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Finance of Australia

The minimum monthly wage in Australia is 2208 USD. Australia has a government debt of 23.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Australia is 2.4%. 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. Each year, consumers spend around $852,558 million. The ratio of consumer spending to GDP in Australia is 68.70%, and the ratio of consumer spending to the world consumer market is 198%. 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.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Australia is $1,137 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Australia was last recorded at $45,898. PPP in Australia is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe 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 $50,096. The average citizen in Australia has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. 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.