The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP.
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.
Distribution of gross domestic product (GDP) across economic sectors Australia 2021. In 2021, agriculture contributed around 2.31 percent to the GDP of Australia, 25.52 percent came from industry, and 65.65 percent from the services sector.
The biggest company in Australia: BHP Group (ASX:BHP)
Fittingly given Australia's vast natural resources and commodity-driven economy, the country's biggest company is BHP Group, the metals mining giant.
Industry Share of Output key sectors
Mining 14.6%, Finance 7.6%, Health and Education 13.0%, Manufacturing 5.8%, Construction 7.3%.
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.
Information from the 2021 census, released by the Australian Bureau of Statistics (ABS) today, found that health care, retail, construction and education employed the most people across Australia.
Our low tax and adaptive regulatory environment make us a business-friendly nation. For a small population, Australia is a rich consumer market. We have the highest median wealth in the world. We also have the sixth largest number of high-income households.
Yearly Trade
During the last five reported years the exports of Australia have changed by $139B from $204B in 2016 to $343B in 2021. The most recent exports are led by Iron Ore ($118B), Coal Briquettes ($54.3B), Petroleum Gas ($39.2B), Gold ($17.6B), and Wheat ($7.36B).
Australia is the world's largest exporter of coal (35% of international trade), iron ore, lead, diamonds, rutile, zinc and zirconium, second largest of gold and uranium, and third largest of aluminium.
Australia is one of the world's leading producers of bauxite (aluminium ore), iron ore, lithium, gold, lead, diamond, rare earth elements, uranium, and zinc.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, indicating wealth is more evenly distributed in Australia. Australia's exalted position is a luxury that can only make its population grateful for their position in an often-troubled world.
Households receive income as a return on providing factors of production, and so there are a variety of sources. These include wages, rent, interest, profit. However, for those without factors of production they receive transfer payments from the government.
There are five main job sectors which attract job seekers in Australia they include - Healthcare, Construction, Education, Professional - Scientific & Technical and Information Technology sectors. These sectors not just offer a full-time placement but also offer part-time jobs in Australia.
In most areas of Australia, an income of AUD 100,000 will be more than enough to cover basic expenses. A salary of $80,000 to $100,000 is sufficient to maintain a comfortable standard of living in Sydney and other major Australian cities. It's above the norm in that respect.
What are the poorest suburbs in Australia? The lowest-earning suburb in Australia is Gurley in New South Wales, according to the ATO's latest figures.
Australians collected a higher median wealth per adult than anywhere else in the world at $US273,900 ($A390,870) – nearly three times the median wealth of $US93,270 ($A133,100) in the US. Australia was followed on the rich list by Belgium and New Zealand, with the US trailing behind at number 18.
Northern Territory
Northern Territory is in Australia's center north. It has a population of 244,000 people and a total area of 548,640 square miles. This is the country's least populous and poorest state. The main economic activity in this town is mining, which employs about 4,600 people.
The US remains the biggest investor in Australia, owning about $138 billion of foreign equity holdings, or around 32 per cent, with the UK close behind on $127 billion, or about 30 per cent. Also fast moving up the ranks are the Singaporeans and Chinese, buying up our telecommunications and power utilities.
Australia is a world leader in low emissions technology and is focussed on advancing practical, scalable and commercially viable technologies to drive the global transition to net-zero.