Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021.
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.
Australia ranks amongst the highest in the world for quality of life, health, education, economic freedom, civil liberties and political rights. Australia has a highly developed market economy and one of the highest per capita incomes globally.
Yet, Australia is undeniably a powerful country – ranking sixth in this year's Lowy Institute Asia Power Index, a data-driven assessment that measures national resources and international influence to rank the relative power of the states in the Indo-Pacific.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US 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 has all the ingredients required to crack this conundrum and become a new energy superpower. We have cost-competitive large-scale renewable energy, abundant minerals and natural resources, a highly skilled workforce, and deep access to capital.
But it's India that takes the crown as the most recent nation to fall in love with the varied landscapes of Australia, with an impressive 15.4 per cent increase in travellers.
While Canada did rank highly overall, it didn't manage to break the top 10 most powerful nations, coming in at number 12 on the list and beating out countries like India (13), Ukraine (14), Italy (15) and Australia (16).
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom. On the contrary, the UK's GDP is $2.4 trillion, yet Australia's low GDP fits well with its 24 million people, whereas the UK's 65 million people are spread thin.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan.
Like England, Australia boasts a high quality of life. Aussies also enjoy free healthcare and education, as well as a stable society. They too have good social security, with around 6 weeks of vacation, annual leave for illness, and maternity leave.
The USA is higher in terms of cost of studying and living in comparison to Australia. USA and Australia are among the top five countries abroad preferred among international students for higher education.
The United Nations process the annual World Happiness Report to understand what happiness is and how it affects our lives, cultures and economy. Australia is ranked under 12, Canada 15 and the United States is 16th and a popular destination for most South Africans, the United Kingdom is 17th.
The crime rate in Australia is much lower than in the United States of America. As Australia ranks 47th while the USA ranks on 30th according to their crime rates. It is so rare for police officers to carry guns due to the low crime rate.
Foreign relations between neighbouring countries Australia and New Zealand, also referred to as Trans-Tasman relations, are extremely close. Both countries share a British colonial heritage as antipodean Dominions and settler colonies, and both are part of the core Anglosphere.
As well as the beautiful beaches, Australia is also home to snowy mountains, incredible national parks, rainforests and desert. The landscape truly differs from state to state, which is why this country is so fun to explore.
The United Nation's 2023 World Happiness Index has just been released, and Australia has come in at a very cheery 12th position. The index is based on survey data that asks people from the globe how satisfied they are with their lives based on a scale from one to ten.
Why Australia? Thanks to our strong economy, talented workforce, renewable energy resources, and open trade and investment, Australia is well placed to lead and innovate in the Asia-Pacific region.
The nation holds a PwrIndx* score of 0.2567 (a score of 0.0000 is considered 'perfect'). This entry last reviewed on 06/04/2023.
China, France, Russia, the United Kingdom, and the United States are often referred to as great powers by academics due to "their political and economic dominance of the global arena". These five nations are the only states to have permanent seats with veto power on the UN Security Council.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
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.
Australia and the USA are both developed countries with great living standards. Both have a high-quality education system and career opportunities. Australia provides the facility of Medicare for medical services. While the USA also offers healthcare services but at high costs.