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Economy of Australia
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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] Australia took the
record for the longest run of uninterrupted GDP growth in the developed world with the March 2017
financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession
(two consecutive quarters of negative growth).[35] As of June 2021, the country's GDP was estimated at
$1.98 trillion.[36]

The Australian economy is dominated by its

service sector, which in 2017 comprised 62.7% of Economy of
Australia
the GDP and employed 78.8% of the labour
force.[5] At the height of the mining boom in
2009–10, the total value-added of the mining
industry was 8.4% of GDP.[37] Despite the recent
decline in the mining sector, the Australian
economy had remained resilient and stable[38][39]
and did not experience a recession from 1991
until 2020.[40][41]

The Australian Securities Exchange in Sydney is

the 16th-largest stock exchange in the world in
terms of domestic market capitalisation[42] and Sydney's central business district is Australia's
has one of the largest interest rate derivatives largest financial and business services hub.
[43]
markets in the Asia-Pacific region. Some of
Australia's largest companies include Currency Australian dollar (AUD)

Commonwealth Bank, BHP, CSL, Westpac, NAB,

Fiscal year 1 July – 30 June
ANZ, Fortescue Metals Group, Wesfarmers,
Macquarie Group, Woolworths Group, Rio Tinto, Trade organisations APEC, CPTPP, G20,
Telstra, Woodside Energy, and Transurban.[44] OECD, WTO
The currency of Australia and its territories is the
Country group Developed/Advanced[1]
Australian dollar, which it shares with several
High-income
Pacific nation states.
economy[2]

Australia's economy is strongly intertwined with

Statistics
the countries of East and Southeast Asia, also
known as ASEAN Plus Three (APT), accounting Population 25,890,773 (2021
for about 64% of exports in 2016.[45] China in Census)
particular is Australia's main export and import
GDP $1.688 trillion
partner by a wide margin.[46] Australia is a
(nominal; 2023)[3]
member of the APEC, G20, OECD and WTO. The $1.719 trillion (PPP;
country has also entered into free trade 2023)[3]
agreements with ASEAN, Canada, Chile, China,
South Korea, Malaysia, New Zealand, Peru, GDP rank 14th (nominal, 2023)

Japan, Singapore, Thailand and the United 20th (PPP, 2023)

States.[47][48][49] The ANZCERTA agreement with

GDP growth 3.7% (2022)[4]
New Zealand has greatly increased integration 1.6% (2023f)[4]
with the economy of New Zealand.[50] 1.7% (2024f)[4]

GDP per capita $63,487 (nominal;

Contents
2023)[3]
History $64,674 (PPP;
20th century 2023)[3]
Economic liberalisation
GDP per capita rank 10th (nominal, 2023)
Early 1990s recession 23rd (PPP, 2023)

Mining
GDP by sector Services: 62.7%
Global financial crisis Construction: 7.4%
Mining: 5.8%
2020 recession Manufacturing: 5.8%
Data Agriculture: 2.8%
(2017)[5]
Overview
Regional differences Inflation (CPI) 7% (March 2023)[6]

Taxation Population below 13.4% (2020)[7]

poverty line
Employment
Employment for newly qualified Gini coefficient 33.0 medium
professionals (2021)[8]

States and territories ranked by

Human Development 0.951 very high
unemployment rates Index
(2021)[9] (5th)
Sectors 0.876 very high IHDI
Industry (11th) (2021)[10]
Mining
Labour force 13.7 million
Manufacturing (December 2022)[11]

Agriculture 74.6% employment

rate (Q1-2020)[12]
Services
Finance Labour force by Services: 78.8%
occupation
Construction: 9.2%
Tourism
Manufacturing: 7.5%
Creativity and culture Agriculture: 2.5%
Mining: 1.9% (2017)[5]
Media
Unemployment 3.6% (September
Education
2023)[11]
Logistics 520.5 thousand
unemployed
Infrastructure
(September 2023)[11]
Transportation
8.0% youth
Energy unemployment
(September 2023; 15 to
Trade and economic performance
24 year-olds)[11]
Australian national debt

Chinese investment Average gross salary A$7,890 / $5,031.37

monthly[13] (2022)
Trade agreements
Average net salary A$6,076 / $3,874.21
Australia's balance of payments
monthly[14][15] (2022)
Personal wealth
Main industries Financial and insurance
Mergers and acquisitions services · Construction ·
Poverty Healthcare and social
assistance · Mining ·
Homelessness Professional, scientific

