|
|
Population |
20,434,176 (July 2007 est.) |
|
GDP (purchasing power parity) |
$674.6 billion (2006 est.) |
|
GDP - real growth rate |
2.7% (2006 est.) |
|
GDP - per capita (PPP) |
$33,300 (Rank 22 - 2006 est.) |
|
Labor force |
10.66 million (2006 est.) |
|
Household income or consumption by % share |
lowest 10%: 2%
highest 10%: 25.4% (1994) |
|
|
source: CIA-WFB |
econsultants
ABN-AMRO Tower
88 Phillip Street
Sydney 2000
australia@econsultants.org |
|
Economy - overview:
Australia has an enviable Western-style capitalist 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. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australia's budget in surplus since 2002.
Leading Commercial Sectors:
Aircraft and Parts
Automotive Parts and Accessories
Construction Machinery
Cosmetics and Toiletries
Franchising
Information Technology Services
Medical Equipment
Mining Industry Equipment
Oil and Gas Field Machinery
Pollution Control Equipment
Safety and Security
Telecommunications Parts and Equipment
Travel and Tourism |
