Economy - overview:
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 have been key factors over the course of the economy's 17 solid years of expansion. Robust business and consumer confidence and high export prices for raw materials and agricultural products fueled the economy in recent years, particularly in mining states. Drought, robust import demand, and a strong currency pushed the trade deficit up however, while infrastructure bottlenecks and a tight labor market constrained growth in export volumes and stoked inflation through mid-2008. The unwinding of the yen-based carry trade in late 2008 has contributed to a weakening of the Australian dollar. Tight global liquidity has challenged Australia's banking sector, which relies heavily on international wholesale markets for funding. The economy remains relatively healthy despite falling export commodity prices. The government plans to counter slowing growth in 2009 with fiscal stimulus efforts.

GDP (purchasing power parity):
$800.5 billion (2008 est.)
$783.2 billion (2007)
$753.1 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$1.069 trillion (2008 est.)

GDP - real growth rate:
2.2% (2008 est.)
4% (2007 est.)
2.9% (2006 est.)

GDP - per capita:
$38,100 (2008 est.)
$37,700 (2007 est.)
$36,800 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 2.5%
industry: 26.4%
services: 71.1% (2008 est.)

Labor force:
11.21 million (2008 est.)

Labor force - by occupation:
agriculture: 3.6%
industry: 21.1%
services: 75% (2005 est.)

Unemployment rate:
4.5% (2008 est.)

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 25.4% (1994)

Distribution of family income - Gini index:
30.5 (2006)

Investment (gross fixed):
27.6% of GDP (2008 est.)

Budget:
revenues: $343.6 billion
expenditures: $340.7 billion (2008 est.)

Public debt:
15.4% of GDP
note: the Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities (2008 est.)

Inflation rate (consumer prices):
4.7% (2008 est.)

Central bank discount rate:
NA

Commercial bank prime lending rate:
10.02% (31 December 2007)

Stock of money:
$298.5 billion (31 December 2007)

Stock of quasi money:
$667.2 billion (31 December 2007)

Stock of domestic credit:
$1.312 trillion (31 December 2007)

Market value of publicly traded shares:
$1.298 trillion (31 December 2007)

Agriculture - products:
wheat, barley, sugarcane, fruits, cattle, sheep, poultry

Industries:
mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate:
3.5% (2008 est.)

Electricity - production:
244.2 billion kWh (2007 est.)

Electricity - consumption:
220 billion kWh (2006 est.)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
600,000 bbl/day (2008 est.)

Oil - consumption:
966,200 bbl/day (2007 est.)

Oil - exports:
337,400 bbl/day (2005)

Oil - imports:
615,000 bbl/day (2005)

Oil - proved reserves:
1.5 billion bbl (1 January 2008 est.)

Natural gas - production:
43.62 billion cu m (2007 est.)

Natural gas - consumption:
29.4 billion cu m (2007 est.)

Natural gas - exports:
19.91 billion cu m (2007 est.)

Natural gas - imports:
5.689 billion cu m (2007 est.)

Natural gas - proved reserves:
849.5 billion cu m (1 January 2008 est.)

Current account balance:
-$43.84 billion (2008 est.)

Exports:
$178.9 billion (2008 est.)

Exports - commodities:
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners:
Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India 5.5%, UK 4.2% (2007)

Imports:
$187.2 billion (2008 est.)

Imports - commodities:
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners:
China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2% (2007)

Reserves of foreign exchange and gold:
$25.75 billion (31 December 2008 est.)

Debt - external:
$1.032 trillion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$333.1 billion (2008 est.)

Stock of direct foreign investment - abroad:
$301.1 billion (2008 est.)