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Economy

Economy—overview: Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the highly industrialised West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports, so that 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 characterising the OECD countries in the early 1990s, but the economy has expanded at reasonably steady rates in recent years. In addition to high unemployment, short-term economic problems include a balancing of output growth and inflationary pressures and the stimulation of exports to offset rising imports, especially given the economic crisis in Asia.

GDP: purchasing power parity—$394 billion (1997 est.)
GDP—real growth rate: 3.3% (1997 est.)
GDP—per capita: purchasing power parity—$21,400 (1997 est.)
GDP—composition by sector: agriculture: 4% industry: 31% services: 65% (1997 est.).
Industry Overview Output and employment by industry, Bureau of Statistics Website

For current statistics, select the Economic Roundup in the ‘Hot Topics’ pull down menu at: http://www.treasury.gov.au/

Inflation rate—consumer price index: 1% (1997 est.)

Commonwealth Budget:
revenues: $89.35 billion

Expenditures: $91.92 billion, including capital expenditures of $NA (FY97/98 est.)

Industries: mining, industrial and transportation equipment, food processing, chemicals, steel

Exports:
Total value: $87.7 billion (f.o.b., 1997/8.)
commodities: coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
partners: Japan 20%, Republic of Korea 7.8%, US 8.8%, NZ 6.4%, UK 3.4%, Taiwan 4.7%, Hong Kong 4.7%, China 4.4% Total APEC = 72.4% (1997/8)

Imports:
Total value: $90.6 billion (f.o.b., 1997/8)
commodities: machinery and transport equipment, computers and office machines, telecommunication equipment and parts;
crude oil and petroleum products
partners: US 22%, Japan 14%, UK 6.1%, China 5.8%, NZ 4.1% (1997/8)
Debt—external: The level of net foreign debt at 30 June 1998 was $222.0b
International Accounts and Trade Contents, Bureau of Statistics Website

Import / export by Region (97/98):
Total APEC; Export = $63.6b, Import = $61.8b
Total EU; Export = $10.2b, Import = $21.8b
Total Other Countries; Export = $13.9b, Import = $7.0b
International Accounts and Trade Merchandise exports and imports by country, Bureau of Statistics Website

Electricity

The electricity supply is between 220 and 240 Volts 50 hertz, and plugs are flat three pin but not similar to British three pin plugs. Adaptors can be bought in any hardware or department store, as well as some pharmacies and travel agents.

Sydney 2000
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