New South Wales. New South Wales is located just north of Victoria. It covers an area of 312,528 square miles and has a population size of 7,704,300. New South Wales has the largest economy in Australia and contributes 30.8% of the national GDP.
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.
Since 1992, our economy has grown faster than any other major developed country. We have plentiful natural resources and a sophisticated services sector backed by a highly educated workforce. As one in five Australian jobs is trade related, we work hard to keep overseas markets open and Australians in employment.
Our cities are also affordable, offering a lower cost of living than most major cities elsewhere in Asia–Oceania. 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.
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 a much better quality of life. Sydney is considered the most beautiful and one of the most livable cities in the world. 4 of the States capital cities: Perth, Melbourne, Sydney, Adelaide are all in the top 10 most livable cities in the world. Whilst no cities of America are on that list.
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 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.
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 $8,230 billion, according to a report by New World Wealth.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
First world countries included Australia, Canada, France, Germany, Italy, Japan, New Zealand, Norway, the United Kingdom, and the United States, among others. Today, the term has fallen somewhat out of favor, as critics argue it is an outmoded model for understanding national development.
Poorest Country in Australia
The poorest country in the continent of Australia is Papua New Guinea.
Queensland has the best-performing economy in Australia, according to CommSec's latest State of the States report. The Sunshine State has been named the top-performing state economy, thanks to strong population growth, a solid job market and overseas demand for energy resources, such as coal and natural gas.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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.
Over the last four decades, living standards in New Zealand have fallen far behind those in Australia. The gap is large. Measured in terms of real Gross Domestic Product (GDP), average Australian incomes are around 35 percent higher than those in New Zealand.
Cost of living in Australia
Thankfully, the cost of living is similar to what it is in the US, with a few minor differences. For example, the price of utilities and gasoline are slightly higher, and groceries and restaurants are slightly cheaper.
Australia has some of the highest living standards globally, and the living expenses and tuition fees in Australia are lower than in the United States. Moreover, when it comes to safety, the crime rate is much lower in Australia than in the USA.
Australia has a much more laid-back culture than England. Australians are known for their mate ship and easy-going attitudes. There is a strong focus on enjoying life and having a good time. This doesn't mean that Australians don't work hard, but they definitely know how to enjoy their leisure time.
The cost of living is more expensive in America by 5 to 10 %, but income after tax is slightly better in Australia, with a net gain of 10% to 15% in living standards. Comparable housing is about 30% lower in price to rent or buy.
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.
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.