Through our assistance to Commonwealth development programs, Australia is supporting democratic processes, small states, climate change, youth and civil society engagement, education and the rights of LGBTI persons. In 2021-22 Australia provided an estimated $5.9 million in total to Commonwealth development programs.
Through the Commonwealth Grant Scheme (CGS), the Australian Government subsidises tuition costs for higher education students across a wide range of discipline areas and qualification levels.
Commonwealth member countries benefit from being part of a mutually supportive community of independent and sovereign states, aided by more than 80 Commonwealth organisations. The Commonwealth Secretariat, established in 1965, supports Commonwealth member countries to achieve development, democracy and peace.
Funds and finances
The Secretariat and CYP budgets are financed by assessed contributions from member governments.
The combined GDP of the 56 members is more than $13tn (£10.8tn). That's more than twice the size of Japan ($5tn, £3.75tn), but some way behind the US at $23tn (£17.2tn). Trade with the Commonwealth accounted for 9% of the UK's total trade in 2021 - around the same as the UK's total trade with Germany.
The UK is the third-largest source of foreign direct investment (FDI) in Australia, worth $128 billion in 2021, and the second-largest source of foreign investment in terms of total stock, worth $719 billion in 2021.
Economics. The combined GDP of Commonwealth countries in 2021 was US$13.1 trillion and is estimated to reach $19.5 trillion in 2027, almost doubling in ten years from $10.4 trillion in 2017.
Also among the Commonwealth's members are some of the world's poorest countries in terms of per capita GNI (Malawi, Mozambique, Sierra Leone), and some of the most disadvantaged, notably Bangladesh, Kiribati and Maldives with their vulnerability to flooding as sea level rises.
In general, Australians pay slightly more income tax than their equivalent earners in the UK, but the country's medical levy is far lower than the UK's national insurance contributions, leaving the total tax burden lower.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
Contributions to the Commonwealth Secretariat are determined according to each country's ability to pay. In 2022 New Zealand contributed nearly $3 million to the Commonwealth Secretariat and just over $2 million to other Commonwealth organisations.
The transfer of sovereignty over Hong Kong in 1997 ended the territory's status as a part of the Commonwealth through the United Kingdom. Non-sovereign states or regions are not permitted to become members of the Commonwealth. The government of the People's Republic of China has not pursued membership.
The sovereign grant was set at £86.3m for 2021-22, according to the royal household's annual financial statement, which it said represented £1.29 per person in the UK. Prior to 2017, the Queen received 15% of the crown estate profits from the two previous years, while the remainder was kept by the government.
The Queen receives a yearly sum through what is known as the Sovereign Grant , which is equivalent to £1.29 per person in the UK. In Aussie dollars, that's around $2.23 per person, which last financial year amounted to a whopping $148 million.
As a consequence, in practice the majority of tax revenue in Australia is collected by the Commonwealth Government.
The value of UK exports to the Commonwealth increased by 8% in cash terms between 2020 and 2021, while the value of imports increased by 17%. The Commonwealth accounted for 9.4% of the UK's total trade – 9.8% of UK exports and 8.9% of UK imports.
The Commonwealth is a group of 54 nations that were once part of the British Empire. The US became independent from the UK in 1776, after 13 American colonies broke away and declared themselves a republic, refusing to recognise the British monarch as their head of state.
India's shift to republicanism in 1949 influenced the Commonwealth of Nations' decision to include republic states. Nowadays both independent and republic states can maintain membership to the Commonwealth. Ireland and Zimbabwe are the only republic states to have withdrawn from the Commonwealth entirely.
The Commonwealth is an association of 56 countries working towards shared goals of prosperity, democracy and peace.
As Australia's history is closely tied to Britain we have chosen to maintain our membership of the Commonwealth to the present-day. Opening of the First Parliament of the Commonwealth of Australia by H.R.H. The Duke of Cornwall and York (Later King George V), May 9, 1901.
Australia is a constitutional monarchy with The Queen as Sovereign. As a constitutional monarch, The Queen, by convention, is not involved in the day-to-day business of the Australian Government, but she continues to play important ceremonial and symbolic roles.
Australia is a vital ally, partner, and friend of the United States. The United States and Australia maintain a robust relationship underpinned by shared democratic values, common interests, and cultural affinities. Economic, academic, and people-to-people ties are vibrant and strong.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]