In 2014 the Australian economy recorded:
- 2.7 per cent GDP growth;
- 6.7 per cent growth in goods and services export volumes;
- a 1.7 per cent inflation rate; and
- an average unemployment rate of 6.1 per cent.
In comparison, Australia's Organization for Economic Cooperation and Development (OECD) counterparts recorded:
- 1.8 per cent GDP growth;
- 3.7 per cent growth in goods and services export volumes;
- a 1.7 per cent inflation rate; and
- an average unemployment rate of 7.4 per cent.
Australia has experienced 24 years of uninterrupted annual economic growth, holds a AAA credit rating and sits in close proximity to the Indo-Pacific, the fastest growing region in the world. Australia's open approach to trade and investment underpins its stable, business-friendly regulatory environment.
The Australian economy is moving from growth led by significant investment in resources to growth driven by the broader economy, including services.
Key economic indicators Australia
| 2004 | 2012 | 2013 | 2014 | ||
|---|---|---|---|---|---|
| Demand and production - chain volume measures, reference year 2012-13 | |||||
| Gross domestic product (a) | % change | 4.0 | 3.7 | 2.0 | 2.7 |
| Exports of goods & services (a) | % change | 3.9 | 6.5 | 6.2 | 6.7 |
| Imports of goods & services (a) | % change | 15.4 | 6.3 | -1.8 | -1.7 |
| Labour force | |||||
| Population (b) | '000 | 20,046 | 22,921 | 23,295 | 23,626 |
| Labour force (c) | '000 | 10,103 | 11,973 | 12,146 | 12,310 |
| Employed persons (c) | '000 | 9,558 | 11,347 | 11,459 | 11,563 |
| Annual growth | % | 1.7 | 1.2 | 1.0 | 0.8 |
| Unemployment rate (c) | % | 5.4 | 5.2 | 5.7 | 6.1 |
| 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 2014
| Gross value added (a) | Employed persons (b) | |||
|---|---|---|---|---|
| $m | % share (c) | '000 | % share | |
| Agriculture, forestry & fishing | 35,953 | 2.4 | 321.0 | 2.8 |
| Mining | 136,102 | 9.2 | 248.7 | 2.2 |
| Manufacturing | 98,667 | 6.7 | 924.2 | 8.0 |
| Services | 1,073,037 | 72.7 | 10039.9 | 86.9 |
| Electricity, gas, water & waste | 42,304 | 2.9 | 142.7 | 1.2 |
| Construction | 124,953 | 8.5 | 1031.8 | 8.9 |
| Wholesale trade | 61,851 | 4.2 | 387.0 | 3.3 |
| Retail trade | 71,144 | 4.8 | 1237.7 | 10.7 |
| Accommodation & food services | 37,309 | 2.5 | 790.6 | 6.8 |
| Transport, postal & warehousing | 72,278 | 4.9 | 592.8 | 5.1 |
| Information, media & telecommunications | 45,188 | 3.1 | 204.1 | 1.8 |
| Finance & insurance | 134,163 | 9.1 | 410.4 | 3.6 |
| Rental, hiring & real estate | 43,808 | 3.0 | 215.6 | 1.9 |
| Professional, scientific & technical | 96,487 | 6.5 | 924.5 | 8.0 |
| Administrative & support | 43,991 | 3.0 | 389.1 | 3.4 |
| Public administration & safety | 83,765 | 5.7 | 728.6 | 6.3 |
| Education & training | 72,718 | 4.9 | 905.1 | 7.8 |
| Health care & social assistance | 102,842 | 7.0 | 1,385.20 | 12.0 |
| Arts & recreation | 12,456 | 0.8 | 210.5 | 1.8 |
| Other services | 27,780 | 1.9 | 484.4 | 4.2 |
| Ownership of dwellings | 133,208 | 9.0 | ||
| Gross value added at basic prices (d) | 1,476,962 | 100 | ||
| Taxes less subsidies on products | 98,394 | |||
| Statistical discrepancy (e) | 3,614 | |||
| TOTAL (d) | 1,578,971 | 11,555 | 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.