Based on internationally comparable data, Australia currently enjoys a four percentage-point advantage over Canada in both the level of productivity—that is, the level of goods and services produced (output produced per hour worked)—and average income, as measured by per-person gross domestic product (GDP).
In fact, since 1990 Australia's per-person income growth has exceeded Canada's by half a percentage point (on average) while income growth has exceeded Canada's by 0.8 percentage points.
Australia is a highly developed country with a mixed-market economy. As of 2022, Australia was the 14th-largest national economy by nominal GDP (Gross Domestic Product), the 20th-largest by PPP-adjusted GDP, and was the 22nd-largest goods exporter and 24th-largest goods importer.
Currently Australia has the 12th biggest economy but it will overtake Canada, Russia, Brazil and Italy in 80 years' time, according to the University of Washington research.
The Australian economy has been blessed with huge deposits of natural resources, made even better by recent price increases in many commodities. Australia is the world's largest producer of iron ore, bauxite, and opal. It is the second largest producer of gold, manganese, and lead.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
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. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
half of the world's net wealth belongs to the top 1%, top 10% of adults hold 85%, while the bottom 90% hold the remaining 15% of the world's total wealth, top 30% of adults hold 97% of the total wealth.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
Living Cost:
Canada is also one of the developed countries with higher living costs. But still, it is considered a cheap country compared to Australia. With comparatively lower living costs and a good education system, Canada will be a good option for students coming from Nepal to study abroad.
Many people move to Canada from Australia looking for stable employment opportunities, while others seek a change of environment. You can enjoy some of Canada's most breathtaking landscapes and high living standards.
Health Access and Quality Index
In 2015, Canada received an overall score of 88, whereas Australia had a score of 90. Of 30 conditions, Canada only rated higher than Australia on three: non-melanoma skin cancer (79/52), epilepsy (91/83), and adverse events from medical treatment (82/77).
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.