Skip to main content

 

The Australian Economy

In 2013 the Australian economy experienced:

  • 2.4 per cent GDP growth;
  • 6.7 per cent growth in goods and services export volume;
  • inflation was 2.7 per cent; and
  • an average unemployment rate of 5.7 per cent.

In comparison, OECD (Organization for Economic Development) counterparts recorded:

  • 1.3 per cent GDP growth;
  • 1.9 per cent growth in goods and services export volume;
  • inflation was 1.6 per cent; and
  • an average unemployment rate of 7.9 per cent.

Underpinning Australia's economy is an open and transparent trade and investment environment, a business-friendly regulatory approach and trade and economic links with emerging economies, particularly in Asia.

The Australian economy is moving from growth led by significant investment in resources projects to broadbased drivers of activity in the non-resources sectors.

Key economic indicators Australia

2003 2011 2012 2013
Demand and production - chain volume measures, reference year 2011-12
Gross domestic product (a) % change 3.3 2.6 3.6 2.4
Exports of goods & services (a) % change -1.7 -0.5 6.3 6.7
Imports of goods & services (a) % change 10.9 10.6 6.5 -2.1
Labour force
Population (b) '000 19,827 22,520 22,923 23,319
Labour force (c) '000 9,989 11,815 11,972 12,152
Employed persons (c) '000 9,397 11,215 11,347 11,465
> Annual growth % 2.2 1.7 1.2 1.0
Unemployment rate (c) % 5.9 5.1 5.2 5.7
Prices and interest rates
Consumer prices % change 2.4 3.0 2.2 2.7
Interest rates - 90 day bills (c) % pa 4.9 4.8 3.7 2.8

(a) Derived from annual movements in original data.
(b) At end of period.
(c) Annual average.
Based on ABS and Reserve Bank, various catalogues.

Australia's industry structure 2013

Gross value added (a) Employed persons (b)
$m % share (c) '000 % share
Agriculture, forestry & fishing 34,164 2.0 300.1 2.6
Mining 154,926 11.0 266.8 2.3
Manufacturing 102,683 7.0 922.0 8.0
Services 1,032,196 71.0 9,951.4 86.8
> Electricity, gas, water & waste 36,929 3.0 147.1 1.3
> Construction 115,884 8.0 1,010.3 8.8
> Wholesale trade 63,750 4.0 422.9 3.7
> Retail trade 69,202 5.0 1,218.5 10.6
> Accommodation & food services 34,310 2.0 777.8 6.8
> Transport, postal & warehousing 73,415 5.0 593.1 5.2
> Information, media & telecommunications 41,302 3.0 203.9 1.8
> Finance & insurance 125,006 8.6 416.2 3.6
> Rental, hiring & real estate 39,728 2.7 193.7 1.7
> Professional, scientific & technical 99,998 6.9 901.6 7.9
> Administrative & support 45,297 3.1 387.9 3.4
> Public administration & safety 80,245 5.5 743.6 6.5
> Education & training 68,691 4.7 891.1 7.8
> Health care & social assistance 99,111 6.8 1,377.2 12.0
> Arts & recreation 12,373 0.9 207.5 1.8
> Other services 26,955 1.9 459.2 4.0
Ownership of dwellings 124,720 8.6
Gross value added at basic prices (d) 1,448,684 100
Taxes less subsidies on products 94,107
Statistical discrepancy (e) 2,217
TOTAL (d) 1,545,007 11,466 100.0

(a) The term is used to describe gross product by industry and by sector (Chain Volume Measures reference year 2011-12). Industry breakdown based on ANZSIC 2006.
(b) Derived from seasonally adjusted data on an annual average.
(c) As a share of GDP at basic prices.
(d) Basic prices are amounts received by producers, including the value of any subsidies on products, but before any taxes on products. GDP at purchasers' (market) prices is derived by adding taxes less subsidies on products to gross value added at basic prices.
(e) Production approach.
Based on ABS catalogues 5206.0, 6202.0 and 6203.0.

Last Updated: 2 February 2015
Back to top