Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
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.
Australia's GDP per capita is currently nearly 80 per cent of that of the US, having risen from around 75 per cent in the mid-1980s. To provide a simple decomposition of the long-term evolution of GDP per capita, the Australian Treasury often uses the '3 Ps' framework.
Australians are the wealthiest people in the world with a typical net worth of almost $US274,000 in 2021, just ahead of Belgium, New Zealand and Hong Kong.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion. Russians are still much poorer than Australians—their purchasing power per person is US$29,600 compared with Australians' US$53,400.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages. I love the climate, work-life balance, safety and the wide range of outdoor activities that I can enjoy every weekend.
In 2021, the National Australian Bank's study, 'Life in the Lucky Country', found that 94 per cent of Australians still find this island nation a great place to live.
Australians are the third most wealthy citizens in the world, according to a new report – but there is a surprising way to be included among the richest.
In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
The poorest country in the continent of Australia is Papua New Guinea.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
The lack of inheritance tax is another favorable factor. While the country is known for high tax rates, the lack of an inheritance tax which is a state tax paid by persons receiving money or property after someone's death encourages millionaires to build their wealth.
Australia has a highly developed market economy and one of the highest per capita incomes globally. Australia is a regional power, and has the world's thirteenth-highest military expenditure.
Australia's cost of living is higher than that of Germany – but its purchasing power is higher. According to Numbeo, your cost of living will be higher in Australia. For example, consumer prices are 20.30% higher, rent is 36.27% higher, and groceries cost 47.16% more.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
In terms of natural resources, minerals, and land, Australia is a hugely wealthy country. Kangaroo country is also home to some of the world's most valuable industrial minerals, including diamonds, iron, gold, silver, lead, uranium, and zinc.
Over the last four decades, living standards in New Zealand have fallen far behind those in Australia. The gap is large. Measured in terms of real Gross Domestic Product (GDP), average Australian incomes are around 35 percent higher than those in New Zealand.
India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
Mining has contributed to Australia's high level of economic growth, from the gold rush in the 1840s to the present day.