Economy of Australia

Economy Of Australia

Australia is one of the world's rich, developed countries. Australia is one of the world's industrialized countries. The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 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, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. Economy of Australia is quarterly fore-casted by the Reserve Bank of Australia. Australian National University also supplements Probabilistic interest rate setting project for the Australian Economy, which is compiled by Shadow Board Members from the ANU academic staff.

The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the "mining-related economy" represents 9% of GDP – the total mining sector is 19% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market. IT related jobs (such as computer system design and engineering) belong to the category of Professional, Scientific and Technical Services as defined by the Department of Education, Employment and Workplace Relations of Australia that its job creations appear mostly in the state capital cities of Australia.

The Australian Securities Exchange is the largest stock exchange in Australia and in the South Pacific and ranks 9th in the world in terms of market capitalization. Australia is home to some of the largest (commodity) companies in the world, including but not limited to, BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank, Woolworths and AMP – which also are the 10 largest companies in Australia. The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu.

Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free-trade agreements with ASEAN, Chile, New Zealand, Thailand, and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.