The Australian Economy
Australia’s economy has been one of the strongest in
the world over the past decade, characterised by sustained
growth, increasing productivity, low inflation, low interest
rates and low unemployment. Even during a global economic
slowdown, Australia has shown impressive resilience.
| Gross Domestic
Product (GDP) |
$716 billion |
| GDP per capita |
$35,978 |
| Real Economic Growth |
3% |
| Interest Rates |
4.75% |
| Consumer Price Index (Inflation)
|
3.25% |
| Unemployment Rate |
6.1% |
| Building Approvals |
+6.7% |
Recent economic policies have facilitated an open and competitive
economy, by reducing barriers to trade and investment and
promoting a skilled, flexible labour market and a business-friendly
tax system.
The opening up of the Australian economy has created a climate
for innovation and opportunity, supporting the spread
of knowledge and new technology. Information and communication
technologies (ICT), the fastest growing sector, is currently
the key driver of economic growth in Australia.
Economic growth and raised living standards have not come
at the expense of prudent economic management. Australia
enjoys healthy budgetary position – with low government
debt and a diminishing current account deficit. Thanks to
increasing competition, new investment and the diversification
of Australia’s export base.
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