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Australia Economic Profile

Overview of Australian Economy

Australia, with an estimated GDP (current) of USD 1.55 trillion is the 13th largest economy of the world, and is set to become the 12th largest in 2023. With 25 million population, Australia is home to just 0.3% of the world’s population, but accounts for 1.7% of the global economy. The country ranks 18th in the world with per capita GDP (current) of USD 60,443. In FY 2021, Australia’s services and goods industries accounted for about 81% and 19% of real gross value added (GVA) respectively. The mining sector generated 10.6% of GVA, followed by financial services (9.3%), ownership of dwellings (8.9%) and healthcare and social assistance (8.2%). Technology-driven sectors – including professional, scientific and technical services, education and IT – are worth 15% of total economic production. Before the pandemic-induced recession in 2020, Australian economy had been growing consistently for 28 years, a record for uninterrupted growth in the developed economies.

In 2022, according to the IMF, Australia’s growth rate remained strong at 4.2%. This follows a solid rebound of 4.7% in 2021. Australia’s rapid recovery compares well internationally. GDP is projected to be 6.7% larger by the end of 2022 than in pre-pandemic 2019. This increase over the pre-COVID-19 level in 2019 is higher than the average for advanced economies (3.7%).

Australian Trade Profile

Australia is an open market economy with minimal restrictions on import of goods and services, which makes the economy highly productive and dynamic. Australia has FTAs, under bilateral and multilateral arrangements, with New Zealand, Singapore, USA, Thailand, Chile, ASEAN, Malaysia, Korea, Japan, China, Hong Kong, Peru, Brunei Darussalam, Canada, Mexico, Vietnam, and recently with India. An Indonesia-Australia Comprehensive Economic Partnership Agreement came into force on 5th July 2020. A comprehensive regional Free Trade Agreement (FTA) covering goods, services and investment between Australia, New Zealand and nine Pacific Island countries, named Pacific Agreement on Closer Economic Relations (PACER) Plus, entered into force on 13th December 2020. The Australia-India Economic Cooperation and Trade Agreement (AI ECTA) has entered into force on 29th December 2022. AI ECTA is an interim (early harvest) agreement and both the countries have agreed to continue to work towards a full Comprehensive Economic Cooperation Agreement (CECA) in 12-18 months. Similarly, the Australia-United Kingdom Free Trade Agreement (Australia-UK FTA), was signed virtually on 17 December 2021. The Agreement is awaiting ratification.  Australia is currently negotiating FTAs with EU and GCC also.

Australia remains a significant exporter of natural resources, energy and food items, drawing mainly from its extensive reserves of natural resources i.e., coal, iron, copper, gold, natural gas, uranium, and renewable energy sources and an efficient agricultural production base. Australia’s foreign trade profile is unusual amongst the developed economies – it exports mainly natural resources and agriculture commodities, and imports manufactured goods. Out of the total merchandise exports of USD 401 billion in 2022, the top five items were iron ores and concentrates USD 88 billion (21.9%), coal USD 83 billion (20.7%), liquified natural gas USD 63 billion (15.6%), gold USD 16 billion (4.1%), and wheat and meslin USD 10 billion (2.5%). The agriculture commodities cumulatively contributed USD 48 billion (11.9%) to the exports. Meat and wheat contributed around 46% to the agriculture exports. The major export destinations were China USD 104 billion (25.9%), Japan USD 49 billion (12.2%), South Korea USD 24 billion (6.0%), India USD 15 billion (3.7%), USA USD 14 billion (3.4%), and Chinese Taipei USD 13 billion (3.1%).

Out of the total merchandise imports of USD 289 billion, the major import products were mineral fuels USD 46 million (15.9%), machinery & mechanical appliances USD 39 billion (13.6%), passenger motor vehicles USD 36 billion (12.4%), electrical machinery & equipment USD 29 billion (10.2%), and pharmaceutical products USD 13 billion (4.5%). The major import sources were China USD 77 billion (26.6%), USA USD 29 billion (10.1%), South Korea USD 18 billion (6.3%0, Japan USD 17 billion (5.9%), and Malaysia USD 12 billion (4.1%).

In the pre-Covid year i.e., 2019, Australian services exports were AU$ 102 billion (USD 71 billion), and imports were AU$ 104 billion (USD 73 billion). Due to the Covid-related restrictions, international trade in services in 2020 remained significantly skewed. In 2020, Australian services exports were AU$ 72 billion (USD 50 billion), and imports were AU$ 57 billion (USD 39 billion). Australia’s largest services exports in 2020 were education-related travel services (AU$ 31.7 billion), professional services (AU$ 5.5 billion), Telecom, computer & information services (AU$ 5.2 billion), Personal cultural & recreational services (AU$ 5.1 billion), Personal travel (excl education) services (AU$ 5.1 billion), Technical & other business services (AU$ 4.8 billion). The major imported services were Freight services (AU$ 11.3 billion), Personal travel (excl education) services (AU$ 8.6 billion), Professional services (AU$ 8.5 billion), Technical & other business services (AU$ 5.8 billion), Telecom, computer & information services (AU$ 5.6 billion).