Economy

Economy—overview: Australia has a prosperous Western-style capitalist economy with a per capita GDP at the level of the highly industrialized West European countries. Rich in natural resources Australia is a major exporter of agricultural products minerals metals and fossil fuels. Commodities account for 57% of the value of total exports so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods but competition in international markets continues to be severe. Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s but the economy has expanded at reasonably steady rates in recent years. In addition to high unemployment short-term economic problems include a balancing of output growth and inflationary pressures and the stimulation of exports to offset rising imports especially given the economic crisis in Asia.

GDP: purchasing power parity—$394 billion (1997 est.)

GDP—real growth rate: 3.3% (1997 est.)

GDP—per capita: purchasing power parity—$31,020 (2005 est.)

GDP—composition by sector:

agriculture: 4%

industry: 31%

services: 65% (1997 est.)

Inflation rate—consumer price index: 1% (1997 est.)

Labor force:

total: 9.2 million (December 1997)

by occupation: services 73% industry 22% agriculture 5% (1997 est.)

Unemployment rate: 8.4% (1997)

Budget:

revenues: $89.35 billion

expenditures: $91.92 billion including capital expenditures of $NA (FY97/98 est.)

Industries: mining industrial and transportation equipment food processing chemicals steel

Industrial production growth rate: 1.2% (1995)

Electricity—capacity: 38.83 million kW (1995)

Electricity—production: 163.082 billion kWh (1995)

Electricity—consumption per capita: 8 901 kWh (1995)

Agriculture—products: wheat barley sugarcane fruits; cattle sheep poultry

Exports:

total value: $68 billion (f.o.b. 1997 est.)

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

partners: Japan 20% ASEAN 16% South Korea 9% US 9% NZ 8% UK Taiwan Hong Kong China (1997)

Imports:

total value: $67 billion (f.o.b. 1997 est.)

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

partners: US 22% Japan 17% UK 6% China 5% NZ 5% (1994/95)

Debt—external: $150 billion (December 1996)

Economic aid:

donor: ODA $1.43 billion (FY97/98)

Currency: 1 Australian dollar ($A) = 100 cents

Exchange rates: Australian dollars ($A) per US$1—1.4865 (February 1998) (1.3439 (1997) 1.2773 (1996) 1.3486 (1995) 1.3668 (1994) 1.4704 (1993)

Fiscal year: 1 July—30 June