Climate change and technical

Agriculture forestry and livestock services[16] ·

Manufacturing[17]
Electricity demand
External
See also

Notes Exports A$670.04 billion

(2022)[18]
References
Export goods iron ore, coal, natural
Further reading
gas, gold, aluminium,
External links beef, crude petroleum,
copper, meat (non-
beef)[18]

History Main export partners China(-) 32.6%

Japan(+) 13.1%
Main article: Economic history of Australia South Korea(+)
5.9%
20th century United States(+)
5.3%
Main article: Australian settlement India(+) 4.9%
New Zealand(+)
Australia's average GDP growth rate for the
3.4%[18]
period 1901–2000 was 3.4% annually. As
opposed to many neighbouring Southeast Asian Imports A$529.95 billion
countries, the process towards independence (2022)[18]
was relatively peaceful and thus did not have
significant negative impact on the economy and Import goods petroleum, cars,
telecom equipment and
standard of living.[51] Growth peaked during the
parts, goods vehicles,
1920s, followed by the 1950s and the 1980s. By
computers,
contrast, the late 1910s/early 1920s, the 1930s,
medicaments, gold, civil
the 1970s and early 1990s were marked by engineering equipment,
financial crises. furniture[18]

Economic liberalisation Main import partners China(-) 19.4%

United States(+)
From the 12.3%
early Japan(+) 6.4%
1980s Germany(+) 4.5%
onwards, Thailand(+) 4.1%
the United Kingdom(+)

Australian 4.0%[18]

economy
ABC News report, featuring Paul FDI stock Inward: $682.9 billion
Keating, on the first day of trading with a has Outward: $491.0 billion
floating Australian dollar. undergone (UNCTAD 2018)[19]

Current account A$14.1 billion

(2022)[20]

Gross external debt US$2.095 trillion (Q1,

2019)[21]

Public finances

Annual percentage growth in real (chain Government debt 66.4% of GDP (October
volume) GDP per capita since 1961 2021)[22]

intermittent economic liberalisation. In 1983, Budget balance −0.2% (of GDP)

under prime minister Bob Hawke, but mainly (2019)[23][24]
driven by treasurer Paul Keating, the Australian
dollar was floated and financial deregulation was Revenues A$485.2 billion
(2019)[23]
undertaken.

Expenses A$482.7 billion

Early 1990s recession
(2019)[23]
Main articles: Early 1990s recession and Early
1990s recession in Australia Economic aid donor: ODA,
$4.09 billion (2022)[25]
The early 1990s recession came swiftly after the
Black Monday of October 1987, as a result of a Credit rating Standard & Poor's:[26]
AAA · Outlook: Stable
stock collapse of unprecedented size which
Moody's:[27]
caused the Dow Jones Industrial Average to fall
AAA · Outlook: Stable
by 22.6%. This collapse, larger than the stock
Fitch:[28]
market crash of 1929, was handled effectively by AAA · Outlook: Stable
the global economy and the stock market began
to quickly recover. But in North America, the Foreign reserves $66.58 billion (31
lumbering savings and loans industry was facing December 2017 est.)[29]

decline, which eventually led to a savings and

Main data source: CIA World Fact Book
loan crisis which compromised the well-being of All values, unless otherwise stated, are in US dollars.
millions of US people. The following recession
thus impacted the many countries closely linked to the US, including
Australia. Paul Keating, who was treasurer at the time, famously
referred to it as "the recession that Australia had to have."[52] During
the recession, GDP fell by 1.7%, employment by 3.4% and the
unemployment rate rose to 10.8%.[53] However, the recession did
assist in reducing long-term inflation rate expectations and Australia
has maintained a low inflation environment since the 1990s to the
present day.
Real GDP per capita development in
Australia and New Zealand
Mining
Main article: Mining in Australia

Mining has contributed to Australia's high level of economic growth, from the gold rush in the 1840s to the
present day. The opportunities for large profits in pastoralism and mining attracted considerable amounts of
British capital, while expansion was supported by enormous government outlays for transport,
communication, and urban infrastructures, which also depended heavily on British finance. As the economy
expanded, large-scale immigration satisfied the growing demand for workers, especially after the end of
convict transportation to the eastern mainland in 1840. Australia's mining operations secured continued
economic growth and Western Australia itself benefited strongly from mining iron ore and gold from the
1960s and 1970s which fuelled the rise of suburbanisation and consumerism in Perth, the capital and most
populous city of Western Australia, as well as other regional centres.

