Overview

Australia is the world's 12th largest economy, with a GDP of US$1.5 trillion. It is the fourth largest economy in the Asia-Pacific region and is forecast to grow at around 3% in both 2011-12 and 2012-13. Australia's per-capita GDP of over US$68,000 is among the highest in the world. The economy has recorded 21 years of uninterrupted annual growth to 2013 and now enjoys the highest terms of trade in 140 years. Growth in commodity exports to Asia buoyed Australia through the GFC but adversely affected the manufacturing and services sectors because of the strong Australian dollar.The economic outlook for Australia is favorable, led by private investment in mining and commodity exports to emerging Asia, including China. Australia's economic stability has been supported by prudent fiscal policy and structural reforms, with unemployment currently at 5.6% and government net debt only around 10% of GDP. Recent policy initiatives include a carbon tax and a mineral resources rent tax.In 2011-12, Australia exported over US$265 billion worth of merchandise goods and imported over US$244 billion worth of merchandise products and ranks as the U.S.'s 12th largest trade partner. The United States is a major economic partner, standing as its third largest trading partner and largest source of foreign investment, as well as the primary destination for Australian investment. In 2011-12, Australia recorded a goods trade surplus of A $24 billion in 2011-12 and a surplus of A$32 billion in 2010-11, a significant turnaround after a series of deficits in previous years.

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9781502334534

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