Australia Economy Profile 2008

Economy - overview

Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth.

GDP (purchasing power parity)

$766.8 billion (2007 est.)

GDP (official exchange rate)

$889.7 billion (2007 est.)

GDP - real growth rate

4% (2007 est.)

GDP - per capita (PPP)

$37,500 (2007 est.)

GDP - composition by sector

agriculture: 3.7%
industry: 25.6%
services: 70.7% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 25.4% (1994)

Inflation rate (consumer prices)

3% (2007 est.)

Investment (gross fixed)

27.6% of GDP (2007 est.)

Labor force

10.9 million (2007 est.)

Labor force - by occupation

agriculture: 3.6%
industry: 21.2%
services: 75.2% (2004 est.)

Unemployment rate

4.4% (November 2007 est.)

Distribution of family income - Gini index

30.5 (2006)

Budget

revenues: $312 billion
expenditures: $299.6 billion (2007 est.)

Public debt

15.2% of GDP
note: The Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities. (2007 est.)

Industries

mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate

3.5% (2007 est.)

Electricity - production

236.7 billion kWh (2005)

Electricity - consumption

219.8 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

572,400 bbl/day (2005 est.)

Oil - consumption

903,200 bbl/day (2005 est.)

Oil - imports

611,400 bbl/day (2004)

Oil - exports

333,200 bbl/day (2004)

Oil - proved reserves

1.437 billion bbl (1 January 2006 est.)

Natural gas - production

38.62 billion cu m (2005 est.)

Natural gas - consumption

25.72 billion cu m (2005 est.)

Natural gas - exports

12.9 billion cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

750.6 billion cu m (1 January 2006 est.)

Current Account Balance

-$50.96 billion (2007 est.)

Agriculture - products

wheat, barley, sugarcane, fruits, cattle, sheep, poultry

Exports

$139.4 billion (2007 est.)

Exports - commodities

coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners

Japan 19.6%, China 12.3%, South Korea 7.5%, US 6.2%, India 5.5%, NZ 5.5%, UK 5% (2006)

Imports

$152.7 billion (2007 est.)

Imports - commodities

machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners

China 14.4%, US 14.1%, Japan 9.6%, Singapore 6%, Germany 5.1% (2006)

Reserves of foreign exchange and gold

$71.15 billion (31 December 2007 est.)

Debt - external

$757.9 billion (30 June 2007)

Stock of direct foreign investment - at home

$246.2 billion (2006 est.)

Stock of direct foreign investment - abroad

$226.8 billion (2006 est.)

Market value of publicly traded shares

$804.1 billion (2005)

Economic aid - donor

ODA, $2.123 billion (2006)

Currency (code)

Australian dollar (AUD)

Exchange rates

Australian dollars per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)

Fiscal year

1 July - 30 June