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Economy of Australia
Currency	Australian Dollar ($A or A$, AU$ or $AU, AUD)
Fiscal year	1 July - 30 June
Trade organisations	APEC, WTO and OECD
Statistics
GDP (PPP)	$645.3 billion (2006 est.) (17th)
GDP growth	3.8% (Q2 2007) [1]
GDP per capita	$32,900 (2006 est.)
GDP by sector	agriculture: 3.8% industry: 26.2% services: 70% (2005 est.)
Inflation (CPI)	2.1% (Q2 2007) [2]
Population below poverty line	NA%
Gini index	30.5 (2000) [3]
Labour force	10.66 million (2006 est.)
Labour force by occupation	agriculture (3.6%), mining (1.1%), industry (20.2%), services (75.1%) (May 2005 est.)
Unemployment	4.3% (Q2 2007) [4]
Main industries	mining, industrial and transportation equipment, food processing, chemicals, steel
External
Exports	$117 billion (2006 est.)
Export goods	coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Main export partners	Japan 20.3%, China 11.5%, South Korea 7.9%, US 6.7%, New Zealand 6.5%, India 5% (2005)
Imports	$127.7 billion (2006 est.)
Import goods	machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Main import partners	US 13.9%, China 13.7%, Japan 11%, Singapore 5.6%, Germany 5.6% (2005)
Public finances
Public debt	$585.1 billion (30 June 2006 est.)
Revenues	A$222.9 billion (2005-2006) [5]
Expenses	A$206.0 billion (2005-2006) [6]
Economic aid	donor: ODA, $2.5 billion (2005/06 Budget) [7]
Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars
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Throughout this article, the unqualified term "dollar" and the $ symbol refer to the Australian dollar. However, figures in the sidebar are in US dollars.

The Economy of Australia is a prosperous, Western-style market economy dominated by its services sector (68% of GDP), though the agricultural and mining sectors (4.7% of GDP combined^[1] ) account for 65% of its exports. Rich in natural resources, Australia is a major exporter of agricultural products, particularly grains and wool, and minerals, including various metals, coal, and natural gas. Australia occupies a continent close to the size of the contiguous United States, and has a labour force of only about ten million, less than that of New York City. Service industries have expanded in recent decades at the expense of the manufacturing sector, which now accounts for just under 12 per cent of GDP. Image File history File links Question_book-3. ... Image File history File links No higher resolution available. ... ISO 4217 Code AUD User(s) Australia 6 countries and territories Kiribati Nauru Tuvalu Christmas Island Cocos (Keeling) Islands Norfolk Island Inflation 4. ... APEC redirects here. ... For other uses of the initials WTO, see WTO (disambiguation). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ... PPP of GDP for the countries of the world (2003). ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... This article is about mineral extractions. ... For the movement of people or objects, see transport. ... Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. ... The chemical industry comprises the companies that produce industrial chemicals. ... For other uses, see Steel (disambiguation). ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... It has been suggested that this article or section be merged into Development aid. ... USD redirects here. ... ISO 4217 Code AUD User(s) Australia 6 countries and territories Kiribati Nauru Tuvalu Christmas Island Cocos (Keeling) Islands Norfolk Island Inflation 4. ... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system. ... Farming, ploughing rice paddy, in food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). ... An assortment of grains The word grain has a great many meanings, most being descriptive of a small piece or particle. ... For other uses, see Wool (disambiguation). ... For other uses, see Mineral (disambiguation). ... This article is about metallic materials. ... Coal Example chemical structure of coal Coal is a fossil fuel formed in ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ... For other uses, see Natural gas (disambiguation). ... New York, New York and NYC redirect here. ...

Australia's emphasis on reforms is often cited as a key factor behind the continuing strength of the economy. In the 1980s, the Australian Labor Party, led by Prime Minister Bob Hawke and Treasurer Paul Keating, commenced the modernisation of the Australian economy by floating the Australian dollar in 1983, leading to full financial deregulation. ALP redirects here. ... The Prime Minister of Australia is the head of government of the Commonwealth of Australia, holding office on commission from the Governor-General. ... Robert James Lee (Bob) Hawke, AC (born 9 December 1929) was the 23rd Prime Minister of Australia after previously being an Australian trade union leader. ... The Department of the Treasury, Canberra The Australian Treasurer is the minister responsible for government expenditure and revenue raising. ... For other persons named Paul Keating, see Paul Keating (disambiguation). ... A floating exchange rate or a flexible exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ...

Current areas of concern to economists include Australia's large current account deficit, the absence of a successful export-oriented manufacturing industry, a real estate bubble, and high levels of net foreign debt owed by the private sector. The term current account usually refers to the current account of the balance of payments (BOP) and contains the import and export items of goods and services. ... The Economist magazine cover (16 June 2005) for the article After the fall: Soaring house prices have given a huge boost to the world economy. ...

History

Main article: Economic history of Australia

This article is a brief timeline of the economic history of Australia. ...

Taxation

This section may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can (June 2007).

