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Australia is a highly developed country with a mixed economy. [30] [31] As of 2023, Australia was the 14th-largest national economy by nominal GDP (gross domestic product), [32] the 19th-largest by PPP-adjusted GDP, [33] and was the 21st-largest goods exporter and 24th-largest goods importer. [34]
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.
Australia's high-income mixed-market economy is rich in natural resources. [317] It is the world's fourteenth-largest by nominal terms, and the 18th-largest by PPP. As of 2021, it has the second-highest amount of wealth per adult, after Luxembourg, [318] and has the thirteenth-highest financial assets per capita. [319]
Australia's economy was likely already slowing before wide-scale coronavirus restrictions shuttered swathes of business and jobs, setting the stage for a vicious contraction this quarter. There is ...
The economy of the Australian Capital Territory (ACT) is the fastest-growing, sixth biggest economy of Australia as of the end of the 2017-18 financial year. [4] Since the introduction of its self-government status in 1989, and with few exceptions in 1992, 1996, and 2014, the ACT economy has exhibited positive growth at a 1991-2018 average of 3.17 percent per year. [1]
The Australian governments of this period, dominated by the conservative Liberal Party of Australia, were broadly successful in maintaining economic growth and unemployment, but were criticised by opponents for failing to effectively control inflation, instituting periodic "credit squeezes" (1952 and 1961), and rejecting national economic ...
Degree of economic and personal freedoms of 183 countries 2021 Organisation for Economic Co-operation and Development: OECD Better Life Index [8] 2 Measures wellbeing, environmental quality, quality of public services and security of the 36 most developed countries: 2020 International Comparisons (OECD) Social justice [9] 4
The economy of New South Wales is the largest of any state in Australia, accounting for 30.6% of Australia's GDP and valuing at A$660.6 billion in 2021-22. [1] The economy consists primarily of the services, mining and agricultural sectors, each of which represents a significant proportion of the overall Australian economy.