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Main article: Australia
GDP
2024: GDP growth of 1.3%
According to the Australian Bureau of Statistics (ABS), the country's GDP at the end of 2024 grew by 1.3%. In the fourth quarter of 2024, an increase of 0.6% was recorded. As noted by the local ABC television company, the country experienced a 21-month recession of GDP per capita.
Moderate growth was seen across Australia's economy, helped by both public and private spending, ABS head of national accounts Catherine Keane said. There was also an increase in exports of goods and services, she added.
Experts highlight five main barriers to Australia's economic growth:
- Dependence on resource exports: Australia is heavily dependent on exports of coal, iron ore and other natural resources. Fluctuations in world prices for these goods can negatively affect economic growth.
- Household debt burden: High levels of debt among Australian households, particularly on mortgages, limit consumer spending and reduce domestic demand.
- An ageing population: The demographic shift associated with an ageing population puts a strain on the social security system and reduces the workforce, hindering economic growth.
- Slowing growth in the construction industry: A marked slowdown in growth in construction, particularly in the residential real estate sector, is weighing on the economy as the sector has been an important growth driver.
- Productivity challenges: Australia is facing low productivity growth, affecting the country's long-term competitiveness and ability to develop new, more productive industries.
2023: 1.5% growth forecast
2022
GDP estimate - $1.7 trillion
GDP size forecast - $1.7 trillion
2021: GDP size - $1.61 trillion
2020: Over 20 years, Australia's GDP has grown by 250%
2018: 1.67% of global GDP, 13th in the world
GDP in 2017 - $1.323 billion GDP per capita - $56.352
Structure of GDP
- Agriculture - 3%
- Industry - 23%, including production - 6%
- Services - 78.1%
Components of GDP
- Private consumption - 57%
- Public consumption - 19%
- Investments - 24%
- Export - 21%
- Import - (-21%)
Financial system
Sovereign Wealth Fund
Modern monetary theory
Main article: Modern Monetary Theory (SDT)
The financial policy of the country corresponds to the Modern Monetary Theory (SDT).
Non-financial debt
2022: Aggregate non-financial debt
National debt
2023: State debt - 56% of GDP
2018: State debt - $22.2 thousand per capita
2017: State debt - 41% of GDP
Inflation
2024: Inflation for 5 years 21%
Accumulated inflation over 5 years in the G-20 countries at the end of 2024:
Argentina: 13,910%
Turkey: 734%
Russia: 46%
Brazil: 35%
India: 34%
Mexico: 31%
South Africa: 28%
Britain: 25%
Holland: 24%
US: 23%
Australia: 21%
Germany: 21%
Spain: 19%
Canada: 19%
Italy: 18%
Singapore: 17%
France: 15%
South Korea: 15%
Indonesia: 15%
Saudi Arabia: 13%
Japan: 9%
Switzerland: 6%
China: 6%
2022: Inflation in November - 7.3%
Investments
2022: China's renewed investment after several years of decline
Minerals
Main article: Copper mining and production
2025
13th in the world in terms of proven gas reserves
Proved natural gas reserves (km3), according to Bloomberg data for February 2025:
Russia: 47,798
Iran: 33 980
Qatar: 23,871
Saudi Arabia: 15,910
UNITED STATES: 13,167
Turkmenistan: 11,326
China: 6,654
UAE: 6,088
Nigeria: 5,748
Venezuela: 5,663
Algeria: 4,502
Iraq: 3,738
6th in the world in rare earth reserves
Countries with the largest reserves of rare earths (in metric tons):
Vietnam: 22m
Brazil: 21m
Russia: 19 million
India: 6.9m
Australia: 4.2m
US: 2.3 million
Myanmar: 510,000
Mexico: 290 000
USGS, Mineral Raw Material Summaries, January 2025
2023: Large uranium supplies
Main article: Uranium (market)
2022
Among the top 10 leading countries in the production of critical raw materials
4th in the world in uranium mining with an indicator of 4600 tons
Lithium reserves - 7.9 million tons. Produced - 61,000 tonnes of lithium
Australia produces most of the lithium through hard rock mining.
The "triangle" of South America and Mexico as of April 2022 accounts for 60% of the world's lithium deposits.