As a Federation, political power is spread between the Commonwealth and State Governments. As a result, both the Commonwealth and the States have their own taxes. Taxes vary from State to State due to their different needs, populations, economics and budgetary position. The Commonwealth is the main source of income for State Governments, however. The Commonwealth's largest sources of revenue are income tax and business tax. As a result of State dependence on Federal taxation revenue to meet decentralised expenditure responsibilities, Australia is said to suffer from a vertical fiscal imbalance. This article is about federal states. ... A Vertical fiscal imbalance occurs when the revenues of different levels of government do not match their expenditure responsibilities. ...

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State taxation

States also have their own taxes so that they can fund the services they offer. For obvious reasons, tax rates vary from State/Territory to State/Territory. Certain States and Territories may not even levy certain taxes. State taxes commonly include a Payroll Tax, levied on businesses, a Poker Machine Tax, levied on businesses who offer gambling services, a Land Tax, levied on people and businesses who own land and most significantly, Stamp Duty, levied on sales of land (in every State) and other items (chattels in some States, unlisted shares in others, and even sales of contracts in some states). This article is the current Taxation Collaboration of the Month. ... Stamp duty is a form of tax that is levied on documents. ...

By agreement with the Commonwealth, the Australian States ceded the right to levy income tax during WWII. Whilst there is probably no legal obstacle to their resuming income taxation, it would be politically extremely difficult. German soldiers at the Battle of Stalingrad World War II was the most extensive and costly armed conflict in the history of the world, involving the great majority of the worlds nations, being fought simultaneously in several major theatres, and costing tens of millions of lives. ...

Municipal taxation

Local Governments, or, as they are called in Australia, councils, have their own taxes so that they can provide rubbish collection, park maintenance services, libraries and museums, etc. This taxation is commonly referred to as "council rates".

Trade and economic performance

Australian exports in 2006

In the second half of the twentieth century, Australian trade shifted decisively away from Europe and North America to Japan and other East Asian markets. Image File history File links Size of this preview: 800 × 351 pixelsFull resolution (1425 × 625 pixel, file size: 60 KB, MIME type: image/png)This bubble map shows the global distribution of Australian exports in 2006 as a percentage of the top market (Japan - A$32,425,000,000). ... Image File history File links Size of this preview: 800 × 351 pixelsFull resolution (1425 × 625 pixel, file size: 60 KB, MIME type: image/png)This bubble map shows the global distribution of Australian exports in 2006 as a percentage of the top market (Japan - A$32,425,000,000). ...

Despite high global demand for Australian mineral commodities, export growth has remained flat in comparison to strong import growth. Even though Australia enjoys high commodity prices, economists have warned that structural change is needed in order to increase the size of manufacturing sector. The Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for 16 consecutive years.^[2] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.^[3] The performance of the Australian economy is heavily dependent on US and Chinese economic growth.^[4]

See also

• Reserve Bank of Australia
• Australia's Balance of Payments
• Economy of Oceania
• The New South Wales Economy

The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australias central bank and banknote issuing authority. ... Australia has had persistently large current account deficits for more than 50 years. ... The economy of Oceania is comprised of more than. ... Source: dfat fact sheet // At the time of Federation, New South Wales was a free trading state (as opposed to protectionist) with a broad revenue base including income tax. ...

References

• Macfarlane, I. J. (1998). "Australian Monetary Policy in the Last Quarter of the Twentieth Century". Reserve Bank of Australia Bulletin, October 1998 (Adobe Acrobat *.PDF document)
• Parham, Dean. (2002). "Microeconomic reforms and the revival in Australia’s growth in productivity and living standards". Assistant Commissioner - Productivity Commission, Canberra Conference of Economists Adelaide, 1 October, 2002 (Adobe Acrobat *.PDF document) - document not found
• Some statistics on this page have been drawn from publications of the Australian Bureau of Statistics.
• OCED Factbook 2006 (Gini coeffients) OCED Factbook 2006 pdf

The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australias central bank and banknote issuing authority. ... Australian Bureau of Statistics logo The Australian Bureau of Statistics (ABS) is the Australian government agency that collects and publishes statistical information about Australia. ...

External links

• Australia page @ Organisation for Economic Co-Operation & Development (OECD)
• Economic Survey of Australia @ OECD
• Monthly Economic and Social Indicators (Australian Parliamentary Library)
• Quick Reference Tables for the World Bank's 2005 data
• Harcourt, Tim. (2005). "Introducing the twenty five billion dollar man: how the LNG deal was won". Chief Economist - Australian Trade Commission - Sydney - 26 March 2003
• This article contains material from the CIA World Factbook (2005 edition) which, as a US government publication, is in the public domain.
• - "Australian Country Information" @ the Australian Department of Foreign Affairs & Trade
• Invest in Australia

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Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... All text and figures relate to mainland China only, unless stated. ... 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(Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... This article needs to be updated. ... The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $981. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... 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All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom. Special Administrative Region of the People's Republic of China. Designated name for the Republic of China (Chinese Taipei)