Known as one of the great agricultural, mining and energy producers, Australia has one of the world's most open and varied economies, with a highly educated workforce and an extensive services sector.
Underpinning Australia's strong economy is its open and transparent trade and investment environment, business-friendly regulatory approach and its trade and economic links with emerging economies, particularly in Asia.
Australia's economy is considered one of the strongest, most stable and diverse in the world. In 2014, Australia entered its 23rd year of uninterrupted annual economic growth, averaging 3.4 per cent a year.
Did you know?
The BBC has declared Australia the 'lifestyle super power' of the globe.
The services sector is the largest part of the Australian economy, accounting for around three-quarters of gross domestic product and four out of five jobs. Australia is an important and growing financial centre, with a sophisticated financial services sector and strong regulation.
A continuing process of reform to further open the economy and strengthen its competitiveness has been a key ingredient of Australia's success.
Australia is a global leader in five significant and diverse sectors: Agribusiness, Education, Tourism, Mining and Wealth Management.
Australia's Globally Significant Industries
Merchandise Exports: Agricultural Products
- US$38.4 Billion, 2012
- Top 15 exporter in the world
- Agricultural Product Categories
Foreign Students in Tertiary Education
- 7.1% of the world's total, 2012
- Fourth largest in the world.
Merchandise Exports: Fuels and Mining
- US$160.3 billion, 2012
- Top 4 exporters in the world
International Tourism Receipts
- US$31 billion, 2013
- 11th largest in the world
Australia's Investment Fund Assets
- US$1.6 trillion, December 2013
- Third largest in the world
Source: (Austrade, Why Australia Benchmark Report June 2014 Update, Section 1, Growth, pg 9)