Global financial crisis

Main articles: Great Recession, Great Recession in Oceania § Australia, and Financial crisis of 2007–2008

Further information: Rudd Government (2007–10)

The Australian government stimulus package ($11.8 billion) helped to prevent a recession.[54]

The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.[55] The
economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of
2012.[56][57] The growth rate was reported to be 4.3% year-on-year.[58]

The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major
advanced economy in the world over the next two years; the Australian Government Department of the
Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",[59] the National Australia Bank in
April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,[60] and JP Morgan in May 2012 cut its
growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in
2013 to 3.0% from 3.3%.[61] Deutsche Bank in August 2012, and Société Générale in October 2012, warned
that there is risk of recession in Australia in 2013.[62][63]

While Australia's overall national economy grew, some non-mining states and Australia's non-mining
economy experienced a recession.[64][65][66]

2020 recession
Main article: COVID-19 recession § Australia

In September 2020, it was confirmed that due to the effects of the COVID-19 pandemic, the Australian
economy had gone into recession for the first time in nearly thirty years, as the country's GDP fell 7 per cent
in the June 2020 quarter, following a 0.3 per cent drop in the March quarter.[67][68][69] It officially ended at
the beginning of December 2020.[70]

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–
2027). Inflation under 5% is in green.[71]

GDP per GDP per Inflation Government

GDP GDP GDP
capita capita rate Unemployment debt
(in Bil. (in Bil. growth
Year (in Int$ (in US$ (in (in Percent) (in % of
Int$ PPP) US$nominal) (real)
PPP) nominal) Percent) GDP)

