Australia - Economic Indicators
Forecaster's Mailbag: Australia's Rude Awakening
Mar 30, 2020
In this space, Economic View responds to questions from readers. Puzzled about the forecast? Need clarification about some data? Send your questions to help@economy.com, and we'll try to provide an answer. Australia’s economic landscape has darkened. The Australian economy has entered a period of “hibernation”, according to Prime Minister Scott Morrison, as it tries to contain the spread of COVID-19. This situation is being replicated...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2019 Q4 | 277,811 | 275,794 | Mil. AUD, SA | Quarterly |
| Real Private Consumption | 2019 Q4 | 268,845 | 267,772 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Nominal Gross Domestic Product | 2019 Q4 | 502,598 | 503,880 | Mil. AUD, SA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2019 Q4 | 113,333 | 114,158 | Mil. AUD, SA | Quarterly |
| Real Gross Domestic Product | 2019 Q4 | 480,379 | 477,863 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Real Government Consumption | 2019 Q4 | 94,271 | 93,611 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2019 Q4 | 109,651 | 110,732 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Government Consumption | 2019 Q4 | 97,767 | 96,733 | Mil. AUD, SA | Quarterly |
| Real Investment | 2017 | 421,493,000,000 | 419,805,000,000 | NCU | Annual |
| Investment | 2017 | 424,279,000,000 | 419,805,000,000 | NCU | Annual |
| Price | Reference | Last | Previous | Units | Frequency |
| Producer Price Index (PPI) | 2019 Q4 | 112.4 | 112.1 | 2011-12=100, NSA | Quarterly |
| Consumer Price Index (CPI) | 2019 Q4 | 116.2 | 115.4 | 2011-12=100, NSA | Quarterly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Agriculture Employment | 29 Feb 2020 | 337.22 | 318.96 | Ths. #, NSA | 91 days |
| Labor Force | 2017 | 12,910,684 | 12,741,985 | # | Annual |
| Unemployment Rate | 2017 | 5.59 | 5.72 | % of total labor force | Annual |
| Wage & Salaries | 2016 | 47,610,000,000 | 45,343,000,000 | NCU | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Exports of Goods | Jan 2020 | 40,122 | 41,288 | Mil. AUD, SA | Monthly |
| Imports of Goods | Jan 2020 | -34,911 | -35,912 | Mil. AUD, SA | Monthly |
| Balance of Goods | Jan 2020 | 5,210 | 5,376 | Mil. AUD, SA | Monthly |
| Real Imports of Goods and Services | 2019 Q4 | 97,991 | 98,515 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Exports of Goods and Services | 2019 Q4 | 121,108 | 126,793 | Mil. AUD, SA | Quarterly |
| Imports of Goods and Services | 2019 Q4 | 107,214 | 106,879 | Mil. AUD, SA | Quarterly |
| Real Exports of Goods and Services | 2019 Q4 | 106,939 | 106,933 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Net Exports | 2019 Q4 | 13,894 | 19,914 | Mil. AUD, SA | Quarterly |
| Real Net Exports | 2019 Q4 | 8,948 | 8,418 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Current Account Balance | 2019 Q4 | 955 | 6,503 | Mil. AUD, SA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Outstanding Public Debt | Feb 2020 | 2,973 | 2,964 | AUD Bil., SA | Monthly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Monetary Policy Rate | 31 Mar 2020 | 0.25 | 0.25 | Percent, NSA | Daily |
| Money Market Rate | 30 Mar 2020 | 0.23 | 0.22 | Percent, NSA | Business Daily |
| Average Long-term Government Bond | 30 Mar 2020 | 0.79 | 0.93 | %, NSA | Business Daily |
| Stock Market Index | 30 Mar 2020 | 5,194 | Index, NSA | Daily | |
| Lending Rate | Nov 2019 | 4.8 | 4.8 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Building Permits | Jan 2020 | 13,016 | 15,360 | #, SA | Monthly |
| House Price Index | 2019 Q4 | 147.09 | 141.55 | 2011-2012=100 Index, SA | Quarterly |
| House Price Value | 2019 Q4 | 540,218 | 526,513 | AUD, NSA | Quarterly |
| Non-residential Building Completions | 2019 Q4 | 11,451,163 | 11,850,201 | Ths. Ch. AUD, SA | Quarterly |
| Building Completions | 2019 Q4 | 28,937,302 | 30,179,134 | Ths. Ch. AUD, SA | Quarterly |
