Includes Australia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Australia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Australia best banks and safest banks are also available.
Basic Information
Government Type: Federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm
Capital City: Canberra
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank |
Reserve Bank of Australia |
---|---|
Currency |
Australian dollars (AUD) |
International Reserves |
USD 53.9 billion (2018) |
Gross Domestic Product – GDP |
USD 1,418.3 billion (2018, estimate) |
GDP (Purchasing Power Parity) |
Intl$ 1,318.2 billion (2018, estimate) |
GDP Data
Real GDP growth |
2007 4.4% 2008 2.7% 2009 1.9% 2010 2.4% 2011 2.8% 2012 3.9% 2013 2.1% 2014 2.6% 2015 2.5% 2016 2.8% 2017* 2.4% 2018*2.8% |
---|---|
GDP per capita – current prices |
USD 56,351.6 (2018, estimate) |
GDP per capita – PPP |
Intl$ 52,373.5 (2018, estimate) |
GDP (PPP) – share of world total |
0.96% (2019, estimate) |
GDP – composition by sector |
agriculture: 2.6% industry: 24% services: 66.6% |
Gross domestic expenditure on R&D; (% of GDP) |
1.9% (2015) |
Inflation |
2015 1.5% 2016 1.3% 2017 2% 2018* 2% 2019* 1.6% |
Australia
Inflation & Debt
Inflation |
2015 1.5% 2016 1.3% 2017 2% 2018* 2% 2019* 1.6% |
---|---|
Government Bond Ratings |
Standard & Poor’s: AAA Moody’s: Aaa Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate |
2015 6.1% 2016 5.7% 2017 5.6% 2018* 5.3% 2019* 5.1% |
Household saving rates |
3.5% (2017) |
Public debt (General government gross debt as a % of GDP) |
2015 37.7% 2016 40.5% 2017 41.1% 2018* 41.4% 2019* 41.8% |
Public deficit (General government net lending/borrowing as a % of GDP) |
2015 -2.8% 2016 -2.5% 2017 -1.7% 2018* -0.8% 2019* -0.7% |
Market value of publicly traded shares |
2016 USD 1,268.5 billion 2017 USD 1,508.5 billion 2018 USD 1,262.8 billion |
Largest Companies | Bendigo & Adelaide Bank, Sydney Airport, Lendlease Group, Bank of Queensland, Ramsay Health Care, Commonwealth Bank, Westpac Banking Group, BHP Group, ANZ, NAB – National Australia Bank, Macquarie Group, Telstra, Woolworths, Wesfarmers, Suncorp Group, CSL, Woodside Petroleum, QBE Insurance Group, Scentre Group, South32, Fortescue Metals Group, Origin Energy, Insurance Australia Group, AGL Energy, Amcor, Goodman Group, Qantas Airways, Transurban Group, Bluescope Steel, Santos, Brambles, Dexus, AMP, Caltex Australia, GPT Group, Viva Energy Group, Mirvac Group |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
21.7% (2018) |
---|---|
Shares in world total merchandising export |
1.32% (2018) |
Shares in world total commercial services export |
1.18% (2018) |
Total exports |
USD 327.1 billion (2018 estimate) |
Export commodities |
Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs Iron ore, coal, gold, natural gas, beef, aluminum ores and conc, wheat, meat (excluding beef), wool, alumina, alcohol |
Total imports |
USD 308.8 billion (2018 estimate) |
Import commodities |
Motor vehicles, refined petroleum, telecommunication equipment and parts; crude petroleum, medicaments, goods vehicles, gold, computers |
Exports – major partners |
China 33.5%, Japan 14.6%, South Korea 6.6%, India 5%, Hong Kong 4% (2017) |
Imports – major partners |
China 22.9%, US 10.8%, Japan 7.5%, Thailand 5.1%, Germany 4.9%, South Korea 4.5% (2017) |
Competitiveness & Trade
Current account balance | USD -29.6 billion (2018 estimate) |
---|---|
Current account balance by percentage of GDP |
-2.1 % (2018 estimate) |
FDI inflows |
2016 USD 45,522 million 2017 USD 42,294 million 2018 USD 60,438 million |
FDI Outflows |
2016 USD 328 million 2017 USD 3,320 million 2018 USD 3,635 million |
Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
Cross-border M&A deals worth over $3 billion completed in 2014 | Industry Funds Management Pty Ltd, ITR Concession Co LLC, United States, USD 5.7 billion / APA Group, QCLNG Pipeline Pty Ltd, Australia, USD 4.6 billion |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 14 out of 190 countries Subcategories: Starting a Business: 7 out of 190 countries Dealing with Construction Permits: 11 out of 190 countries Getting Electricity: 62 out of 190 countries Registering Property: 42 out of 190 countries Getting Credit: 4 out of 190 countries Protecting Minority Investors: 57 out of 190 countries Paying Taxes: 28 out of 190 countries Trading across Borders: 106 out of 190 countries Enforcing Contracts: 6 out of 190 countries Resolving Insolvency: 20 out of 190 countries |
Global competitiveness ranking |
16 out of 141 countries |
Index of Economic Freedom |
Ranking: 5 / Score: 80.9 (Free) (100=totally free 0=totally repressed) |
Population & Geographic Data
Total Area |
7,741,220 sq km |
---|---|
Total Population |
1990 17.17 million 2000 19.141 million 2010 22.17 million 2015 23.99 million 2020* 25.98 million *Estimate |
Urban population as % of total population |
1960 81.5% 1980 85.6% 2000 84.2% 2018 86% |
Population median age |
38.8 years CIA World Factbook / Population median age |
Population growth rate |
1.01% (2018 estimate) |
Life expectancy |
82.4 years (2018 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day |
N/A |
Inequality of wealth distribution (Gini index) |
5.8 (last available estimate, 2014) (0=perfect equality, 100=absolute inequality) |
Freedom House rating |
Free Political Rights: 1 Civil Liberties: 1 (2019) (1 represents the most free, 7 the least free rating) |
Total telephone subscribers as % of population |
Fixed: 7.8% Fixed: 32.5% Mobile: 113.6% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population |
86.55 % (2017) |
Language & Religon
Languages |
English 72.7%, Mandarin 2.5%, Arabic 1.4%, Cantonese 1.2%, Vietnamese 1.2%, Italian 1.2%, Greek 1%, other 14.8%, unspecified 6.5% (2016 est.) |
---|---|
Literacy |
N/A |
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) |
World Rankings
Population | 2.8 M |
---|---|
Mercer Cost of living index | N/A |
C02 Emissions per capita |
1.9 metric tons per capita (2018) |
Global Finance Rankings & Awards: Australia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000