Economy of Australia

Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at $1.98 trillion.

Economy of Australia
Sydney's central business district is Australia's largest financial and business services hub.
CurrencyAustralian dollar (AUD)
1 July – 30 June
Trade organisations
APEC, CPTPP, G20, OECD, WTO
Country group
Statistics
Population 27,077,833 (2024 Estimate)
GDP
  • $1.688 trillion (nominal; 2023)
  • $1.719 trillion (PPP; 2023)
GDP rank
  • 14th (nominal, 2023)
  • 20th (PPP, 2023)
GDP growth
  • 3.7% (2022)
  • 1.6% (2023f)
  • 1.7% (2024f)
GDP per capita
  • $63,487 (nominal; 2023)
  • $64,674 (PPP; 2023)
GDP per capita rank
  • 10th (nominal, 2023)
  • 23rd (PPP, 2023)
GDP by sector
  • Services: 62.7%
  • Construction: 7.4%
  • Mining: 5.8%
  • Manufacturing: 5.8%
  • Agriculture: 2.8% (2017)
  • 7% (March 2023)
Population below poverty line
13.4% (2020)
33.0 medium (2021)
  • 0.946 very high (2022) (10th)
  • 0.876 very high IHDI (11th) (2021)
Labour force
  • 13.7 million (December 2022)
  • 74.6% employment rate (Q1-2020)
Labour force by occupation
  • Services: 78.8%
  • Construction: 9.2%
  • Manufacturing: 7.5%
  • Agriculture: 2.5%
  • Mining: 1.9% (2017)
Unemployment
  • 3.9% (December 2023)
  • 573.6 thousand unemployed (December 2023)
  • 9.5% youth unemployment (December 2023; 15 to 24 year-olds)
Average gross salary
A$7,890 / $5,031.37 monthly (2022)
Average net salary
A$6,076 / $3,874.21 monthly (2022)
Main industries
  • Financial and insurance services
  • Construction
  • Healthcare and social assistance
  • Mining
  • Professional, scientific and technical services
  • Manufacturing
External
ExportsA$670.6 billion (2022)
Export goods
iron ore, coal, natural gas, gold, aluminium, beef, crude petroleum, copper, meat (non-beef)
Main export partners
  •  China(-) 32.6%
  •  Japan(+) 13.1%
  •  South Korea(+) 5.9%
  •  United States(+) 5.3%
  •  India(+) 4.9%
  •  New Zealand(+) 3.4%
ImportsA$530.3 billion (2022)
Import goods
petroleum, cars, telecom equipment and parts, goods vehicles, computers, medicaments, gold, civil engineering equipment, furniture
Main import partners
  •  China(-) 19.4%
  •  United States(+) 12.3%
  •  Japan(+) 6.4%
  •  Germany(+) 4.5%
  •  Thailand(+) 4.1%
  •  United Kingdom(+) 4.0%
FDI stock
  • Inward: $682.9 billion
  • Outward: $491.0 billion
(UNCTAD 2018)
A$14.1 billion (2022)
US$2.095 trillion (Q1, 2019)
Public finances
Government debt
66.4% of GDP (October 2021)
−0.2% (of GDP) (2019)
RevenuesA$668.1 billion (2023)
ExpensesA$682.1 billion (2023)
Economic aiddonor: ODA, $4.09 billion (2022)
Credit rating
  • Standard & Poor's:
  • AAA
  • Outlook: Stable
  • Moody's:
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
$66.58 billion (31 December 2017 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable and did not experience a recession from 1991 until 2020.

The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region. Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue Metals Group, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy, and Transurban. The currency of Australia and its territories is the Australian dollar, which it shares with several Pacific nation states.

Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. China in particular is Australia's main export and import partner by a wide margin. 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. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand.

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