Australia Facts and Figures
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.
State and Territory EconomiesAustralia'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.
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.