Australia: Trade and Investment Profile
Australia, officially the Commonwealth of Australia, is an Oceanian country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the world’s sixth-largest country by total area. Neighbouring countries include Papua New Guinea, Indonesia and East Timor to the north; the Solomon Islands and Vanuatu to the north-east; and New Zealand to the south-east.
The economy of Australia is one of the largest mixed market economies in the world, with a GDP of US$1.44 trillion as of 2014. It features low unemployment, contained inflation, very low public debt, and a strong and stable financial system.
Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs.
Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia’s abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic.
To request a FREE high resolution PDF document please contact us.
Disclaimer: The information and materials contained in this document have been prepared for information purposes only and are general in nature. The information contained in this document is based on material compiled from data considered to be reliable at the time of publication. However information and opinions expressed in this document should not be construed as final consideration for any business and investment decision making. Sarmat Research Partners Pty Ltd cannot be held responsible for any losses whether direct or indirect as a result of using this information.