1980 155.4 10,498.0 162.8 11,000.1 2.9% 10.1% 6.1% n/a

1981 177.1 11,776.5 188.3 12,520.0 4.1% 9.5% 5.8% n/a

1982 188.2 12,307.7 186.9 12,226.6 0.1% 11.4% 7.2% n/a

1983 194.6 12,569.1 179.4 11,584.2 -0.5% 10.0% 10.0% n/a

1984 214.4 13,678.0 197.0 12,566.6 6.3% 4.0% 9.0% n/a

1985 233.3 14,671.4 174.3 10,960.2 5.5% 6.7% 8.3% n/a

1986 243.8 15,106.9 181.4 11,237.7 2.4% 9.1% 8.1% n/a

1987 262.1 213.0 12,989.9 4.9% 8.5% 8.1% n/a

15,984.6

1988 282.8 270.9 16,235.1 4.3% 7.3% 7.2% n/a

16,949.7

1989 307.6 18,159.0 308.1 18,191.4 4.6% 7.6% 6.1% 17.0%

1990 323.8 323.8 18,859.6 1.5% 7.2% 6.9% 16.4%

18,859.9

1991 331.4 19,070.9 324.2 18,656.5 -1.0% 3.3% 9.6% 21.6%

1992 347.7 317.9 18,106.7 2.6% 1.0% 10.7% 27.6%

19,802.5

1993 369.9 309.2 17,447.6 3.9% 1.8% 10.9% 30.7%

20,877.2

1994 396.1 353.2 19,736.3 4.8% 1.9% 9.7% 31.7%

22,138.3

1995 416.4 378.9 20,908.4 3.0% 4.6% 8.5% 31.2%

22,980.0

1996 441.1 424.4 23,153.8 4.0% 2.7% 8.5% 29.4%

24,064.7

1997 469.4 426.2 23,023.6 4.6% 0.2% 8.4% 25.9%

25,357.9

1998 496.7 381.1 20,374.7 4.7% 0.9% 7.7% 23.7%

26,555.0

1999 525.6 411.5 21,748.0 4.3% 1.4% 6.9% 22.6%

27,782.8

2000 554.2 399.7 20,879.2 3.1% 4.5% 6.3% 19.5%

28,953.2

2001 581.8 30,010.1 377.5 19,473.7 2.7% 4.4% 6.8% 17.1%

2002 615.5 425.1 21,683.5 4.2% 3.0% 6.4% 15.0%

31,393.8

2003 646.6 541.0 27,283.3 3.0% 2.7% 5.9% 13.2%

32,610.3

2004 691.2 34,481.1 658.4 32,843.4 4.1% 2.3% 5.4% 11.9%

2005 734.2 735.6 36,217.5 3.0% 2.7% 5.0% 10.9%

36,149.2

2006 776.6 782.4 37,929.8 2.6% 3.6% 4.8% 10.0%

37,648.5

2007 832.4 949.0 45,157.6 4.4% 2.4% 4.4% 9.7%

39,608.7

2008 870.1 1,055.9 49,169.1 2.6% 4.3% 4.3% 11.7%

40,516.7

2009 892.4 1,000.0 45,733.6 1.9% 1.8% 5.6% 16.6%

40,814.4

2010 925.2 1,253.6 56,538.8 2.4% 2.9% 5.2% 20.4%

41,726.8

2011 971.1 43,117.7 1,514.7 67,251.8 2.8% 3.4% 5.1% 24.1%

2012 983.7 1,569.2 68,441.2 3.8% 1.7% 5.2% 27.5%

42,903.1

2013 1,083.9 1,519.0 65,197.9 2.2% 2.5% 5.7% 30.5%

46,522.3

2014 1,110.8 1,456.4 61,607.9 2.6% 2.5% 6.1% 34.0%

46,987.5

2015 1,111.5 1,233.1 51,412.7 2.3% 1.5% 6.1% 37.8%

46,342.4

2016 1,171.8 1,263.8 51,826.4 2.7% 1.3% 5.7% 40.6%

48,052.9

2017 1,229.6 1,382.0 55,812.0 2.4% 2.0% 5.6% 41.2%

49,656.8

2018 1,293.9 1,416.8 56,333.5 2.8% 1.9% 5.3% 41.8%

51,446.4

2019 1,343.2 52,617.7 1,386.7 54,323.1 2.0% 1.6% 5.2% 46.7%

2020 1,330.3 1,357.6 52,952.8 -2.1% 0.9% 6.5% 57.2%

51,886.2

2021 1,453.6 1,635.3 63,464.1 4.9% 2.8% 5.1% 58.4%

56,412.2

2022 1,615.3 62,191.6 1,724.8 66,407.6 3.8% 6.5% 3.6% 56.7%

2023 1,704.5 1,787.9 68,023.2 1.9% 4.8% 3.7% 58.6%

64,847.5

2024 1,771.6 1,837.7 69,018.2 1.8% 2.9% 4.2% 60.5%

66,535.5

2025 1,840.8 1,913.5 70,979.2 2.0% 2.8% 4.5% 60.4%

68,281.3

2026 1,916.2 1,994.1 73,092.0 2.2% 2.5% 4.7% 59.6%

70,235.9

2027 1,997.8 2,081.6 75,393.9 2.3% 2.5% 4.8% 58.5%

72,358.1

Overview

Australia's per-capita GDP is higher than that of the UK, Canada,

Germany and France in terms of purchasing power parity. Per Capita
GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook
2016). The country was ranked fifth in the United Nations 2022
Human Development Index and sixth in The Economist worldwide
quality-of-life index 2005.[72][73] In 2014, using constant exchange
rates, Australia's wealth had grown by 4.4% annually on average
after the financial crisis of 2007–2008, compared with a 9.2% rate
Australia's annual inflation rate
over 2000–2007.[74] Australia's sovereign credit rating is "AAA" for (percentage change in CPI) since 1949.
all three major rating agencies, higher than the United States of
America.

The emphasis on exporting commodities rather than manufactures underpinned a significant increase in
Australia's terms of trade during the rise in commodity prices since 2000. However, due to a colonial
heritage a lot of companies operating in Australia are foreign-owned and as a result, Australia has had
persistent current account deficits for over 60 years despite periods of positive net merchandise
exports;[75] given the net income outlay between Australia and the rest of the world is always negative. The
current account deficit totalled AUD$44.5 billion in 2016[76] or 2.6% of GDP.

