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consulate(s) general: Melbourne, Perth, Sydney

Flag description:

blue with the flag of the UK in the upper hoist-side quadrant and a large seven-pointed star in the lower hoist-side quadrant known as the Commonwealth or Federation Star, representing the federation of the colonies of Australia in 1901; the star depicts one point for each of the six original states and one representing all of Australia's internal and external territories; on the fly half is a representation of the Southern Cross constellation in white with one small five-pointed star and four larger, seven-pointed stars

Economy ::Australia

Economy - overview:

Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors over the course of the economy's 17 solid years of expansion. Robust business and consumer confidence and high export prices for raw materials and agricultural products fueled the economy in recent years, particularly in mining states. Drought, robust import demand, and a strong currency pushed the trade deficit up however, while infrastructure bottlenecks and a tight labor market constrained growth in export volumes and stoked inflation through mid-2008. The unwinding of the yen-based carry trade in late 2008 has contributed to a weakening of the Australian dollar. Tight global liquidity has challenged Australia's banking sector, which relies heavily on international wholesale markets for funding. The economy remains relatively healthy despite falling export commodity prices. The government plans to counter slowing growth in 2009 with fiscal stimulus efforts.

GDP (purchasing power parity):

$802.9 billion (2008 est.) country comparison to the world: 19 $784.1 billion (2007 est.)

$753.9 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$1.013 trillion (2008 est.)

GDP - real growth rate:

2.4% (2008 est.) country comparison to the world: 149 4% (2007 est.)

2.8% (2006 est.)

GDP - per capita (PPP):

$38,200 (2008 est.) country comparison to the world: 24 $37,800 (2007 est.)

$36,800 (2006 est.)

note: data are in 2008 US dollars

GDP - composition by sector:

agriculture: 3.4%

industry: 26.8%

services: 69.8% (2008 est.)

Labor force:

11.25 million (2008 est.) country comparison to the world: 45

Labor force - by occupation:

agriculture: 3.6%

industry: 21.1%

services: 75% (2005 est.)

Unemployment rate:

4.2% (2008 est.) country comparison to the world: 51 4.4% (2007 est.)

Population below poverty line:

The 2009 CIA World Factbook

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