| Residential Building Completions | 2019 Q4 | 15,282,442 | 16,096,450 | Ths. Ch. AUD, SA | Quarterly |
| Residential Housing Starts | 2019 Q3 | 15,586 | 19,946 | #, SA | Quarterly |
| Housing Starts | 2019 Q3 | 24,467 | 25,759 | #, SA | Quarterly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Feb 2020 | 99.36 | 99.3 | Index Long term avg=100, SA | Monthly |
| Retail Sales | Jan 2020 | 27,632 | 27,710 | Mil. AUD, SA | Monthly |
| Personal Income | 2019 Q4 | 15,151 | 15,352 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Real Retail Sales | 2019 Q4 | 80,186 | 79,801 | Mil. Ch. 2016-17 AUD, SA | Quarterly |
| Business | Reference | Last | Previous | Units | Frequency |
| Purchasing Managers index | Feb 2020 | 44.3 | 45.4 | Diffusion Index, SA | Monthly |
| Real Change in Inventories | 2019 Q4 | 118 | -743 | Mil. Ch. Jul17-Jun18 AUD, SA | Quarterly |
| Industrial Production | 2019 Q4 | 105.9 | 104.3 | Index Jul17-Jun18=100, SA | Quarterly |
| Change in Inventories | 2019 Q4 | 1,315 | -686 | Mil. AUD, SA | Quarterly |
| Business Confidence | Nov 2019 | 101.6 | 101.1 | Index long term avg=100, SA | Monthly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Births | 2019 Q3 | 78 | 81.7 | #, NSA | Quarterly |
| Deaths | 2019 Q3 | 45.8 | 41 | #, NSA | Quarterly |
| Population | 2019 Q3 | 25,464 | 25,365 | #, NSA | Quarterly |
| Net Migration | 2017 | 849,966 | # | Annual | |
| Birth Rate | 2016 | 12.5 | # per Ths. pop. | Annual | |
| Death Rate | 2005 | 6.4 | 6.5 | # per Ths. pop. | Annual |
Factbook
Background
Background:
Prehistoric settlers arrived on the continent from Southeast Asia at least 40,000 years before the first Europeans began exploration in the 17th century. No formal territorial claims were made until 1770, when Capt. James COOK took possession of the east coast in the name of Great Britain (all of Australia was claimed as British territory in 1829 with the creation of the colony of Western Australia). Six colonies were created in the late 18th and 19th centuries; they federated and became the Commonwealth of Australia in 1901. The new country took advantage of its natural resources to rapidly develop agricultural and manufacturing industries and to make a major contribution to the Allied effort in World Wars I and II.
In recent decades, Australia has become an internationally competitive, advanced market economy due in large part to economic reforms adopted in the 1980s and its location in one of the fastest growing regions of the world economy. Long-term concerns include an aging population, pressure on infrastructure, and environmental issues such as floods, droughts, and bushfires. Australia is the driest inhabited continent on earth, making it particularly vulnerable to the challenges of climate change. Australia is home to 10 per cent of the world's biodiversity, and a great number of its flora and fauna exist nowhere else in the world.
Geography
Location:
Oceania, continent between the Indian Ocean and the South Pacific Ocean
Geographic coordinates:
27 00 S, 133 00 E
Map references:
Oceania
Area:
total: 7,741,220 sq km
land: 7,682,300 sq km
water: 58,920 sq km
note: includes Lord Howe Island and Macquarie Island
country comparison to the world: 7
Area - comparative:
slightly smaller than the US contiguous 48 states
Area comparison map:
Land boundaries:
0 km
Coastline:
25,760 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
generally arid to semiarid; temperate in south and east; tropical in north
Terrain:
mostly low plateau with deserts; fertile plain in southeast
Elevation:
mean elevation: 330 m
elevation extremes: lowest point: Lake Eyre -15 m
highest point: Mount Kosciuszko 2,228 m
Natural resources:
bauxite, coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, rare earth elements, mineral sands, lead, zinc, diamonds, natural gas, petroleum
note: Australia is the world's largest net exporter of coal accounting for 29% of global coal exports
Land use:
agricultural land: 53.4%
arable land 6.2%; permanent crops 0.1%; permanent pasture 47.1%
forest: 19.3%
other: 27.3% (2014 est.)