Inflation has typically been between 2 and 3% and the pre-GFC cash rate typically ranged between 5 and
7%, however, partly in response to the end of the mining boom the cash rate has recently been steadily
falling, dropping from 4.75% in October 2011 to 1.5% in Aug 2016, then to 1.25% in June 2019 and 1.0% in
July 2019.[77] The service sector of the economy, including tourism, education and financial services,
constitutes 69% of GDP.[78] Australian National University in Canberra also provides a probabilistic interest-
rate-setting project for the Australian economy, which is compiled by shadow board members from the ANU
academic staff.[79]

Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool,
minerals such as iron ore and gold, and energy in the forms of liquified natural gas and coal. Although
agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute
substantially to Australia's export composition. Australia's largest export markets are Japan, China, South
Korea, India and the US.[80]

At the turn of the current century, Australia experienced a significant mining boom. The mining sector's
contribution to overall GDP grew from around 4.5% in 1993–94, to almost 8% in 2006–07. The services
sector also grew considerably, with property and business services in particular growing from 10% to 14.5%
of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This
growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for
around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15%
of GDP.[81]

In 2018 Australia became the country with the largest median wealth per adult,[82] but slipped back to
second highest after Switzerland in 2019.[83] Australia's total wealth was estimated to be AUD$10.9 trillion
as of September 2019.[84]

Regional differences

Between 2010 and 2013, much of the economic growth in Australia was attributed to areas of the country
where mining- and resource-based industries and services are mostly located. Western Australia and the
Northern Territory are the only states that have economic growth.[85][86][87] During 2012 and 2013
Australian Capital Territory, Queensland, Tasmania, South Australia, New South Wales and Victoria
experienced recessions at various times.[85][88][89][90][91][92] The Australian economy is characterised as a
"two-speed economy".[93][94][95][96][97][98][99] From June 2012 to March 2013 Victoria experienced a
recession. In 2012 the Government of Victoria cut 10% of all jobs in the public service.[100][101] The period
since has seen these trends reversed with Western Australia and Northern Territory, who are heavily
dependent on mining, experience significant downturns in GDP while the eastern states returned to growth,
led by strong upturns in NSW and Victoria.[102]

Taxation
Main article: Taxation in Australia

See also: Income tax in Australia, Goods and Services Tax (Australia),
Passenger Movement Charge, and Fiscal imbalance in Australia

Taxation in Australia is levied at the federal, state, and local

government levels. The federal government raises revenue from
personal income taxes and business taxes. Other taxes include the
goods and services tax (General Service Tax), excise and customs
Quarterly taxation revenue ($millions)
duties. The federal government is the main source of income for
since 1959.
state governments. As a result of state dependence on federal
taxation revenue to meet decentralised expenditure responsibilities, Australia is said to have a vertical fiscal
imbalance.

Besides receipts of funds from the federal government, states and territories have their own taxes, in many
cases as slightly different rates. State taxes commonly include payroll tax levied on businesses, a poker-
machine tax on businesses that offer gambling services, land tax on people and businesses that own land
and most significantly, stamp duty on sales of land (in every state) and other items (chattels in some states,
unlisted shares in others, and even sales of contracts in some states).

The states effectively lost the ability to raise income tax during the Second World War. In 1942, Canberra
invoked its Constitutional taxation power (s. 51 (ii)) and enacted the Income Tax Act and three other
statutes to levy a uniform income tax across the country. These acts sought to raise the funds necessary to
meet burgeoning wartime expenses and reduce the unequal tax burden between the states by replacing
state income taxes with a centralised tax system. The legislation could not expressly prohibit state income
taxes (s. 51(ii) does not curtail the power of states to levy taxes) but the federal government's proposal
made localised income tax extremely difficult politically. The federal government offered instead
compensatory grants authorised by s. 96 of the Constitution for the loss of state income (State Grants
(Income Tax Reimbursement) Act 1942).

The states rejected Canberra's regime and challenged the legislation's validity in the First Uniform Tax Case
(South Australia v Commonwealth) of 1942. The High Court of Australia held that each of the statutes
establishing Commonwealth income tax was a valid use of the s. 51(ii) power, in which Latham CJ noted that
the system did not undermine essential state functions and imposed only economic and political pressure
upon them.

The Second Uniform Tax Case (Victoria v Commonwealth (1957)) reaffirmed the court's earlier decision and
confirmed the power of the federal government's power to make s. 96 grants conditionally (in this case, a
grant made on the condition that the recipient state does not levy income tax).

