Economy - overview:
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2016 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth.The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control.Australia has benefited from a dramatic surge in its terms of trade in recent years, although this trend could reverse or slow due to falling global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector.Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

GDP (purchasing power parity):
$1.489 trillion (2015 est.) $1.454 trillion (2014 est.) $1.56 trillion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 19
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.241 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.4% (2015 est.) 2.5% (2014 est.) 2.5% (2013 est.)
country comparison to the world: 128
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$65,400 (2015 est.) $64,700 (2014 est.) $65,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 14
[see also: GDP - per capita country ranks ]

Gross national saving:
22.5% of GDP (2015 est.) 23.9% of GDP (2014 est.) 24.5% of GDP (2013 est.)
country comparison to the world: 66
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.1% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.4% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, barley, sugarcane, fruits; cattle, sheep, poultry

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

Industrial production growth rate:
2.7% (2015 est.)
country comparison to the world: 96
[see also: Industrial production growth rate country ranks ]

Labor force:
12.5 million (2015 est.)
country comparison to the world: 45
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 75.3% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.2% (2015 est.) 6.1% (2014 est.)
country comparison to the world: 71
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.4% (1994)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.3 (2008) 35.2 (1994)
country comparison to the world: 119
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $425.7 billion
[see also: Budget revenues country ranks ]
expenditures: $451.4 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
34.3% of GDP (2015 est.)
country comparison to the world: 67
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2015 est.)
country comparison to the world: 74
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
44.3% of GDP (2015 est.) 42.4% of GDP (2014 est.)
country comparison to the world: 102
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
1.9% (2015 est.) 2.5% (2014 est.)
country comparison to the world: 108
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (28 February 2013) 4.35% (31 December 2010)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
country comparison to the world: 104
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.6% (31 December 2015 est.) 5.95% (31 December 2014 est.)
country comparison to the world: 136
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$222.3 billion (31 December 2015 est.) $227.2 billion (31 December 2014 est.)
country comparison to the world: 19
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.661 trillion (31 December 2013 est.) $1.648 trillion (31 December 2012 est.)
country comparison to the world: 11
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.932 trillion (31 December 2015 est.) $2.097 trillion (31 December 2014 est.)
country comparison to the world: 12
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.286 trillion (31 December 2012 est.) $1.198 trillion (31 December 2011) $1.455 trillion (31 December 2010 est.)
country comparison to the world: 10
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$49.91 billion (2015 est.) -$43.75 billion (2014 est.)
country comparison to the world: 194
[see also: Current account balance country ranks ]

Exports:
$184.4 billion (2015 est.) $240.8 billion (2014 est.)
country comparison to the world: 27
[see also: Exports country ranks ]

Exports - commodities:
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners:
China 33.7%, Japan 18%, South Korea 7.4%, US 4.2% (2014)

Imports:
$208.4 billion (2015 est.) $240.5 billion (2014 est.)
country comparison to the world: 21
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners:
China 20.5%, US 10.6%, Japan 6.8%, Singapore 5%, Germany 4.7%, South Korea 4.7%, Malaysia 4.4%, Thailand 4.3% (2014)

Reserves of foreign exchange and gold:
$55 billion (31 December 2015 est.) $53.89 billion (31 December 2014 est.)
country comparison to the world: 38
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.381 trillion (31 December 2014 est.) $1.374 trillion (31 December 2013 est.)
country comparison to the world: 14
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$642.2 billion (31 December 2015 est.) $593.8 billion (31 December 2014 est.)
country comparison to the world: 15
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$475.7 billion (31 December 2015 est.) $473.3 billion (31 December 2014 est.)
country comparison to the world: 18
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar - 1.33 (2015 est.) 1.11 (2014 est.) 1.11 (2013 est.) 0.97 (2012 est.) 0.97 (2011 est.)