Economy of Australia
Australia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Australia is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Australia exports around $251.7 billion and imports roughly $245.8 billion. 5.8% of population in the country are unemployed. The total number of unemployed people in Australia is 1,436,790. In Australia, 13.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Australia is low, indicating that it has a stable economy. Investors should consider Australia to be a safe location for investments and other financial ventures. Government expenditure on education is 4.5% of GDP. The Gini Index of the country is 33.6. Australia is experiencing good equality. The majority of citizens in Australia fall within a narrow range of income, although some cases may show significant differences. Australia has a Human Development Index (HDI) of 0.933. Australia has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Australia is 1.329. Due to strong law enforcement presence and high social responsibility, Australia is very safe by international standards. The strength of legal rights index for Australia is 11. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.
The currency of Australia is Australian dollar. The plural form of the word Australian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as AUD. The Australian dollar is divided into Cent; there are 100 in one dollar.
The depth of credit information index for Australia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Australia has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Australia has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Australia has a credit rating score of Aaa, and the prospects of this rating are stable.
The prime lending rate of Australia's commercial banks is 6. In Australia, the institution that manages the state's currency, money supply, and interest rates is called Reserve Bank of Australia. The average deposit interest rate offered by local banks in Australia is 2.9%.
Australia has a government debt of 23.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Australia is set at 30%. Personal income tax ranges from 0% to 49%, depending on your specific situation and income level. VAT in Australia is 10%, and it is known as Goods and Services Tax.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Australia is $1137 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Australia was last recorded at $0 million. PPP in Australia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Australia is 1,241 billion. Based on this statistic, Australia is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Australia was last recorded at $0 million. The average citizen in Australia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Australia averaged 2.8% in 2014. According to this percentage, Australia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Australia.
Major industries in the country are mining, industrial and transportation equipment, food processing, chemicals, steel. The total labor force of Australia is 12,874,360 people, wherein 5.8% of population in the country are unemployed. The total number of unemployed people in Australia is 1,436,790. The Industrial Production growth rate of Australia is 3%.To read more about industrial information within Australia click on industry of Australia.
There are 468503 km2 of arable land in Australia, and it comprises 6% of the country's total territory. There are 471550 km2 of cultivated land in Australia. The country's major agricultural crops and products are wheat, barley, sugarcane, fruits, cattle, sheep, poultry.To read more about agriculture click on agriculture of Australia.