Irrigated land:
25,500 sq km (2012)
Population - distribution:
population is primarily located on the periphery, with the highest concentration of people residing in the southeast; a secondary population center is located in and around Perth in the west; of the States and Territories, New South Wales has, by far, the largest population; the interior, or "outback", has a very sparse population
Natural hazards:
cyclones along the coast; severe droughts; forest fires
volcanism: volcanic activity on Heard and McDonald Islands
Environment - current issues:
soil erosion from overgrazing, deforestation, industrial development, urbanization, and poor farming practices; soil salinity rising due to the use of poor quality water; desertification; clearing for agricultural purposes threatens the natural habitat of many unique animal and plant species; the Great Barrier Reef off the northeast coast, the largest coral reef in the world, is threatened by increased shipping and its popularity as a tourist site; limited natural freshwater resources; drought, overfishing, pollution, and invasive species are also problems
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
world's smallest continent but sixth-largest country; the largest country in Oceania, the largest country entirely in the Southern Hemisphere, and the largest country without land borders; the only continent without glaciers; population concentrated along the eastern and southeastern coasts; the invigorating sea breeze known as the "Fremantle Doctor" affects the city of Perth on the west coast and is one of the most consistent winds in the world
People & Society
Population:
23,232,413 (July 2017 est.)
country comparison to the world: 56
Nationality:
noun: Australian(s)
adjective: Australian
Ethnic groups:
English 25.9%, Australian 25.4%, Irish 7.5%, Scottish 6.4%, Italian 3.3%, German 3.2%, Chinese 3.1%, Indian 1.4%, Greek 1.4%, Dutch 1.2%, other 15.8% (includes Australian aboriginal .5%), unspecified 5.4%
note: data represent self-identified ancestry, over a third of respondents reported two ancestries (2011 est.)
Languages:
English 76.8%, Mandarin 1.6%, Italian 1.4%, Arabic 1.3%, Greek 1.2%, Cantonese 1.2%, Vietnamese 1.1%, other 10.4%, unspecified 5% (2011 est.)
Religions:
Protestant 23.1% (Anglican 13.3%, Uniting Church 3.7%, Presbyterian and Reformed 2.3%, Baptist 1.5%, Pentecostal 1.1%, Lutheran .7%, other Protestant .5%), Roman Catholic 22.6%, other Christian 4.2%, Muslim 2.6%, Buddhist 2.4%, Orthodox 2.3% (Eastern Orthodox 2.1%, Oriental Orthodox .2%), Hindu 1.9%, other 1.3%, none 30.1%, unspecified 9.6% (2016 est.)
Age structure:
0-14 years: 17.8% (male 2,122,139/female 2,012,670)
15-24 years: 12.79% (male 1,524,368/female 1,446,663)
25-54 years: 41.45% (male 4,903,130/female 4,725,976)
55-64 years: 11.83% (male 1,363,331/female 1,384,036)
65 years and over: 16.14% (male 1,736,951/female 2,013,149) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 51.1
youth dependency ratio: 28.5
elderly dependency ratio: 22.6
potential support ratio: 4.4 (2015 est.)
Median age:
total: 38.7 years
male: 37.9 years
female: 39.5 years (2017 est.)
country comparison to the world: 58
Population growth rate:
1.03% (2017 est.)
country comparison to the world: 110
Birth rate:
12.1 births/1,000 population (2017 est.)
country comparison to the world: 165
Death rate:
7.3 deaths/1,000 population (2017 est.)
country comparison to the world: 119
Net migration rate:
5.5 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 21
Population distribution:
population is primarily located on the periphery, with the highest concentration of people residing in the southeast; a secondary population center is located in and around Perth in the west; of the States and Territories, New South Wales has, by far, the largest population; the interior, or "outback", has a very sparse population
Urbanization:
urban population: 89.7% of total population (2017)
rate of urbanization: 1.37% annual rate of change (2015-20 est.)
note: data include Christmas Island, Cocos Islands, and Norfolk Island
Major urban areas - population:
Sydney 4.505 million; Melbourne 4.203 million; Brisbane 2.202 million; Perth 1.861 million; Adelaide 1.256 million; CANBERRA (capital) 423,000 (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.05 male(s)/female
25-54 years: 1.04 male(s)/female
55-64 years: 0.98 male(s)/female
65 years and over: 0.86 male(s)/female
total population: 1.01 male(s)/female (2017 est.)
