Australia has its uniqueness not only in its geography but also in its economy. It is the only advanced economy which did not face recession in 2008 - 2009. This is one of the few countries in the globe to report continuous growth on a consecutive basis for the last 23 years and has grown at an average of 3.6% for the last 15 years.
Australia ranks high in terms of size and strength of the Economy and is ranked 2nd in the world in terms of Average Wealth for 2013, next to Switzerland.
It is ranked as the World’s 12th Largest Economy and is one of the wealthiest countries of the world, having the world’s 5th highest per capita GDP. In terms of the Index of Economic Freedom in 2010, it occupies the 3rd rank globally.
Australia has the distinction of being the country with the highest median wealth in the world in 2013. As per the OECD Research Report, with an Average household disposable income at $28,884, it is also ranked as the second-highest average wealth per adult in 2013.
Not just Economic numbers, but Australia is also ranked number 2 in the world in Human Development Index (2014 Human Development Report by the UN Development Program) and takes pride in the fact that it is one of the countries with a relatively low poverty rate of 11.8% in 2013.
Agriculture and Dairy form an integral part of the Australian economy and 7% of world dairy trade is accounted by Australia and is a host of nearly 140700 farms. Telecommunications and Manufacturing are other core areas of the economy.
With its rich natural wealth, it has its attraction in Tourism revenue and Exports. While Tourism makes it the 8th largest tourism market in the world, in terms of tourism revenue, Mining and related export industries fuel the Exports. Among other products in its foreign trade wheat, wool, agricultural exports and coal are notable. Australia is known for its vineyards and is ranked as 4th largest exporter of Wine in the world.
The Currency of Australia is “Australian Dollar”. Australian Securities Exchange is the 9th largest in the World.
Australia follows a policy of Investment-friendly climate and has a separate body namely, Austrade which promotes more foreign investment into the country and has efficient and robust regulatory systems. The government focuses on infrastructural development and is looked-up as an attractive destination for foreign direct investment and capital-intensive projects.
