Overview
Australia has a prosperous Western-style capitalist economy, with a per capita GDP comparable to levels in industrialised 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 continues to be severe.

GDP
Purchasing power equivalent - $280.8 billion, per capita $16,200; real growth rate -0.6% (1991 est.)

Inflation rate (consumer prices)
3.3% (September 1991)

Unemployment rate
10.5% (November 1991)

Budget
Revenues $76.9 billion; expenditures $75.4 billion, including capital expenditures of NA (FY91)

Exports
$41.7 billion (f.o.b., FY91)

Commodities
Metals, minerals, coal, wool, cereals, meat, manufacturers

Partners
Japan 26%, US 11%, New Zealand 6%, South Korea 4%, Singapore 4%, UK, Taiwan, Hong Kong

Imports
$37.8 billion (f.o.b., FY91)

Commodities
Manufactured raw materials, capital equipment, consumer goods

External debt
$130.4 billion (June 1991)

Industrial production
Growth rate --0.9% (1991); accounts for 32% of GDP

Electricity
40,000,000 kW capacity; 155,000 million kWh produced, 8,960 kWh per capita (1991)

Industries
Mining, industrial and transportation equipment, food processing, chemicals, steel, motor vehicles

Agriculture
Accounts for 5% of GNP and 37% of export revenues; world's largest exporter of beef and wool, second-largest for mutton, and among top wheat exporters; major crops - wheat, barley, sugarcane, fruit; livestock - cattle, sheep, poultry

Illicit drugs
Tasmania is one of the world's major suppliers of licit opiate products; government maintains strict controls over areas of opium poppy cultivation and output of poppy straw concentrate

Economic aid
Donor - ODA and OOF commitments (1970-89), $10.4 billion

Currency
Australian dollar (plural - dollars); 1 Australian dollar ($A) = 100 cents

Exchange rates
Australian dollars ($A) per US$1 - 1.3360 (January 1992), 1.2836 (1991), 1.2618 (1989), 1.2752 (1988), 1.4267 (1987)

Fiscal year
1 July - 30 June

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