- Economy Overview: Australia has a prosperous Western-style capitalist economy, with a per capita GNP comparable to levels in industrialized West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Of the top 25 exports, 21 are primary products, so that, as happened during 1983-84, a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods but competition in international markets will be severe.
GNP: $240.8 billion, per capita $14,300; real growth rate 4.1% (1989 est.)
Inflation rate (consumer prices): 8.0% (1989)
Unemployment rate: 6.0% (December 1989)
Budget: revenues $76.3 billion; expenditures $69.1 billion, including capital expenditures of NA (FY90 est.)
Exports: $43.2 billion (f.o.b., FY89); commodities—wheat, barley, beef, lamb, dairy products, wool, coal, iron ore; partners—Japan 26%, US 11%, NZ 6%, South Korea 4%, Singapore 4%, USSR 3%
Imports: $48.6 billion (c.i.f., FY89); commodities—manufactured raw materials, capital equipment, consumer goods; partners—US 22%, Japan 22%, UK 7%, FRG 6%, NZ 4% (1984)
External debt: $111.6 billion (September 1989)
Industrial production: growth rate 5.6% (FY88)
Electricity: 38,000,000 kW capacity; 139,000 million kWh produced, 8,450 kWh per capita (1989)