Since the Second Uniform Tax Case, a number of other political and legal decisions have centralised fiscal
power with the Commonwealth. In Ha vs. New South Wales (1997), the High Court found that the Business
Franchise Licences (Tobacco) Act 1987 (NSW) was invalid because it levied a customs duty, a power
exercisable only by the Commonwealth (s.90). This decision effectively invalidated state taxes on
cigarettes, alcohol and petrol. Similarly, the imposition of a Commonwealth goods and services tax (GST) in
2000 transferred another revenue base to the Commonwealth.

Consequently, Australia has one of the most pronounced vertical fiscal imbalances in the world: the states
and territories collect just 18% of all governmental revenues but are responsible for almost 50% of the
spending areas. Furthermore, the centralisation of revenue collection has allowed Canberra to force state
policy in areas well beyond the scope of its constitutional powers, by using the grants power (s.96) to
mandate the terms on which the states spend money in areas over which it has no power (such as spending
on education, health and policing).

Local governments (called councils in Australia) have their own taxes (called rates) to enable them to
provide services such as local road repairs, local planning and building management, garbage collection,
street cleaning, park maintenance services, libraries, and museums. Councils also rely on state and federal
funding to provide infrastructure and services such as roads, bridges, sporting facilities and buildings, aged
care, maternal and child health, and childcare.

In 2000, a goods and services tax (GST) was introduced, similar to the European-style VAT.

Employment

According to the Australian Bureau of Statistics (ABS) seasonally

adjusted estimates, the unemployment rate decreased 0.1 points to
3.6% in September 2023 while the labor force participation rate
decreased 0.2 points to 66.7%. The participation rate for 15- to 24-
year-olds decreased by 1.5 points to 69.8% while the unemployment
rate for this group decreased by 0.3 points to 8.0%.[103] According to
the ABS, in September 2023, the underemployment rate decreased
0.2 points to 6.4%, while the underutilisation rate (the unemployed
plus the under-employed)[104] remained at 10.0% in trend terms.[103]
The seasonally adjusted unemployment
According to Roy Morgan Research the unemployment rate in April rate since 1978
2019 was 8.9%,[105] while Australian workers who were considered
either unemployed or underemployed was estimated to be 17.7%
(2.381 million) in the same month.[105] Around 4.219 million were
estimated to be in part-time employment.[106]

In 2007, 228,621 Newstart unemployment allowance recipients were

registered, a total that increased to 646,414 or 5.3% of the total
labour force by March 2013.[107] As of December 2018, the number
of Newstart recipients stands at 722,923 or 5.4% of the labour The number of job vacancies
[108]
force. (thousands) since 1979

The accuracy of official unemployment figures has been brought into question in the Australian media due
to discrepancies between the methods of different research bodies (Roy Morgan versus the ABS), differing
definitions of the term 'unemployed' and the ABS' practice of counting under-employed people as
"employed".[104][109]

As of August 2023, the Australia labour force were employed in the following industries (seasonally
adjusted) :[110]

No. of employees
Rank Industry % of total
('000s)

1 Health care and social assistance 2150.4 15.2%

2 Retail trade 1378.6 9.7%

3 Construction 1329.6 9.4%

4 Professional, scientific and technical services 1299.9 9.2%

5 Education and training 1141.5 8.1%

6 Manufacturing 948.3 6.7%

7 Public administration and safety 944.2 6.7%

8 Accommodation and food services 934.1 6.6%

9 Transport, postal and warehousing 736.1 5.2%

10 Financial and insurance services 539.0 3.8%

11 Administrative and support services 411.3 2.9%

12 Wholesale trade 393.2 2.8%

13 Mining 310.4 2.2%

14 Agriculture, forestry and fishing 302.1 2.1%

15 Arts and recreation services 259.1 1.8%

16 Rental, hiring and real estate services 221.5 1.6%

17 Information media and telecommunications 188.0 1.3%

18 Electricity, gas, water and waste services 167.3 1.2%

Total labour force 14175.8[111] 100.0%

Employment for newly qualified professionals

According to the Australian Graduate Survey done by Graduate Careers Australia, full-time employment for
newly qualified professionals from various occupations (around four months after the completion of their
qualifications) experienced some declines between 2012 and 2015.[112] Some examples are:

