Australian Economy At a Glance

Reviewed by Raphael Zeder | Updated Oct 8, 2017

Our world is shaped by an increasingly complex economic system. As a result, it has become more and more important for people to know what is going on around them. Unfortunately, finding and processing the relevant information to do this has become more difficult as well, due to the information overload. In reaction to this, we have been working on a series of infographics that illustrate the most important facts and figures about the economies of various countries all over the worldThe following infographic shows the Australian economy at a glance. 

Gross Domestic Product

Australia has a strong economy with a GDP in the trillion-dollar class. It scores 14th worldwide in per capita GDP (PPP). In addition to that, Australia’s GDP experiences a real growth rate of 2.7% per year. As a powerful and solid economy, it was comparatively unaffected by the global financial crisis. Its banking system has remained relatively strong throughout the crisis. 

Income vs. Expenditure

Australia is running a budget deficit of USD 28.2 billion. Meanwhile its current account balance is below zero (USD -39.88 billion). Public debt is currently at 34.5% and inflation is under control at 2.5% per year. Australia is a significant exporter of natural resources, energy, and food. Not least because of its close ties to the fast-growing markets of Asia. 

Largest Industries

Australia has a powerful service economy. Its largest industries (by employment) are healthcare & social assistance and public administration and safety. Other relevant industries include retail trade, construction, professional scientific & technical services, manufacturing and education & training.

Labor Force and Unemployment

The country has a highly skilled and well-educated workforce. Over half the working age population in Australia has a qualification of some kind. Nevertheless, unemployment currently remains at 6.1%. New South Wales has Australia’s lowest unemployment rate at 5.8%. Meanwhile, South Australia has the highest rate at 8.2%.

Household Income and Poverty

Australia ranks above average in income equality. The highest 10% of the population earn 25.4% of total income while the lowest 10% earn 2% of total income. The median income currently stands at USD 34’224 per household and the minimum wage is USD 12.63 per hour. Nevertheless, about 13% of the population live below the poverty line.

Australian Economy At a Glance [Infographic]

Other Economies At a Glance

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  1. This is what we have to do. Australia needs to rise the GST by 2.5% and do a big biz tax like the carbon tax again.

    Them 2 taxes will bring in $28 billion pa to do this to save the public money make jobs and boom the economy. It will also stop a rise in the cost of living "meaning" pay rises.

    This saves the public $1k a year and small biz saved 2.

    We can self fund departments for life by putting the money in banks safe interest funds, that pays for the cost of a publics cost of living. That means public living expanses / department. It would even pay for a rise in cost of the department each year. That's done buy putting that much money into it, that it even puts back in interest that pays for rising cost each year.

    This is how it would work. It's for Adelaide Australia but would work the same in America.

    Self Funding publics cost of lining….Adelaide's water bills.

    Adelaide water company made about $350 million dollars last year.

    Adelaide would need $12 – $14 billion dollars put into and safe interest fund, to self fund it for life. It works by using the interest made "$613 million dollars pa" to pay for it. It makes more interest than what it cost, so it puts back in the extra interest it makes and save it up "making interest" off the interest. We put back in $263 million dollars pa "or" $1.3 billion dollars making 6% pa in 5 years time. Every 5 years the department can have a rise $57 million dollar jump in cost, or $12 million a year. That means each year it will make $12 million dollars. It will rise by $12 million every year for life. That's $120 million dollar rise in 10 years. That's like a 33% rise every 10 years in the departments cost.

    The gov still collect their taxes ad more each year.

    In Adelaide that will save the public about $1k – $2+k pa. It will also save small biz big bucks 2. Farmers will be lol and the cost of fruit and veg will drop drastically…Maybe.

    Each year they could save the public $1k a year. That $1k get's spent in the economy and the gov collects 30 – 40% tax of the $1k * 300 million people. The money small biz owner make will be spent to. So it's 30 – 40% of the $1k boost to the economy.

    The public would pay a $1k tax a year. So after the second year they save $1k. After 7 years the public would have a spare $5 – $6k pa, and would pump $1.6 trillion dollars into the American economy. The gov will get 30 – 40% of that money spent in taxes. That hands them $600 billion dollars pa. Now add the % of money small biz makes as profits and spends from that $1 trillion left over. Clearly big biz will get a boost 2, so the 1 owner would spend much. It would have to be worked out the % small biz will make and big biz, to work the the extra boom to the economy and taxes paid.

    It's not hard 2 do, and it would stop the cost / rising cost from rising. In fact it would let everyone have a wealthy life and happy 1 at that.

    All country's around the world can do this and boom the economy make mass jobs and collect mass billion of dollars each year in their budgets. If it's not done now it will be to late, as big biz pay big taxes now. Really need to tax company's a small % of what they should be paying.

  2. The good part of that, is the departments are self funded for life. It pays for rising cost so it's done for life. After 7 years and saving the public 45k – $6k. They would self fund the state hospitals and government departments cost for life after saving the public that much cash..

    Not only can the public keep saving 1k a year. All state departments would be fully self funded with sate government getting part of the billions paid in tax each year.

    Make the public wealthy. Makes the state government's rich and hands the fed's mass billion in knew funding. It also stops a rise in wages and the cost of living.

    The thing is different departs can save the public more money. If you look at Australia you would see that the power company make $40 billion dollars pa. Too turn AU 100% power grid green it would cost $70 billion dollars. That means within 2 years of that money, they would make all the money back + $10 billion dollars.

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