Australia Facts and Figures

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The Australian Economy

Compared to much of the developed world, Australia's economy is in pretty good shape.Throughout the Global Financial Crisis, Australia's resource-based economy has continued to grow, largely as a result of China's demand for iron ore and other natural resources.

- Key Economic Indicators
Indicator
Latest value
Bank Base Rate
3.50%
Inflation
1.6%
Economic Growth
4.3%
Employment
Weekly Earnings
$1,346 AUD
Annual Earnings
$69,992 AUD
Earnings Growth
4.3%
Unemployment Rate
5.1%
National Accounts
GDP (billion)
$1,488.2 USD
GDP per capita
$65,477 USD
National Debt (billion)
$329.6 AUD
National Debt as % GDP
22.86%
 
Compare:compare with UKcompare with UScompare with NZ
Indicator
Latest value
Bank Base Rate
0.50%
Inflation
3.5%
Economic Growth
-1.0%
Employment
Weekly Earnings
£464 GBP
Annual Earnings
£24,128 GBP
Earnings Growth
1.6%
Unemployment Rate
8.2%
National Accounts
GDP (billion)
$2,417.6 USD
GDP per capita
$38,592 USD
National Debt (billion)
£1,243.7 GBP
National Debt as % GDP
82.50%
Indicator
Latest value
Bank Base Rate
0.25%
Inflation
1.7%
Economic Growth
1.9%
Employment
Weekly Earnings
$870 USD
Annual Earnings
$45,230 USD
Earnings Growth
1.9%
Unemployment Rate
8.2%
National Accounts
GDP (billion)
$15,094.0 USD
GDP per capita
$48,387 USD
National Debt (billion)
$15,537.4 USD
National Debt as % GDP
102.94%
Indicator
Latest value
Bank Base Rate
2.50%
Inflation
1.6%
Economic Growth
1.4%
Employment
Weekly Earnings
$1,006 NZD
Annual Earnings
$52,312 NZD
Earnings Growth
4.3%
Unemployment Rate
6.5%
National Accounts
GDP (billion)
$161.9 USD
GDP per capita
$36,648 USD
National Debt (billion)
$75.8 NZD
National Debt as % GDP
37.04%

State and Territory Economies

Australia's economic growth is not spread evenly; there is something of a two-speed economy (the resources sector and everything else) and this is reflected in the growth rates of the states' economies (see the table below3).

Basically, the states which have the most mineral resources (WA, NT & QLD) are growing strongly while the others are experiencing moderate or even negative growth.

State/
Territory
GDP
Growth
Unemployment
Rate
Avg Weekly
Earnings
Avg Annual
Earnings
ACT
3.0%
3.4%
$1,553.20
$80,766
WA
14.5%
3.8%
$1,514.30
$78,744
NT
16.9%
4.0%
$1,383.50
$71,942
NSW
1.9%
5.0%
$1,338.30
$69,592
QLD
7.5%
5.7%
$1,330.50
$69,186
VIC
2.7%
5.4%
$1,311.90
$68,219
SA
2.3%
5.1%
$1,220.60
$63,471
TAS
-0.8%
6.6%
$1,183.30
$61,532
Aus
4.4%
5.1%
$1,346.00
$69,992
1 Reserve Bank of Australia June 2012.
2 ABS 5206.0 - Australian National Accounts. Released 6th June 2012
3 ABS 6302.0 - Average Weekly Earnings, Australia, Feb 2012. Released 7 June 2012.
4 ABS 6202.0 - Labour Force, Australia, May 2012. Released 7 June 2012.
5 IMF World Economic Outlook Database, April 2012.