Economy of Australia

Economy of Australia
	Sydney's central business district is Australia's largest financial and business services hub.
Currency	Australian Dollar (AUD)
Fiscal year	1 July – 30 June
Trade organisations	APEC, CPTPP, G20, OECD, WTO, RCEP
Country group	Advanced economy; High-income economy; Welfare state;
Statistics
Population	27,466,749 (November 2024)
GDP	$1.772 trillion (nominal; 2025); $1.980 trillion (PPP; 2025);
GDP rank	14th (nominal, 2025); 20th (PPP, 2025);
GDP growth	2.1% (2023); 1.0% (2024); 1.6% (2025);
GDP per capita	$64,547 (nominal; 2025); $72,138 (PPP; 2025);
GDP per capita rank	11th (nominal, 2025); 23rd (PPP, 2024);
GDP by sector	Services: 62.7%; Construction: 7.4%; Mining: 5.8%; Manufacturing: 5.8%; Agriculture: 2.8% (2017);
Inflation (CPI)	2.8% (September 2024);
Population below poverty line	13.4% (2020)
Gini coefficient	33.0 medium (2021)
Human Development Index	0.946 very high (2022) (10th); 0.860 very high IHDI (14th) (2022);
Corruption Perceptions Index	75 out of 100 points (2023, 14th rank)
Labour force	14.5 million (September 2024); 77.6% employment rate (Q3-2023);
Labour force by occupation	Services: 78.8%; Construction: 9.2%; Manufacturing: 7.5%; Agriculture: 2.5%; Mining: 1.9% (2017);
Unemployment	4.1% (May 2025); 620.8 thousand unemployed (May 2025); 9.4% youth unemployment (May 2025; 15 to 24 year-olds);
Average gross salary	A$7,890 / $5,454.58 PPP monthly (2022)
Average net salary	A$6,076 / $4,200.25 PPP monthly (2022)
Main industries	Financial and insurance services; Construction; Healthcare and social assistance; Mining; Professional, scientific and technical services; Manufacturing;
External
Exports	A$644.4 billion (2024)
Export goods	iron ore, coal, natural gas, gold, aluminium, beef, crude petroleum, copper, meat (non-beef)
Main export partners	China 30.4%; Japan 11.7%; South Korea 6.5%; United States 6.2%; India 5.5%;
Imports	A$614.1 billion (2024)
Import goods	petroleum, cars, telecom equipment and parts, goods vehicles, computers, medicaments, gold, civil engineering equipment, furniture
Main import partners	China 18.8%; United States 15.2%; Japan 5.2%; South Korea 4.2%; Thailand 3.9%;
FDI stock	Inward: $682.9 billion; Outward: $491.0 billion; (UNCTAD 2018)
Current account	A$14.1 billion (2022)
Gross external debt	US$2.095 trillion (Q1, 2019)
Public finances
Government debt	66.4% of GDP (October 2021)
Foreign reserves	$66.58 billion (31 December 2017 est.)
Budget balance	−0.2% (of GDP) (2019)
Revenues	A$668.1 billion (2023)
Expenses	A$682.1 billion (2023)
Economic aid	donor: ODA, $4.09 billion (2022)
Credit rating	Standard & Poor's:; AAA; Outlook: Stable; Moody's:; AAA; Outlook: Stable; Fitch:; AAA; Outlook: Stable;
	All values, unless otherwise stated, are in US dollars.

Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion.

The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable and did not experience a recession from 1991 until 2020. Among OECD members, Australia has a highly efficient and strong social security system, which comprises roughly 25% of GDP.

The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region. Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy and Transurban. The currency of Australia and its territories is the Australian dollar, which it shares with several Pacific nation states.

Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. China in particular is Australia's main export and import partner by a wide margin. Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand.