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Main article: Australia
GDP
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: 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 levels of household debt burden
2023
Households re-credited: their debts 110% of GDP
Minimum wage - $2022
Internet
Introduction of a ban on the use of social networks for children under 16 years old
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
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
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.
The minimum age to purchase alcoholic beverages is 18 years
Consumption
2023: Poultry meat is the most consumed type of meat
See also
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