The Age. Melbourne, Australia. Retrieved 12 June 2011.
  120. ^ a b c d Australian Bureau of Statistics. "Tourism Satellite Account 2014–15:Key Figures".
  121. ^ "Visitor Arrivals Data". Tourism Australia. Archived from the original on 5 September 2015. Retrieved 5 July 2015.
  122. ^ "Schooling Overview". Australian Government, Department of Education, Employment and Workplace Relations. Archived from the original on 28 March 2011.
  123. ^ "Literacy". The World Factbook. Retrieved 10 October 2013.
  124. ^ "Australia hosting unprecedented numbers of international students". ABC News. 18 April 2018. Retrieved 18 June 2018.
  125. ^ "Oil import dependency Australia". Crude Oil Peak. January 2010. Archived from the original on 11 August 2011. Retrieved 11 June 2011.
  126. ^ Blackie, Tony (10 July 2008). "Battle of the Brfukuands". Business Review Weekly. 30 (27). pp. 32–35.
  127. ^ "Downwonder: The "lucky country" may not be so for too much longer" @ The Economist – 29 March 2007
  128. ^ "Australia in the Global Economy" by Malcolm Edey the Assistant Governor (Economic) – Address to the Australia & Japan Economic Outlook Conference 2007 – Sydney – 16 March 2007
  129. ^ a b "Australia has $1 trillion foreign debt. Should we be worried?". The Sydney Morning Herald. 8 April 2017. Retrieved 8 August 2017.
  130. ^ "Budget Paper No.1 2016–17". Retrieved 8 August 2017.
  131. ^ "Australian Government is now debt free". Retrieved 8 August 2017.
  132. ^ a b "Australia Feels Chill as China’s Shadow Grows" article by Michael Wines in The New York Times 2 June 2009
  133. ^ a b "What you need to know about new Chinese wealth flowing into Australia". Special Broadcasting Service. 18 February 2014. Retrieved 9 August 2017.
  134. ^ a b c Frank, Robert (25 February 2017). "For Millionaire Immigrants, a Global Welcome Mat". The New York Times. Retrieved 9 August 2017.
  135. ^ Needham, Kirsty (20 June 2017). "China's richest have $30 trillion to spend, and more investing in Australia". The Sydney Morning Herald. Retrieved 9 August 2017.
  136. ^
  137. ^ "Australia's Trade Agreements". Home – Australian Department of Foreign Affairs and Trade. Australian Government. Retrieved 21 July 2016.
  138. ^ "The Australian economy: Downwonder The "lucky country" may not be so for too much longer". The Economist. 29 March 2007. Retrieved 11 June 2011.
  139. ^ "Future of Australian Economy" by Exon
  140. ^ Leading Edge, R: "Australia in the Global Economy", Tim Dixon and John O'Mahomy, page 133.
  141. ^ "Fear of Sudden Stops: Lessons from Australia and Chile" (PDF). Archived from the original (PDF) on 18 May 2013. Retrieved 28 May 2012.
  142. ^ Tim Dixon & James O'Mahoney, Australia in the Global Economy 2010, Leading Edge Education, Pearson Australia
  143. ^ "Australia wealthiest nation in world, according to a new report". 9 Finance. 20 October 2011. Archived from the original on 21 July 2012. Retrieved 24 July 2012.
  144. ^ "Global Wealth Reaches New All-Time High". The Financialist. Credit Suisse. 9 October 2013. Archived from the original on 2016-07-29. Retrieved 10 October 2013.
  145. ^ "Richest nation but poverty increasing". The Australian. AAP. 12 October 2013. Retrieved 12 October 2013.
  146. ^ Credit Suisse (1 October 2014). "Global Wealth Report 2014" (PDF). University of Western Ontario. p. 33. Retrieved 6 September 2017.
  147. ^ "M&A Statistics by Countries". Institute for Mergers, Acquisitions and Alliances (IMAA). Retrieved 23 February 2018.
  148. ^ "2049.0 –  Census of Population and Housing: Estimating homelessness, 2011".
  149. ^


Further reading

  • Millmow, Alex. A History of Australasian Economic Thought (Routledge, 2017), 250 pp. online review

External links

This page was last edited on 14 January 2019, at 12:19
Basis of this page is in Wikipedia. Text is available under the CC BY-SA 3.0 Unported License. Non-text media are available under their specified licenses. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc. WIKI 2 is an independent company and has no affiliation with Wikimedia Foundation.