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Australia’s economy suffered its sharpest economic contraction since the Great Depression due to the pandemic, with data released Wednesday confirming the country is in its first recession in 28 ...
Australia'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. [46] China in particular is Australia's main export and import partner by a wide margin. [47] Australia is a member of the APEC, G20, OECD and WTO.
Australia's economy may have reached a "gentle turning point," led by a tentative pick-up in home prices, tax cuts and a weaker Aussie dollar, the country's central bank chief said on Friday ...
Australia's economy picked up speed in the June quarter as consumers kept spending and energy exports boomed, offering hope activity can weather sharply higher interest rates and cost-of-living ...
This is the most recent list of Australian states and territories by gross state product (GSP) and GSP per capita. Also included are the GSP and population growth tables as well as a comparison table showing the surplus/deficit between state final demand (SFD) and GSP for the same financial year.
The state of Victoria is the second-largest economy in Australia after New South Wales, accounting for 23.24% of the nation's gross domestic product, valued at A$515.2 billion in 2022. [5] The economy is primarily built upon financial services, agriculture, healthcare and social assistance, tourism and construction.
Australia's economy was already slowing in the June quarter before wide-spread coronavirus lockdowns slammed everything into reverse, leaving the country in a desperate race to vaccinate in the ...
When economic growth or activity is being restricted, low investment and low levels of expenditure will generally restrain the current account from growing. Nevertheless, Australia's current account deficit needs a long-term solution in order to secure the Australian economy's viability. [citation needed]