nd Sydney
consulate(s): Brisbane

Flag: blue with the flag of the UK in the upper hoist-side quadrant
and a large seven-pointed star in the lower hoist-side quadrant; the
remaining half is a representation of the Southern Cross constellation
in white with one small five-pointed star and four, larger,
seven-pointed stars

@Australia:Economy

Overview: 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.
Primary products account for more than 60% of the value of total
exports, so that, as in 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. Australia has suffered
from the low growth and high unemployment characterizing the OECD
countries in the early 1990s. In 1992-93 the economy recovered slowly
from the prolonged recession of 1990-91, a major restraining factor
being weak world demand for Australia's exports. Growth picked up so
strongly in 1994 that the government felt the need for fiscal and
monetary tightening by yearend. Australia's GDP grew 6.4% in 1994,
largely due to increases in industrial output and business investment.
A severe drought in 1994 is expected to reduce the value of
Australia's net farm production by $825 million in the twelve months
through June 1995, but rising world commodity prices are likely to
boost rural exports by 7.7% to $14.5 billion in 1995/96, according to
government statistics.

National product: GDP - purchasing power parity - $374.6 billion (1994
est.)

National product real growth rate: 6.4% (1994)

National product per capita: $20,720 (1994 est.)

Inflation rate (consumer prices): 2.5% (1994)

Unemployment rate: 8.9% (December 1994)

Budget:
revenues: $83.8 billion
expenditures: $92.3 billion, including capital expenditures of $NA
(FY93/94)

Exports: $50.4 billion (1994)
commodities: coal, gold, meat, wool, alumina, wheat, machinery and
transport equipment
partners: Japan 25%, US 11%, South Korea 6%, NZ 5.7%, UK, Taiwan,
Singapore, Hong Kong (1992)

Imports: $51.1 billion (1994)
commodities: machinery and transport equipment, computers and offi