>Australia
ECONOMICS
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.
The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control.
Australia benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed due to falling global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas Project, will significantly expand the resources sector.
Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New Zealand and India.
| 1990 | 2000 | 2010 | 2016 | |
| GNI, Atlas method (current US$) (billions) | 295.17 | 404.3 | 1,025.59 | 1,310.55 |
| GNI per capita, Atlas method (current US$) | 17,300 | 21,110 | 46,550 | 54,130 |
| GNI, PPP (current international $) (billions) | 285.37 | 489.49 | 831.62 | 1,092.06 |
| GNI per capita, PPP (current international $) | 16,720 | 25,560 | 37,750 | 45,110 |
| GDP (current US$) (billions) | 310.84 | 415.03 | 1,144.26 | 1,208.04 |
| GDP growth (annual %) | 3.6 | 3.9 | 2.1 | 2.8 |
| Inflation, GDP deflator (annual %) | 6.1 | 2.6 | 1.2 | -0.5 |
| Agriculture, forestry, and fishing, value added (% of GDP) | 4 | 3 | 2 | 2 |
| Industry (including construction), value added (% of GDP) | 29 | 25 | 25 | 22 |
| Exports of goods and services (% of GDP) | 15 | 19 | 20 | 19 |
| Imports of goods and services (% of GDP) | 17 | 22 | 21 | 22 |
| Gross capital formation (% of GDP) | 29 | 26 | 27 | 25 |
| Revenue, excluding grants (% of GDP) | 24.5 | 26 | 23.3 | 24.8 |
| Net lending (+) / net borrowing (-) (% of GDP) | 1.7 | 2 | -4 | -2.4 |
| States and markets | ||||
| Time required to start a business (days) | .. | 3 | 3 | 3 |
| Domestic credit provided by financial sector (% of GDP) | 70.4 | 93.4 | 154 | 182.8 |
| Tax revenue (% of GDP) | 22.5 | 23.1 | 20.6 | 22.3 |
| Military expenditure (% of GDP) | 2.1 | 1.9 | 1.9 | 2.1 |
| Mobile cellular subscriptions (per 100 people) | 1.1 | 44.9 | 101.7 | 110.1 |
| Individuals using the Internet (% of population) | 0.6 | 46.8 | 76 | 88.2 |
| High-technology exports (% of manufactured exports) | 8 | 15 | 12 | 15 |
| Statistical Capacity score (Overall average) | .. | .. | .. | .. |
| Global links | ||||
| Merchandise trade (% of GDP) | 26 | 33 | 36 | 32 |
| Net barter terms of trade index (2000 = 100) | .. | 100 | 179 | 147 |
| External debt stocks, total (DOD, current US$) (millions) | .. | .. | .. | .. |
| Total debt service (% of exports of goods, services and primary income) | .. | .. | .. | .. |
| Net migration (thousands) | 351 | 575 | 913 | .. |
| Personal remittances, received (current US$) (millions) | 2,370 | 518 | 1,864 | 2,055 |
| Foreign direct investment, net inflows (BoP, current US$) (millions) | 8,111 | 14,893 | 35,211 | 42,580 |
| Net official development assistance received (current US$) (millions) | .. | .. | .. | .. |
TYPES OF BUSINESS IN AUSTRALIA