Mother's mean age at first birth:
28.7 years (2014 est.)
Maternal mortality ratio:
6 deaths/100,000 live births (2015 est.)
country comparison to the world: 166
Infant mortality rate:
total: 4.3 deaths/1,000 live births
male: 4.6 deaths/1,000 live births
female: 3.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 184
Life expectancy at birth:
total population: 82.3 years
male: 79.8 years
female: 84.9 years (2017 est.)
country comparison to the world: 14
Total fertility rate:
1.77 children born/woman (2017 est.)
country comparison to the world: 156
Contraceptive prevalence rate:
67.8%
note: percent of women aged 18-45 (2011)
Health expenditures:
9.4% of GDP (2014)
country comparison to the world: 32
Physicians density:
3.5 physicians/1,000 population (2015)
Hospital bed density:
3.8 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.1% (2016 est.)
country comparison to the world: 100
HIV/AIDS - people living with HIV/AIDS:
25,000 (2016 est.)
country comparison to the world: 69
HIV/AIDS - deaths:
<500 (2016 est.)
Obesity - adult prevalence rate:
29% (2016)
country comparison to the world: 27
Children under the age of 5 years underweight:
0.2% (2007)
country comparison to the world: 138
Education expenditures:
5.2% of GDP (2014)
country comparison to the world: 56
School life expectancy (primary to tertiary education):
total: 20 years
male: 20 years
female: 21 years (2014)
Unemployment, youth ages 15-24:
total: 12.7%
male: 13.9%
female: 11.4% (2016 est.)
country comparison to the world: 104
Government
Country name:
conventional long form: Commonwealth of Australia
conventional short form: Australia
etymology: the name Australia derives from the Latin "australis" meaning "southern"; the Australian landmass was long referred to as "Terra Australis" or the Southern Land
Government type:
parliamentary democracy (Federal Parliament) under a constitutional monarchy; a Commonwealth realm
Capital:
name: Canberra
geographic coordinates: 35 16 S, 149 08 E
time difference: UTC+10 (15 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins first Sunday in October; ends first Sunday in April
note: Australia has three time zones
Administrative divisions:
6 states and 2 territories*; Australian Capital Territory*, New South Wales, Northern Territory*, Queensland, South Australia, Tasmania, Victoria, Western Australia
Dependent areas:
Ashmore and Cartier Islands, Christmas Island, Cocos (Keeling) Islands, Coral Sea Islands, Heard Island and McDonald Islands, Norfolk Island
Independence:
1 January 1901 (from the federation of UK colonies)
National holiday:
Australia Day (commemorates the arrival of the First Fleet of Australian settlers), 26 January (1788); ANZAC Day (commemorates the anniversary of the landing of troops of the Australian and New Zealand Army Corps during World War I at Gallipoli, Turkey), 25 April (1915)
Constitution:
history: approved in a series of referenda 1898 through 1900, became law 9 July 1900, effective 1 January 1901
amendments: proposed by Parliament; passage requires approval of a referendum bill by absolute majority vote in both houses of Parliament, approval in a referendum by a majority of voters in at least four states and in the territories, and Royal Assent; proposals that would reduce a state’s representation in either house or change a state’s boundaries require that state’s approval prior to Royal Assent; amended several times, last in 1977 (2017)
Legal system:
common law system based on the English model
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen or permanent resident of Australia
dual citizenship recognized: yes
residency requirement for naturalization: 4 years
Suffrage:
18 years of age; universal and compulsory
Executive branch:
chief of state: Queen of Australia ELIZABETH II (since 6 February 1952); represented by Governor Gen. Sir Peter COSGROVE (since 28 March 2014)
head of government: Prime Minister Malcolm TURNBULL (since 15 September 2015)
cabinet: Cabinet nominated by the prime minister from among members of Parliament and sworn in by the governor general
elections/appointments: the monarchy is hereditary; governor general appointed by the monarch on the recommendation of the prime minister; following legislative elections, the leader of the majority party or majority coalition is sworn in as prime minister by the governor general
Legislative branch:
description: bicameral Federal Parliament consists of the Senate (76 seats; 12 members from each of the 6 states and 2 each from the 2 mainland territories; members directly elected in multi-seat constituencies by proportional representation vote; members serve 6-year terms with one-half of state membership renewed every 3 years and territory membership renewed every 3 years) and the House of Representatives (150 seats; members directly elected in single-seat constituencies by majority preferential vote; members serve terms of up to 3 years)
