Australia Economy 2010

          Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Emphasis on reforms, low inflation, a housing market boom, and growing ties with China were key factors over the course of a 17-year economic expansion that ended with the recent global financial crisis. Business and consumer confidence and high export prices for raw materials and agricultural products fueled the economy to the point of overheating in recent years, particularly in mining states. Drought, robust import demand, and a strong currency pushed the trade deficit up, while infrastructure bottlenecks and a tight labor market constrained growth in export volumes and stoked inflation through mid-2008. The economy fared relatively well during the global financial crisis, narrowly avoiding a technical recession because of monetary and fiscal stimulus, buoyant export demand and investment from China, and the strong health of Australia's banking sector. Australia became the first G20 country to tighten monetary policy after the crisis when the central bank raised its key rate in October 2009. In 2010, the government will focus on raising Australia's economic productivity, managing the symbiotic, but sometimes tense, economic relationship with China, passing emissions trading legislation, and dealing with other climate-related issues such as drought and devastating bushfires. 

GDP (purchasing power parity):
$819 billion (2009 est.)

$812.5 billion (2008 est.)

$793.4 billion (2007 est.)
note: data are in 2009 US dollars
[see also: GDP (purchasing power parity) country ranks ]
GDP (official exchange rate):
$920 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2009 est.)

2.4% (2008 est.)

4% (2007 est.)
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$38,500 (2009 est.)

$38,700 (2008 est.)

$38,200 (2007 est.)
note: data are in 2009 US dollars
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 3.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 71.3% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
11.44 million (2009 est.)
[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% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.7% (2009 est.)

4.242% (2008 est.)
[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:
30.5 (2006)

35.2 (1994)
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
27.3% of GDP (2009 est.)
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $323.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $358.4 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
18.6% of GDP (2009 est.)

14.7% of GDP (2008 est.)
note: the Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities
[see also: Public debt country ranks ]
Inflation rate (consumer prices):
1.9% (2009 est.)

4.4% (2008 est.)
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
3.75% (2 December 2009)

4.25% (3 December 2008)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
8.91% (31 December 2008)

10.02% (31 December 2007)
[see also: Commercial bank prime lending rate country ranks ]
Stock of money:
$NA (31 December 2008)

$298.5 billion (31 December 2007)
[see also: Stock of money country ranks ]
Stock of quasi money:
$NA (31 December 2008)

$667.2 billion (31 December 2007)
[see also: Stock of quasi money country ranks ]
Stock of domestic credit:
$NA (31 December 2008)

$1.312 trillion (31 December 2007)
[see also: Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA (31 December 2008)

$1.298 trillion (31 December 2007)

$1.096 trillion (31 December 2006)
[see also: Market value of publicly traded shares 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:
-5.8% (2009 est.)
[see also: Industrial production growth rate country ranks ]

Electricity - production:
239.9 billion kWh (2007 est.)
[see also: Electricity - production country ranks ]

Electricity - consumption:
222 billion kWh (2007 est.)
[see also: Electricity - consumption country ranks ]
Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
586,400 bbl/day (2008 est.)
[see also: Oil - production country ranks ]

Oil - consumption:
953,700 bbl/day (2008 est.)
[see also: Oil - consumption country ranks ]

Oil - exports:
332,400 bbl/day (2008 est.)
[see also: Oil - exports country ranks ]

Oil - imports:
687,200 bbl/day (2008 est.)
[see also: Oil - imports country ranks ]

Oil - proved reserves:
1.5 billion bbl (1 January 2009 est.)
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
45.22 billion cu m (2008 est.)
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
34.2 billion cu m (2008 est.)
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
19.48 billion cu m (2008 est.)
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
5.377 billion cu m (2008 est.)
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
849.5 billion cu m (1 January 2009 est.)
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$-33.31 billion (2009 est.)

$-44.04 billion (2008 est.)
[see also: Current account balance country ranks ]
Exports:
$161.5 billion (2009 est.)

$189.9 billion (2008 est.)
[see also: Exports country ranks ]
Exports - commodities:
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners:
Japan 22.2%, China 14.6%, South Korea 8.2%, India 6.1%, US 5.5%, NZ 4.3%, UK 4.2% (2008)

Imports:
$160.9 billion (2009 est.)

$194.2 billion (2008 est.)
[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 15.4%, US 12%, Japan 9.1%, Singapore 7%, Germany 5%, Thailand 4.5%, UK 4.3%, Malaysia 4.1% (2008)

Reserves of foreign exchange and gold:
$44.98 billion (31 December 2009 est.)

$32.92 billion (31 December 2008 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$920 billion (31 December 2009 est.)

$799.8 billion (31 December 2008 est.)
[see also: Debt - external country ranks ]
Stock of direct foreign investment - at home:
$282.3 billion (31 December 2009 est.)

$366.5 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
Stock of direct foreign investment - abroad:
$209.4 billion (31 December 2009 est.)

$197.2 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Exchange rates:
Australian dollars (AUD) per US dollar - 1.2894 (2009), 1.2059 (2008), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005) 

SOURCE : www.theodora.com 

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