The economy of Australia is one of the most developed, modern market economies in the world, with a GDP of approximately US$1.6 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, representing about 1.7% of the World economy. Australia was also ranked the 19th largest importer and 19th largest exporter. Australia has 8 times more adults earning over $100 000 than the worldwide average. In 2011 the average middle aged adult had a net worth of over $350 000, making Australians per capita some of the wealthiest people in the world.

The Australian economy is dominated by its service sector, representing 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP - the total mining sector represents 19% of GDP. Economic growth is largely dependent on the mining sector. The Australian economy is dependent on imported crude oil and petroleum products, the economy’s petroleum import dependency is around 80% - crude oil + petroleum products.

Australia ( /əˈstreɪljə/), officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent as well as the island of Tasmania and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area. Neighbouring countries include Indonesia, East Timor and Papua New Guinea to the north; the Solomon Islands, Vanuatu and New Caledonia to the north-east; and New Zealand to the south-east.

For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of roughly 250 language groups. After discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Great Britain in 1770 and settled through penal transportation to the colony of New South Wales from 26 January 1788. The population grew steadily in subsequent decades; the continent was explored and an additional five self-governing Crown Colonies were established.