Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of 7,617,930 square kilometres, Australia is the largest country by area in Oceania and the world's sixth-largest country.
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. Of course, the country also ships other noteworthy items including food, wine, and cars.
Australia is one of the world's largest exporters of coal, iron ore, lead and diamonds, with ores forming around 23.5% of Australian exports. According to the Minerals Council of Australia, iron ore is the country's largest source of export revenue.
Australia is an important source of export cereals, meat, sugar, dairy produce, and fruit. Landholdings are characteristically large, specialized, owner-operated, capital-intensive, export-oriented, and intricately interlinked through the activities of producers' associations and government organizations.
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).
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.
Rich in natural resources, Australia is a major exporter of commodities. Metalliferous ores and metal scrap account for 29 percent of total exports; coal, coke and briquettes for 15 percent; and gas for 7 percent.
Australia is a vital ally and partner 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 imports mainly machinery and transport equipment (40 percent of total imports), of which road vehicles account for 12 percent, industrial machinery for 6 percent, electrical machinery for 5 percent and telecommunications and sound recording for 5 percent.
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.
In the 2021 census, the most commonly nominated individual ancestries as a proportion of the total population were: English (33%) Australian (29.9%)
Lamb continues to dominate the export mix into the US, but mutton sales increased by 27% to make up 24% of the total export mix. The Middle East and North Africa (MENA) region imported 31,000 tonnes of Australian lamb and 15,000 tonnes of mutton in 2021, a 33% drop in total exports for the year.
In 2021, of $12.5 billion in the U.S. imports from Australia, the top commodity sectors were Agricultural Products (28.5%), Stone, Glass, Metals, and Pearls (18.4%), and Chemicals, Plastics, Rubber, and Leather goods (12.9%).