elections: Senate - last held on 2 July 2016 (next to be held in 2019); House of Representatives - last held on 2 July 2016; this election represents a rare double dissolution where all 226 seats in both the Senate and House of Representatives are up for reelection
election results: Senate - percent of vote by party - Liberal/National Coalition 35.2%, ALP 29.8%, the Greens 8.7%, Pauline Hanson's One Nation 4.3%, Nick Xenophon Team 3.3%, other 18.7%; seats by party - Liberal/National Coalition 30, ALP 26, The Greens 9, Pauline Hanson's One Nation 4, Nick Xenophon Team 3, other 4; House of Representatives - percent of vote by party - Liberal/National Coalition 42%, ALP 34.7%, The Greens 10.2%, Nick Xenophon Team 1.9%. Katter's Australian Party 0.5%, independent 2.8%, other 7.8%; seats by party - Liberal/National Coalition 76, ALP 69, The Greens 1, Katter's Australian Party 1, Nick Xenophon Team 1, independent 2
Judicial branch:
highest court(s): High Court of Australia (consists of 7 justices, including the chief justice); note - each of the 6 states, 2 territories, and Norfolk Island has a Supreme Court; the High Court is the final appellate court beyond the state and territory supreme courts
judge selection and term of office: justices appointed by the governor-general in council for life with mandatory retirement at age 70
subordinate courts: subordinate courts: subordinate courts at the federal level: Federal Court; Federal Magistrates' Courts of Australia; Family Court; subordinate courts at the state and territory level: Local Court - New South Wales; Magistrates' Courts – Victoria, Queensland, South Australia, Western Australia, Tasmania, Northern Territory, Australian Capital Territory; District Courts – New South Wales, Queensland, South Australia, Western Australia; County Court – Victoria; Family Court – Western Australia; Court of Petty Sessions – Norfolk Island
Political parties and leaders:
Australian Greens Party [Richard DI NATALE]
Australian Labor Party [Bill SHORTEN]
Country Liberal Party or CLP [Gary HIGGINS]
Liberal National Party of Queensland or LNP [Deborah FRECKLINGTON]
Liberal Party of Australia [Malcolm TURNBULL]
The Nationals [Michael MCCORMACK]
Nick Xenophon Team [Nick XENOPHON]
Pauline Hanson’s One Nation [Pauline HANSON]
Political pressure groups and leaders:
business groups, environmental groups, social groups, trade unions
International organization participation:
ADB, ANZUS, APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, C, CD, CP, EAS, EBRD, EITI (implementing country), FAO, FATF, G-20, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NEA, NSG, OECD, OPCW, OSCE (partner), Pacific Alliance (observer), Paris Club, PCA, PIF, SAARC (observer), SICA (observer), Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNMISS, UNMIT, UNRWA, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Joseph Benedict HOCKEY (since 28 January 2016)
chancery: 1601 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 797-3000
FAX: [1] (202) 797-3168
consulate(s) general: Atlanta, Chicago, Honolulu, Houston, Los Angeles, New York, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires James CAROUSO (since September 2016)
embassy: Moonah Place, Yarralumla, Canberra, Australian Capital Territory 2600
mailing address: APO AP 96549
telephone: [61] (02) 6214-5600
FAX: [61] (02) 6214-5970
consulate(s) general: Melbourne, Perth, Sydney
Flag description:
blue with the flag of the UK in the upper hoist-side quadrant and a large seven-pointed star in the lower hoist-side quadrant known as the Commonwealth or Federation Star, representing the federation of the colonies of Australia in 1901; the star depicts one point for each of the six original states and one representing all of Australia's internal and external territories; on the fly half is a representation of the Southern Cross constellation in white with one small, five-pointed star and four larger, seven-pointed stars
National symbol(s):
Commonwealth Star (seven-pointed Star of Federation), golden wattle tree; national colors: green, gold
National anthem:
name: "Advance Australia Fair"
lyrics/music: Peter Dodds McCORMICK
note: adopted 1984; although originally written in the late 19th century, the anthem was not used for all official occasions until 1984; as a Commonwealth country, in addition to the national anthem, "God Save the Queen" is also played at Royal functions (see United Kingdom)
Economy
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 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have 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 benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed 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 WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, 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 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 10 ASEAN countries and China, Japan, Korea, New Zealand and India.
