#AUSTRALIAN MAJOR EXPORTS PLUS#
#AUSTRALIAN MAJOR EXPORTS FREE#

By contrast, the late 1910s/early 1920s, the 1930s, the 1970s and early 1990s were marked by financial crises.Įconomic liberalisation ABC News report, featuring Paul Keating, on the first day of trading with a floating Australian dollar. Growth peaked during the 1920s, followed by the 1950s and the 1980s. As opposed to many neighbouring Southeast Asian countries, the process towards independence was relatively peaceful and thus did not have significant negative impact on the economy and standard of living. History Īustralia's average GDP growth rate for the period 1901–2000 was 3.4% annually. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand.

#AUSTRALIAN MAJOR EXPORTS FREE#

The country has also entered into free trade agreements with ASEAN, Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and the United States. Australia is a member of the APEC, G20, OECD and WTO. China in particular is Australia's main export and import partner by a wide margin.

#AUSTRALIAN MAJOR EXPORTS PLUS#

The currency of Australia and its territories is the Australian dollar, which it shares with several Pacific nation states.Īustralia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue Metals Group, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy, and Transurban. The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region. Despite the recent decline in the mining sector, the Australian economy had remained resilient and stable and did not experience a recession from 1991 until 2020. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. As of June 2021, the country's GDP was estimated at $1.98 trillion. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. As of 2023, Australia was the 13th-largest national economy by nominal GDP ( gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. All values, unless otherwise stated, are in US dollars.Īustralia is a highly developed country with a mixed economy.

Australian major exports