2021
Australia's share of global rare earth mineral production - 7.9%
Lithium production - 55,000 tons
Oil Production Volume
2018
4th place in terms of mining
Among the top 10 countries in terms of silver production
Copper production - 950 thousand tons
Foreign trade
Main article: Australian Foreign Trade
Labour market
2022: Proportion of workers aged 65 or over - above 15%
Unemployment
2023: Youth unemployment - 7.8%
2020: Unemployment rate - 6.9%
Incomes and debts of the population
2024
Very high level of household debt burden
Maximum personal income tax rate - 45%
2023
Households re-credited: their debts 110% of GDP
Minimum wage - $2022
Information Technology
Data centers
2024:306 data centers
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2024: Introduction of social media ban for children under 16
In mid-November 2024, Australia passed a law setting a minimum age for social media users at 16. The amendment to the Online Safety Act is understood to provide protection for young Australians. Read more here
2018
Internet penetration compared to other countries
Proportion of residents without smartphones
A law requiring IT companies to disclose encrypted data
On 6 December 2018, the Australian Parliament passed a law requiring tech companies such as Google, Facebook and Apple to give police access to encrypted data. The bill will come into force before the end of 2018.
The bill provides for fines of up to A $10 million (approximately 480 million rubles) for legal entities and imprisonment for individuals if they refuse to transfer data related to alleged illegal activities.
When that law takes effect, Australia will be one of the first countries to require technology companies to provide widespread access to data by intelligence and law enforcement agencies.
 | Let's just secure Australians at Christmas, "Labor Party leader Bill Shorten told reporters. |  |
Australia is not the only country where this law was promoted. His lobbying has a long history, especially in FVEY countries (Australia, Canada, New Zealand, the United States and the United Kingdom).
The Australian government said the law was necessary to counter extremism and crime, and that security agencies would need to provide a rationale for accessing personal data. In turn, technology companies oppose this project, stating that the legalization of such tools will inevitably undermine the safety of all users.
After the Senate vote, representatives from Google, Amazon and Apple had no immediate comment. However, a Facebook spokesperson previously reached out to Reuters, saying: "This legislation does not comply with control and privacy legislation in the EU and other countries that deal very seriously with national security issues."[1]
R&D
2020: R&D spending - $23.1 billion
Sectors of the economy
Agriculture
2022: Low level of state support for agriculture
2021: Share of farmland - 48%
2019: Low use of pesticides in agriculture
Tourism
Energy carriers
Energy consumption per capita
and
Gasoline price
Real estate
2023
Less than 1% of housing is available for rent, which inflated prices. Thousands of people are being left homeless
In September 2023, renting in Australia becomes harder than ever as one of the world's most acute property shortages escalates by the day. At this time, less than 1% of housing is available for rent in the country, which is much less than even in hot markets such as Singapore.
As a result, rents are soaring to sky-high levels, exacerbating an already acute shortage of living funds and forcing thousands of Australians homeless. The crisis will only intensify.
Lower property prices at the beginning of the year
2022: High property value to family income ratio
2021: Negative dynamics of residential real estate construction
Food industry
2021: 8th in the world in terms of sugar production
Alcohol market
2024: Overabundance of wine in global market forces farmers in France and Australia to stop business and destroy their vineyards
In early March 2024, it became known that farmers in various regions were forced to destroy healthy vineyards and stop business. The reason is that an overabundance of wine has formed on the world market. Read more here.
2023: 6th largest producer of still and sparkling wines in the world
2018: Minimum age to purchase alcoholic beverages - 18 years
Retail
2024
The share of online sales of the total retail trade - 12%
Australia has large per capita retail space
Consumption
2023: Poultry meat is the most consumed type of meat
2019:747 cars per 1000 people
Cars per 1,000 people (World Bank, June 2019):
- UNITED STATES: 837
- Australia: 747
- Italy: 695
- Canada: 670
- Japan: 591
- Germany: 589
- Britain: 579
- France: 569
- Malaysia: 433
- Russia: 373
- Brazil: 350
- Mexico: 297
- Saudi Arabia: 209
- Turkey: 199
- Iran: 178
- SOUTH AFRICA: 174
- China: 173
- Indonesia: 87
- Nigeria: 64
- India: 22
See also
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