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.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
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. For a long time, commodities have made up a sizeable share of our exports.
Australia is about 1.2 times smaller than China.
China is approximately 9,596,960 sq km, while Australia is approximately 7,741,220 sq km, making Australia 80.66% the size of China.
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.
China is Australia's greatest two-way trading partner in products and services, making up close to one-third of the nation's international trade, as per the Australian Department of Foreign Affairs and Commerce. Australia, on the other hand, is China's fifth biggest source of imports and 10th largest export market.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
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. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
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.
Australia has a highly developed market economy and one of the highest per capita incomes globally. Australia is a regional power, and has the world's thirteenth-highest military expenditure.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Australia is internationally renowned for cricket, and the Australian Men's Cricket Team has a higher percentage of successful matches than any other international team. However, although Australia is particularly good at cricket, Australians also love rugby, netball, swimming and surfing and more.
New South Wales: a diverse economy and high income
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.
Australia has been regarded in many instances as one of the best places to live in the world. According to the World Population Review 2022, it was ranked the 8th best country in the world for quality of life. So let us explore deeper what will attract you to this country. What is this?
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.
Australia's cost of living is higher than that of Germany – but its purchasing power is higher. According to Numbeo, your cost of living will be higher in Australia. For example, consumer prices are 20.30% higher, rent is 36.27% higher, and groceries cost 47.16% more.
Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages. I love the climate, work-life balance, safety and the wide range of outdoor activities that I can enjoy every weekend.
China entered into diplomatic relations with Malaysia, Thailand, the Philippines, Bangladesh and Maldives in Southeast Asia and South Asia, seven countries including Iran, Turkey and Kuwait in West Asia and the Middle East and five countries in South Pacific such as Fiji and Papua New Guinea.
Both countries are actively engaged economically, culturally and politically which spans numerous organisations such as APEC, East Asia Summit and the G20. China is Australia's largest trading partner, and has invested in Australian mining companies.
Australia-China In 2021, Australia exported $138B to China. The main products that Australia exported to China were Iron Ore ($95.7B), Petroleum Gas ($15B), and Gold ($5.86B). During the last 26 years the exports of Australia to China have increased at an annualized rate of 17.2%, from $2.24B in 1995 to $138B in 2021.