Australia/Economy

Economy of Australia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon
GDP (USD)
$1.7T(2023)
GDP PPP (USD)
$1.9T(2023)
GDP per Capita (USD)
$64,821(2023)
GDP Growth (inflation-adjusted)
3.4%(2023)
Inflation (CPI Annual %)
3.2%(2024)

Trade & Finance

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Exports (as share of GDP)
26.8%(2023)
Imports (as share of GDP)
22.4%(2023)
FDI Inflows (as share of GDP)
1.9%(2023)
Remittance Inflow (USD)
$1.7B(2023)
Tax Revenue (as share of GDP)
23.6%(2022)

Labor & Income

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Unemployment Rate
4.1%(2024)
Employment in Services
78.7%(2023)
GINI Index
34.3(2018)
GNI per Capita (USD)
$63,150(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
5077 kg oil eq.(2023)
Renewable Energy Consumption (%)
12.3%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Australia

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $1.88T, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 3.4%
    2023
    , while managing moderate inflation, with a CPI of 3.2%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 26.8% of GDP and imports 22.4%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 1.89% of the economy
    2023
    . This performance positions the country 97th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $1.73B annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 23.6% of GDP
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $63,150
    2023
    . Globally, this ranks the nation 11th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 4.1%
    2024
    . The services sector is a primary driver of the labor market, accounting for 78.7% of total employment
    2023
    . The country has a relatively equitable distribution of income, with a Gini index of 34.3
    2018
    .
  • On the environment and energy front, energy consumption per capita is 5,077.043 kg of oil equivalent
    2023
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 12.3%
    2021
    . Its commitment to clean energy places it 63rd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

The economy is in a "Goldilocks" state of strong growth, low inflation, and low unemployment, indicating robust macroeconomic health.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

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.