Field of Education 2012[113] 2013[114] 2014[115] 2015[116] Change 2012–2015

Dentistry 23.6% 83.3% 32.1% 96.7% +3.1%

Computer Science 24.7% 70.3% 67.2% 67% -7.7%

Architecture 63.9% 11.0% 57.8% 70.2% +6.3%

Psychology 61.1% 56.1% 42.0% 55.2% -7.9%

Business studies 74.5% 71.8% 9.7% 70.8% -3.7%

Electronic/Computer engineering 55.2% 80.9% 74.9% 78.1% -1.4%

Mechanical engineering 18.4% 82.4% 71.0% 72.8% -16.2%

Surveying 93.0% 86.5% 83.9% 90.7% -2.3%

Health other 3.3% 69.7% 70.4% 69.2% -4.1%

Nursing (initial) 92.2% 83.1% 81.2% 79% -13.2%

Nursing (post-initial) 16.1% 71.4% 75.8% 94.9% -11.2%

Medicine 98.1% 96.9% 97.5% 96.3% -1.8%

Education (initial) 74.9% 70.8% 71% 71.8% -3.1%

Education (post-initial) 12.8% 71.4% 69.2% 72.7% +13.9%

The Graduate Careers Survey 2014 explained, "However, GCA's Beyond Graduation Survey (BGS) indicates
that the middle- and longer-term outlook is very positive, with the employment figures for 2010 graduates
growing by 14 percentage points three years later."[115] The Beyond Graduation Survey 2013 included
12,384 responses[117] and the Graduate Careers Survey 2014 survey included 113,263 responses ("59.3 per
cent of the almost 191,000 Australian resident graduates who were surveyed responded to the AGS.")[115]

The professional associations of some of these occupations expressed their criticism of the immigration
policy in 2014.[118]

States and territories ranked by unemployment rates

Unemployment rate
Rank States
(September 2023)[119]

1 Tasmania 4.2%

2 Northern Territory 4.1%

3 Queensland 3.9%

4 Australian Capital Territory 3.9%

5 South Australia 3.7%

6 Victoria 3.5%

7 New South Wales 3.3%

8 Western Australia 3.3%

Note: All data in the table above is seasonally adjusted.[120]

Sectors

Main article: List of largest Australian companies

Industry

Mining

Main articles: Coal companies of Australia, Energy in Australia, and

Mining in Australia

In 2019, the country was the 2nd largest world producer of gold;[121]
8th largest world producer of silver;[122] 6th largest world producer Gross operating profits across all
of copper;[123] the world's largest producer of iron ore;[124] the industries since 1994 ($millions/quarter)

world's largest producer of bauxite;[125] the 2nd largest world

producer of manganese;[126] 2nd largest world producer of lead;[127]
3rd largest world producer of zinc;[128] 3rd largest world producer of
cobalt;[129] 3rd largest producer of uranium;[130] 6th largest
producer of nickel;[131] 8th largest world producer of tin;[132] 14th
largest world producer of phosphate;[133] 15th largest world
producer of sulfur;[134] in addition to being the 5th largest world
producer of salt.[135] The country is also a major producer of
A proportional representation of
precious stones. Australia is the world's largest producer of opal and Australian exports, 2019
is one of the largest producers of diamond, ruby, sapphire and jade.
In non-renewable energies, in 2020, the country was the 30th
largest producer of oil in the world, extracting 351.1 thousand barrels
/ day.[136] In 2019, the country consumed 1 million barrels / day (20th
largest consumer in the world).[137][138] The country was the 20th
largest oil importer in the world in 2018 (461.9 thousand barrels /
day).[136] In 2015, Australia was the 12th largest world producer of
natural gas, 67.2 billion m3 per year. In 2019, the country was the
22nd largest gas consumer (41.9 billion m3 per year) and was the Australian energy resources and major
10th largest gas exporter in the world in 2015: 34.0 billion m3 per export ports map

year.[139] In the production of coal, the country was the 4th largest in the world in 2018: 481.3 million tons.
Australia is the 2nd largest coal exporter in the world (387 million tons in 2018) [140]

In 2014–15 mineral extraction in Australia was valued at 212 billion Australian dollars. Of this, coal
represented 45,869 million, oil and natural gas 40,369 million, iron ore 69,486 million, gold ore
13,685 million, and other metals 7,903 million.[141]

Coal is mined primarily in Queensland, New South Wales and Victoria. Fifty-four per cent of the coal mined
in Australia is exported, mostly to East Asia. In 2000–01, 258.5 million tonnes of coal was mined, and
193.6 million tonnes exported. Coal provides about 85% of Australia's electricity production.[142] In fiscal
year 2008–09, 487 million tonnes of coal was mined, and 261 million tonnes exported.[143] Australia is the
world's leading coal exporter.[144]

The Australian mining corporations Rio Tinto Group and BHP are among the largest in the world.

