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Includes historical data for Australia’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Prosperity Driven By Proximity To Asian Economies

The Australian economy thrives on open-market principles, a strong commitment to the rule of law and transparent regulations. With free-trade agreements in place with all major global partners and supported by a modern banking system, Australia welcomes foreign investment and maintains a competitive edge particularly in the financial services, technology and high-value-added manufacturing sectors. In line with its net-zero emissions objectives, Australia also encourages clean technology initiatives. Furthermore, Australia’s strategic proximity to fast-growing Asian markets and abundant mineral resources fortify its economic advantage.

Weaknesses include a tight labor market resulting in skill shortages, exposure to commodity price fluctuations, and climate change uncertainties. The economy is also heavily dependent on Chinese demand and suffers from infrastructure deficiencies due to the country’s expansive landmass.

Macroeconomy & Sovereign Data

Type of Government Federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm
Capital Canberra
Sovereign Ratings S&P: BB–
Moody’s: Ba3
Fitch: B+
Total Population 26.9 million
Median Age 37.5
Adult Per Capita Income (PPP) USD 63,408.51
Total GDP (2023) USD 1.7 trillion

Australia GDP & Economic Overview

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Banking & Finance

Trade & Investment

Total Exports USD 291.1 billion (2022)
Leading Exports Refined Petroleum
Delivery Trucks
Broadcasting Equipment
Total Imports USD 421.8 billion (2022)
Leading Imports Iron Ore
Natural Gas
Source: World Integrated Trade Solution

Australia Leading Companies

Commonwealth Bank of Australia Financials
Macquarie Group Financials
Westpac Banking Corporation Financials
Rio Tinto Metals & Mining
Woolworths Group Consumer Staples Distribution & Retail
Telstra Telecommunication Services

Major Trade Partners — Import

China 27.9%
United States 10.2%
Japan 6.0%
Thailand 4.4%
Germany 4.3%

Major Trade Partners — Export

China 34.2%
Unspecified 18.3%
Japan 8.9%
South Korea 6.6%
India 4.0%

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


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