GDP (purchasing power parity):
$1.235 trillion (2017 est.)
$1.209 trillion (2016 est.)
$1.179 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 20
GDP (official exchange rate):
$1.39 trillion (2017 est.)
GDP - real growth rate:
2.2% (2017 est.)
2.5% (2016 est.)
2.4% (2015 est.)
country comparison to the world: 146
GDP - per capita (PPP):
$49,900 (2017 est.)
$49,600 (2016 est.)
$49,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 28
Gross national saving:
22.3% of GDP (2017 est.)
21.9% of GDP (2016 est.)
22.1% of GDP (2015 est.)
country comparison to the world: 72
GDP - composition, by end use:
household consumption: 57.1%
government consumption: 19%
investment in fixed capital: 24.2%
investment in inventories: 0%
exports of goods and services: 20.5%
imports of goods and services: -20.8% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 3.6%
industry: 26.1%
services: 70.3% (2017 est.)
Agriculture - products:
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries:
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial production growth rate:
1% (2017 est.)
country comparison to the world: 170
Labor force:
12.91 million (2017 est.)
country comparison to the world: 45
Labor force - by occupation:
agriculture: 3.6%
industry: 21.1%
services: 75.3% (2009 est.)
Unemployment rate:
5.6% (2017 est.)
5.7% (2016 est.)
country comparison to the world: 79
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 25.4% (1994 est.)
Distribution of family income - Gini index:
30.3 (2008 est.)
35.2 (1994 est.)
country comparison to the world: 132
Budget:
revenues: $461 billion
expenditures: $484.9 billion (2017 est.)
Taxes and other revenues:
33.2% of GDP (2017 est.)
country comparison to the world: 66
Budget surplus (+) or deficit (-):
-1.7% of GDP (2017 est.)
country comparison to the world: 73
Public debt:
47.1% of GDP (2017 est.)
46.6% of GDP (2016 est.)
country comparison to the world: 111
Fiscal year:
1 July - 30 June
Inflation rate (consumer prices):
2% (2017 est.)
1.3% (2016 est.)
country comparison to the world: 89
Central bank discount rate:
3% (28 February 2013 est.)
4.35% (31 December 2010 est.)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
country comparison to the world: 107
Commercial bank prime lending rate:
5.3% (31 December 2017 est.)
5.42% (31 December 2016 est.)
country comparison to the world: 140
Stock of narrow money:
$271.9 billion (31 December 2017 est.)
$243.1 billion (31 December 2016 est.)
country comparison to the world: 19
Stock of broad money:
$1.586 trillion (31 December 2017 est.)
$1.415 trillion (31 December 2016 est.)
country comparison to the world: 12
Stock of domestic credit:
$2.336 trillion (31 December 2017 est.)
$2.098 trillion (31 December 2016 est.)
country comparison to the world: 12
Market value of publicly traded shares:
$1.187 trillion (31 December 2015 est.)
$1.289 trillion (31 December 2014 est.)
$1.366 trillion (31 December 2013 est.)
country comparison to the world: 13
Current account balance:
$-21.68 billion (2017 est.)
$-33.31 billion (2016 est.)
country comparison to the world: 192
Exports:
$224.5 billion (2017 est.)
$191.7 billion (2016 est.)
country comparison to the world: 25
Exports - commodities:
iron ore, coal, gold, natural gas, beef, aluminum ores and conc, wheat, meat (excluding beef), wool, alumina, alcohol
Exports - partners:
China 30.5%, Japan 12.4%, US 6.5%, South Korea 6.1% (2016)
Imports:
$215.4 billion (2017 est.)
