Australia has the largest known share of gold resources in the world (21%). Production from new mines and existing mine expansions is expected to boost gold mine production in Australia to 305 tonnes in 2022-2023. Gold is Australia's fifth-largest export commodity.
Currently the second-largest gold-producing country in the world, Australia is home to top producers and gold mines. Read on for a breakdown of the Australian gold market, as well as the largest gold mines that can be found throughout the area.
Major markets for Australia's gold exports
It includes gold bullion, unrefined gold, and gold coins.
What Does Australia Export? Australia's main export is iron ore, followed by their other most valuables exports coal, gold, and petroleum. These exports alone rake in $48.2 billion, $47 billion, $29.1 billion, and $20.3 billion, respectively.
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
Yearly Trade
During the last five reported years the exports of Australia have changed by $44.7B from $205B in 2015 to $250B in 2020. The most recent exports are led by Iron Ore ($79.6B), Coal Briquettes ($36.4B), Petroleum Gas ($26.8B), Gold ($17.7B), and Frozen Bovine Meat ($4B).
The United States has the largest gold reserve, with more than 8,000 metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France.
Australian Gold® Founder, Trevor Gray, was born and raised in a small town in Indiana, America. However, thanks to his mother's Australian heritage, he also felt a deep connection to there too. Trevor was raised by 3 Australian women, and had a strong bond with his mother's homeland and culture.
They were also finding gold independently and using it to trade. Unfortunately most of these interactions are summarised briefly in the European sources and without the names of the individuals involved: Even the Aborigines are wealthy in these times.
In June 1893, Paddy Hannan, Thomas Flanagan and Dan Shea found close to 100 ounces of alluvial gold near Mt Charlotte, a short distance from what is now the City of Kalgoorlie-Boulder. This find sparked the Western Australian gold rush and unearthed one of the richest goldfields in the world, the famous Golden Mile.
Australia imports Gold primarily from: Papua New Guinea ($2.21B), Thailand ($1.06B), United States ($555M), Indonesia ($371M), and Saudi Arabia ($338M). The fastest growing import markets in Gold for Australia between 2019 and 2020 were Saudi Arabia ($338M), United States ($336M), and Thailand ($279M).
The main products that Australia exported to Russia were Aluminium Oxide ($420M), Bovine ($43M), and Peptones ($10.6M). During the last 25 years the exports of Australia to Russia have increased at an annualized rate of 10.7%, from $45.9M in 1995 to $585M in 2020.
Australia is known for many things, including swathes of tropical beaches, marine reserves, Aboriginal culture, cute koalas, rolling wine country, and lush rainforests.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.
The main reason Australia ranks so highly on individual income tax levels is because Australians don't pay separate social security taxes. These account for an average 25.9% of total tax revenue, or close to 9% of GDP, across the OECD.