English 72, Mandarin 2.7, Arabic 1.4, Vietnamese 1.3, Cantonese 1.2, other 15.7, unspecified 5.7
Economic Overview
Key economic indicators for Australia
GDP:
$1.588 trillion
GDP per Capita:
$59,600
GDP Growth:
3.44%
Inflation:
5.6%
Unemployment:
3.67%
Public Debt:
58.05% of GDP
Credit Rating:
AAA (2003)
Political System
Governance structure of Australia
Government Type:
federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm
Head of State:
King CHARLES III (since 8 September 2022); represented by Governor General Samantha (Sam) MOSTYN (since 1 July 2024)
Head of Government:
Prime Minister Anthony ALBANESE (since 23 May 2022)
Judiciary:
High Court of Australia (consists of 7 justices, including the chief justice); note - each of the 6 states, 2 territories, and Norfolk Island has a Supreme Court; the High Court is the final appellate court beyond the state and territory supreme courts
Administrative Divisions:
6 states and 2 territories*; Australian Capital Territory*, New South Wales, Northern Territory*, Queensland, South Australia, Tasmania, Victoria, Western Australia
Major Political Parties
Not specified
International Relations
Global position and alliances
UN Member:
Yes
EU Member:
No
Diplomatic Presence:
1601 Massachusetts Avenue NW, Washington, DC 20036
Major Alliances and Organizations
OECD
Economic Sectors & Trade
Detailed economic breakdown
Major Economic Sectors
Agriculture
2.6% (2023 est.)
Industry
27.7% (2023 est.)
Services
63.6% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Trade Volume
Exports:
$447.064 billion
Imports:
$379.066 billion
Major Trading Partners
China 37
Japan 16
S. Korea 6
India 5
Taiwan 5
Economic Outlook
Australia has a 3.44% GDP growth rate with 5.6% inflation. The economy is characterized by a strong agriculture sector.