$198.5 billion (2016 est.)
country comparison to the world: 22
Imports - commodities:
motor vehicles, refined petroleum, telecommunication equipment and parts; crude petroleum, medicaments, goods vehicles, gold, computers
Imports - partners:
China 23.4%, US 11.5%, Japan 7.8%, Thailand 5.6%, Germany 5.3%, South Korea 4.3% (2016)
Reserves of foreign exchange and gold:
$60.3 billion (31 December 2017 est.)
$55.07 billion (31 December 2016 est.)
country comparison to the world: 36
Debt - external:
$1.67 trillion (31 December 2017 est.)
$1.547 trillion (31 December 2016 est.)
country comparison to the world: 12
Stock of direct foreign investment - at home:
$647.7 billion (31 December 2017 est.)
$617.7 billion (31 December 2016 est.)
country comparison to the world: 16
Stock of direct foreign investment - abroad:
$443.4 billion (31 December 2017 est.)
$441.4 billion (31 December 2016 est.)
country comparison to the world: 18
Exchange rates:
Australian dollars (AUD) per US dollar -
1.31 (2017 est.)
1.34 (2016 est.)
1.34 (2015 est.)
1.33 (2014 est.)
1.11 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
237.9 billion kWh (2015 est.)
country comparison to the world: 20
Electricity - consumption:
223.6 billion kWh (2015 est.)
country comparison to the world: 18
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 102
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 121
Electricity - installed generating capacity:
67.03 million kW (2015 est.)
country comparison to the world: 18
Electricity - from fossil fuels:
72.9% of total installed capacity (2015 est.)
country comparison to the world: 98
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 43
Electricity - from hydroelectric plants:
10.9% of total installed capacity (2015 est.)
country comparison to the world: 116
Electricity - from other renewable sources:
16.1% of total installed capacity (2015 est.)
country comparison to the world: 43
Crude oil - production:
289,700 bbl/day (2016 est.)
country comparison to the world: 33
Crude oil - exports:
213,600 bbl/day (2016 est.)
country comparison to the world: 29
Crude oil - imports:
339,500 bbl/day (2016 est.)
country comparison to the world: 25
Crude oil - proved reserves:
1.821 billion bbl (1 January 2017 est.)
country comparison to the world: 39
Refined petroleum products - production:
472,100 bbl/day (2016 est.)
country comparison to the world: 34
Refined petroleum products - consumption:
1.1 million bbl/day (2016 est.)
country comparison to the world: 21
Refined petroleum products - exports:
60,290 bbl/day (2016 est.)
country comparison to the world: 50
Refined petroleum products - imports:
564,300 bbl/day (2016 est.)
country comparison to the world: 14
Natural gas - production:
67.2 billion cu m (2015 est.)
country comparison to the world: 13
Natural gas - consumption:
46.99 billion cu m (2015 est.)
country comparison to the world: 24
Natural gas - exports:
34.06 billion cu m (2015 est.)
country comparison to the world: 11
Natural gas - imports:
6.373 billion cu m (2015 est.)
country comparison to the world: 32
Natural gas - proved reserves:
1.989 trillion cu m (1 January 2017 est.)
country comparison to the world: 18
Carbon dioxide emissions from consumption of energy:
385 million Mt (2015 est.)
country comparison to the world: 18
Communications
Telephones - fixed lines:
total subscriptions: 8.18 million
subscriptions per 100 inhabitants: 36 (July 2016 est.)
country comparison to the world: 22
Telephones - mobile cellular:
total: 26.551 million
subscriptions per 100 inhabitants: 114 (July 2016 est.)
country comparison to the world: 48
Telephone system:
general assessment: excellent domestic and international service
domestic: domestic satellite system; significant use of radiotelephone in areas of low population density; rapid growth of mobile telephones
international: country code - 61; landing point for the SEA-ME-WE-3 optical telecommunications submarine cable with links to Asia, the Middle East, and Europe; the Southern Cross fiber-optic submarine cable provides links to NZ and the US; satellite earth stations - 10 Intelsat (4 Indian Ocean and 6 Pacific Ocean), 2 Inmarsat, 2 Globalstar, 5 other (2015)
Broadcast media:
the Australian Broadcasting Corporation (ABC) runs multiple national and local radio networks and TV stations, as well as Australia Network, a TV service that broadcasts throughout the Asia-Pacific region and is the main public broadcaster; Special Broadcasting Service (SBS), a second large public broadcaster, operates radio and TV networks broadcasting in multiple languages; several large national commercial TV networks, a large number of local commercial TV stations, and hundreds of commercial radio stations are accessible; cable and satellite systems are available (2009)
Internet country code:
.au
Internet users:
total: 20,288,409
percent of population: 88.2% (July 2016 est.)