Rio Tinto's Argyle mine in Western Australia was the second-largest diamond mine in the world. The Argyle
mine opened in 1983 and has produced more than 95 per cent of Australia's diamonds, including some of
the world's most valuable pink and red diamonds.[145] Due to the depletion of ore, Argyle closed in 2020—
the closure was expected to reduce Australia's yearly diamond output from 14.2 million carats to 134.7
thousand carats.[146]

Manufacturing

Main article: Manufacturing in Australia

The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in
2007.[147]

In 2008, four companies mass-produced cars in Australia.[148] Mitsubishi ceased production in March 2008,
followed by Ford in 2016, and Holden and Toyota in 2017.[149]

Until trade liberalisation in the mid-1980s, Australia had a large textile industry.[150] This decline continued
through the first decade of the 21st century.[151] Since the 1980s, tariffs have steadily been reduced; in
early 2010, the tariffs were reduced from 17.5 per cent to 10 per cent on clothing, and 7.5–10% to 5% for
footwear and other textiles.[152] As of 2010, most textile manufacturing, even by Australian companies, is
performed in Asia.

Agriculture

Main articles: Agriculture in Australia and Australian wine

In 2019, the value added from agriculture, fishing and

forestry combined made up approximately 2.1% of
Australia's GDP.[153] 60% of farm products are
exported. Irrigation is an important and widespread
practice for a country where many parts receive low
rainfall. Agriculture, forestry and fishing was the
second-strongest [clarification needed] industry from 2013
to 2015, with the number of employees growing from
295,495 in February 2013 to 325,321 in February Total employment in Australian textile, clothing and
[154] footwear manufacturing (thousands of people) since
2015.
1984

Services

IT-related jobs (such as computer systems design and engineering) are defined as Professional, Scientific
and Technical Services by the Department of Education, Employment and Workplace Relations of Australia.
IT job creation occurs mostly in the state capital cities of Australia.[155]

Finance

Australia's "big four banks" (National Australia Bank, Commonwealth Bank, Australia and New Zealand
Banking Group and Westpac) are among the 'World's 50 Safest Banks' as of April 2012.[156]

Between 1991 and 2013, 36,720 mergers and acquisitions with a total known value of US$2,040 billion with
the involvement of Australian firms have been announced.[157] In the year 2013, 1,515 transactions valued at
US$78 billion had been announced which was a decrease in terms of numbers (−18%) and value (−11%)
compared to 2012. The largest takeover or merger transaction involving Australian companies was the 2007
takeover of the Coles Group by Wesfarmers, totalling A$22 billion.[158]

Tourism

Main article: Tourism in Australia

In the financial year 2017/18, tourism represented 3.1% of Australia's

GDP contributing A$57.2 billion to the national economy.[160]
Domestic tourism is a significant part of the tourism industry,
representing 73% of the total direct tourism GDP.[160]

In calendar year 2018, there were 9.3 million visitor arrivals.[161]

Tourism employed 646,000 people in Australia in 2017–18, 5.2% of Monthly short-term arrivals in Australia
[160]
the workforce. About 43.7% of persons employed in tourism since 1991. The large drop in arrivals in
were part-time. Tourism also contributed 8.0% of Australia's total 2020 is due to the COVID-19
pandemic.[159]
export earnings in 2010–11.[160]

Creativity and culture

Growing importance is being given to the economic contribution of the creative industries to the national
economy. The United Nations Conference on Trade and Development (UNCTAD) recompiles statistics about
the export and import of goods and services related to the creative industries.[162] The World Intellectual
Property Organization (WIPO) has assisted in the preparation of national studies measuring the size of over
50 copyright industries around the world.[163] According to the WIPO compiled data, the national
contribution of Creative industries varies from 2% to 11% depending on the country.
: