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Australia’s economy

Size

The Australia economy is the 15th largest in the world at $US700.7 Billion (2006) as measured by Gross Domestic Product (GDP) by the World Bank.

Link http://en.wikipedia.org/wiki/

Australian economyIf the GDP is adjusted for the cost of living and population (at purchasing power parity (PPP) per capita), Australia is ranked 16th with $US 32,938 per person, as measured by the International Monetary Fund (IMF) IN 2006.

Link http://en.wikipedia.org/

 

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International Comparisons

Australia with a population of only 20 million has an economy larger than over 168 countries.

Australia’s per capita GDP adjusted for the cost of living ($US32,938) is almost 9 times the size of India’s ($US3,737), and over four times the size of China’s GDP per capita($US7,598)

Rank Country GDP per Capita (Adjusted to Cost of Living) $US Country GDP ($ US Million)
1 USA 43,444 USA 12,455,068
2 Canada 35,494 Japan 4,533,965
3 UK 35,051 Germany 2,794,926
4 Australia 32,938 China 2,234,297
5 Japan 32,647 UK 2,198,789
6 Germany 31,095 France 2,126,630
7 Italy 30,732 Italy 1,762,519
8 France 30,693 Spain 1,124,640
9 Spain 27.522 Canada 1,113,810
10 South Korea 23,926 India 805,714
11 Russia 12,096 Brazil 796,055
12 Mexico 11,249 South Korea 787,624
13 Brazil 9,108 Mexico 768,438
14 China 7.598 Russia 763,720
15 India 3,737 Australia 700,672
15 Total (15) NA Total (15) 34,966,867
168 Others (168) NA Others (168) 9,418,004
183 All Countries (183) NA All Countries (183) 44,384,871

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Leading World Economy

Over the past 20 years Australia’s performance has been one of the best in the OECD.

Australia has one of the strongest economies in the world—competitive, open and vibrant.

The nation’s high economic performance stems from effective economic management and ongoing structural reform.

Australia has a competitive and dynamic private sector and a skilled, flexible workforce.

High Economic Growth

From 1996 to 2005 annual average growth has been 3.2% (Year Book 2007).

Australia is in its 15th consecutive year of growth.

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Low Inflation

Australia’s economic growth is coupled with low inflation.

Australia’s inflation rate has been stable over the past decade, and inflation in 2006–07 is averaging 2.4 per cent. Australian Bureau of Statistics (ABS)

Low Unemployment

Australia’s unemployment rate is at a 32-year low at 4.4%, one of the lowest in the world.

In some sectors such as nursing and mining there is zero unemployment.

Surplus Budget

In 2006–07, the Australian Government recorded a budget surplus of $15 billion—almost two per cent of gross domestic product (GDP).

Low National Debt

The Australian Government’s has reduced their net debt from $96 billion to zero one of the few countries in the world to do so.

It therefore has no interest payments.

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