country comparison to the world: 34
Transportation
National air transport system:
number of registered air carriers: 25
inventory of registered aircraft operated by air carriers: 583
annual passenger traffic on registered air carriers: 69,294,187
annual freight traffic on registered air carriers: 1,887,295,820 mt-km (2018)
Civil aircraft registration country code prefix:
VH (2016)
Airports:
480 (2013)
country comparison to the world: 16
Airports - with paved runways:
total: 349
over 3,047 m: 11
2,438 to 3,047 m: 14
1,524 to 2,437 m: 155
914 to 1,523 m: 155
under 914 m: 14 (2017)
Airports - with unpaved runways:
total: 131
1,524 to 2,437 m: 16
914 to 1,523 m: 101
under 914 m: 14 (2013)
Heliports:
1 (2013)
Pipelines:
condensate/gas 637 km; gas 30,054 km; liquid petroleum gas 240 km; oil 3,609 km; oil/gas/water 110 km; refined products 72 km (2013)
Railways:
total: 33,343 km
broad gauge: 3,247 km 1.600-m gauge (372 km electrified)
standard gauge: 17,446 km 1.435-m gauge (650 km electrified)
narrow gauge: 12,318 km 1.067-m gauge (2,075.5 km electrified)
other gauge: 35 km (2015)
country comparison to the world: 7
Roadways:
total: 873,573 km
urban: 145,928 km
non-urban: 727,645 km (2015)
country comparison to the world: 9
Waterways:
2,000 km (mainly used for recreation on Murray and Murray-Darling River systems) (2011)
country comparison to the world: 42
Merchant marine:
total: 549
by type: bulk carrier 4, general cargo 83, oil tanker 10, other 452 (2017)
country comparison to the world: 39
Ports and terminals:
major seaport(s): Brisbane, Cairns, Darwin, Fremantle, Geelong, Gladstone, Hobart, Melbourne, Newcastle, Port Adelaide, Port Kembla, Sydney
dry bulk cargo port(s): Dampier (iron ore), Dalrymple Bay (coal), Hay Point (coal), Port Hedland (iron ore), Port Walcott (iron ore)
container port(s) (TEUs): Brisbane (1,152,000), Melbourne (2,638,000), Sydney (2,330,000) (2015)
LNG terminal(s) (export): Darwin, Karratha, Burrup, Curtis Island
Military & Security
Military expenditures:
2% of GDP (2016)
1.98% of GDP (2015)
1.8% of GDP (2014)
1.68% of GDP (2013)
1.7% of GDP (2012)
country comparison to the world: 48
Military branches:
Australian Defense Force (ADF): Australian Army (includes Special Operations Command), Royal Australian Navy (includes Naval Aviation Force), Royal Australian Air Force, Joint Operations Command (JOC) (2016)
Military service age and obligation:
17 years of age for voluntary military service (with parental consent); no conscription; women allowed to serve in most combat roles (2018)
Transnational Issues
Disputes - international:
in 2018, Australia and Timor-Leste signed a permanent maritime border treaty, scrapping a 2007 development zone and revenue sharing arrangement between the countries; Australia asserts land and maritime claims to Antarctica; Australia's 2004 submission to the Commission on the Limits of the Continental Shelf extends its continental margins over 3.37 million square kilometers, expanding its seabed roughly 30 percent beyond its claimed EEZ; all borders between Indonesia and Australia have been agreed upon bilaterally, but a 1997 treaty that would settle the last of their maritime and EEZ boundary has yet to be ratified by Indonesia's legislature; Indonesian groups challenge Australia's claim to Ashmore Reef; Australia closed parts of the Ashmore and Cartier reserve to Indonesian traditional fishing
Refugees and internally displaced persons:
refugees (country of origin): 9,217 (Afghanistan); 6,128 (Iran) (2016)
Illicit drugs:
Tasmania is one of the world's major suppliers of licit opiate products; government maintains strict controls over areas of opium poppy cultivation and output of poppy straw concentrate; major consumer of cocaine and amphetamines
