Australian Study Council

 

The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion. Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP and the 17th-largest measured by PPP-adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes forecasts of the economy quarterly.The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP – the total mining sector is 19% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market.Australia's per-capita GDP is higher than that of the UK, Germany, and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked fifth in the world (IMF 2011).

 

The country was ranked second in the United Nations 2011 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.  Australia's sovereign credit rating is "AAA", higher than the United States of America. In 2013 its per capita GDP was $70,888.According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult. 

 

The proportion of those with wealth above US$100,000 is the highest of any country – eight times the world average. Average wealth was $US397,000, the world's second-highest after Switzerland.Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, South Korea, India and the US.