Australia relies heavily on imported medical instruments and equipment, especially from the United States. Optical and medical instruments accounted for US$2.3 billion in exports to Australia in 2018.
In 2021, of $26.4 billion in the U.S. exports to Australia, the top commodity sectors were Machinery and Mechanical Appliances (26.8%), Transportation Equipment (19.6%), and Chemicals, Plastics, Rubber, and Leather Goods (18.3%).
The United States is the world's second-biggest importer. In 2022, the main imports were consumer goods (27 percent), capital goods (26 percent), and industrial supplies (25 percent) followed by automotive vehicles, parts and engines (12 percent), and foods, feeds and beverages (6 percent).
#1 Machinery (AUD$46.2 billion)
Australians import everything ranging from computers and generators to centrifugal pumps, which are essentially 'capital' goods that help Australians make other goods.
All imports are subject to 10% Goods and Services Tax. Fuel, tobacco and alcohol are subject to excise equivalent duty. This is equivalent to the excise tax rates applied by the Australian Taxation Office.
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.
Australia's maximum 47 per cent rate is 8 percentage points higher than New Zealand (39 per cent), about 5 percentage points above the US (a figure which includes an estimated average state income tax) and 2 percentage points higher than the UK.
The big picture. Ultimately, Australians pay more in taxes than Americans, but, relative to other high- and low-tax countries in the OCED, not by much. The real difference is in how that revenue is spent.
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.
Trade In October 2022, the top exports of United States were Crude Petroleum ($11B), Refined Petroleum ($10.4B), Aircraft Parts ($8.69B), Petroleum Gas ($8.17B), and Soybeans ($5.72B).
As Americans have become wealthier and more ethnically diverse, the American food basket reflects a growing share of tropical products, spices, and imported gourmet products. Seasonal and climatic factors drive U.S. imports of popular types of fruits and vegetables and tropical products, such as cocoa and coffee.
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).
Most of Australia's oil is produced on the North West Shelf, some distance from domestic east coast refining capacity. In addition, domestically produced grades of crude oil are generally not suited for local refineries compared to other internationally sourced oil.
The US is by far the largest supplier to Australia of business, financial and intellectual property services, as well as entertainment services. Much of the bilateral trade is delivered by businesses operating in each other's country.
It is considered impolite to ask a direct question about a person's salary or wealth. Inquiring about someone's weight or age is also highly inappropriate in many situations. Spitting in public is rude. If there is a line for something, always queue and wait for your turn.