About Australia and Key Financial Statistics

About Australlia and Key Financial Statistics

Overview of Economy:

Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 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.

Gross Domestic Product (In USD):

1.1 trillion (2014 est.)

$1.071 trillion (2013 est.)

$1.049 trillion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 3.8

% Industry: 28.2

% Services: 68

Composition of Labor Force by Occupation:

% Agriculture: 3.6

% Industry: 21.1

% Services: 75.3

Per Capita Income:

$46,600 (2014 est.)

$45,300 (2013 est.)

$44,400 (2012 est.)

Exports:

$240.8 billion (2014 est.)

$254.2 billion (2013 est.)

Key Export Commodities:

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

Export Partners:

China 33.7%, Japan 18%, South Korea 7.4%, US 4.2% (2014)

Imports:

$240.5 billion (2014 est.)

$250 billion (2013 est.)

Key Import Commodities:

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

Import 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)

Inflation Rate (Consumer Price Index):

2.5% (2014 est.)

2.4% (2013 est.)

Exchange Rate to USD:

Australian dollars (AUD) per US dollar -

1.1094 (2014 est.)

1.1094 (2013 est.)

0.97 (2012 est.)

0.9695 (2011 est.)

1.0902 (2010)

Unemployment Rate:

6.1% (2014 est.)

5.6% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings