The economic architecture of Australia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $1.73T
2023
. This places it as the 13th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $64.82K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $1.88T, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 3.4%
2023
, while managing moderate inflation, with a CPI of 3.2%.
2024
On the global stage, Australia's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country exhibits a balanced trade profile, with exports making up 26.8% of GDP and imports 22.4%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 1.89% of the economy
2023
. This performance positions the country 97th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $1.73B annually
2023
. Fiscal capacity is adequate, with tax collections representing 23.6% of GDP, supporting core state functions.
2022
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $63,150
2023
, ranking the nation 11th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market remains stable, with an unemployment rate of 4.1%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 78.7% of total employment
2023
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 34.3.
2018
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 5,077.043 kg of oil equivalent
2023
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 12.3%
2021
. This commitment places it 63rd among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 571.84K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

The economy exhibits robust health, characterized by a "Goldilocks" scenario of strong growth, low inflation, and low unemployment.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.