Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
Mining has contributed to Australia's high level of economic growth, from the gold rush in the 1840s to the present day.
Our US$7.3 trillion financial sector includes the world's fifth largest pool of pension assets. 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.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
During the last 26 years the exports of China to Australia have increased at an annualized rate of 13.7%, from $2.5B in 1995 to $70B in 2021. In 2021, China did not export any services to Australia. Australia-China In 2021, Australia exported $138B to China.
Trade and investment
China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (32.2 per cent) of our trade with the world.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
According to Credit Suisse's latest global wealth report, the median net worth of an Australian adult increased by US$28,450 to reach more than US$273,000 in 2021. This put Australia ahead of Belgium's US$267,890 and New Zealand's US$231,260, which came in second and third in global median wealth.
Australians are the wealthiest people in the world with a typical net worth of almost $US274,000 in 2021, just ahead of Belgium, New Zealand and Hong Kong.
India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
Household borrowing has increased, lifting outstanding household debt to 126.1% of GDP (and 183.2% of disposable income) in Q2 2021, and may constrain household spending growth. Part of the rising household indebtedness is linked to the housing market rebound amid record-low interest rates.
Australia ranks amongst the highest in the world for quality of life, health, education, economic freedom, civil liberties and political rights.
Australia is the world's largest producer of lithium and a global top five producer of gold, iron ore, lead, zinc, and nickel.
Australians are warm and welcoming, hardworking and creative. We're one of the most multicultural countries in the world, and home to the world's oldest living culture.
This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion. Russians are still much poorer than Australians—their purchasing power per person is US$29,600 compared with Australians' US$53,400.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
1. Gina Rinehart. Gina Rinehart has kept the top spot on the rich list once again. The mining magnate has an estimated $37.1 billion.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
The data show the median household had a net worth of $579,200 in 2019-20. This figure captures the total value of assets such as real estate, shares and superannuation, and deducts a household's liabilities such as credit card debt and home loans.
The reason for Australia's position at the top of the global wealth league table is the combination of the country's high rate of private home ownership and soaring house prices, which have increased by more than 400 per cent over the past 25 years, according to CoreLogic.
Australia is China's sixth largest trading partner; it is China's fifth biggest supplier of imports and its tenth biggest customer for exports. Twenty-five per cent of Australia's manufactured imports come from China; 13% of its exports are thermal coal to China. A two-way investment relationship is also developing.
China buys more of Australia's agricultural produce than any other country. ChAFTA provides Australia with an advantage over our major agricultural competitors, including the United States, Canada and the European Union. It also counters the advantages Chile and New Zealand have enjoyed through their FTAs with China.
US$) in 2020. According to IMF estimates, Germany was the second highest ranked G20 country (54,100 int. US$) followed by Australia (51,700 int. US$).
From Japan, Australia imports vehicles, refined petroleum, machinery and tyres. More recently, Japanese investment into Australia has been expanding into renewables; financial services; infrastructure; information and communications technology; property; food; and agribusiness.