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Australia has a prosperous Western-style capitalist economy, with a per
capita GDP comparable to levels in industrialized West European countries.
Rich in natural resources, Australia is a major exporter of agricultural
products, minerals, metals, and fossil fuels. Of the top 25 exports, 21 are
primary products, so that, as happened during 1983-84, a downturn in world
commodity prices can have a big impact on the economy. The government is
pushing for increased exports of manufactured goods, but competition in
international markets continues to be severe.
GDP:
purchasing power equivalent - $280.8 billion, per capita $16,200; real
growth rate --0.6% (1991 est.)
Inflation rate (consumer prices):
3.3% (September 1991)
Unemployment rate:
10.5% (November 1991)
Budget:
revenues $76.9 billion; expenditures $75.4 billion, including capital
expenditures of NA (FY91)
Exports:
$41.7 billion (f.o.b., FY91)
commodities:
metals, minerals, coal, wool, cereals, meat, manufacturers
partners:
Japan 26%, US 11%, NZ 6%, South Korea 4%, Singapore 4%, UK, Taiwan, Hong
Kong
Imports:
$37.8 billion (f.o.b., FY91)
commodities:
manufactured raw materials, capital equipment, consumer goods
partners:
US 24%, Japan 19%, UK 6%, FRG 7%, NZ 4% (1990)
External debt:
$130.4 billion (June 1991)
Industrial production:
growth rate --0.9% (1991); accounts for 32% of GDP
Electricity:
40,000,000 kW capacity; 155,000 million kWh produced, 8,960 kWh per capita
(1991)
Industries:
mining, industrial and transportation equipment, food processing, chemicals,
steel, motor vehicles
Agriculture:
accounts for 5% of GNP and 37% of export revenues; world's largest exporter
of beef and wool, second-largest for mutton, and among top wheat exporters;
major crops - wheat, barley, sugarcane, fruit; livestock - cattle, sheep,
poultry
Illicit drugs:
Tasmania is one of the world's major suppliers of licit opiate products;
government maintains strict controls over areas of opium poppy cultivation
and output of poppy straw concentrate
Economic aid:
donor - ODA and OOF commitments (1970-89), $10.4 billion
Currency:
Australian dollar (plural - dollars); 1 Australian dollar ($A) = 100 cents
Exchange rates:
Australian dollars ($A) per US$1 - 1.3360 (January 1992), 1.2836 (1991),
1.2618 (1989), 1.2752 (1988