Australia

Australia is a democratic federal state within the Commonwealth of Nations, located in the Oceania. It is the 20th largest economy in the world (by GDP PPP) and is a major exporter of natural resources – specifically, iron ore, natural gas (in the form of LNG), coal, copper and gold. Booming commodity exports to China have made that country Australia’s largest trade partner since 2009. Overall, around 53% of Australia’s merchandise exports are directed to just three countries (China, Japan and South Korea). The central bank, Reserve Bank of Australia (RBA), pursues an inflation-targeting approach to monetary policy and maintains a free floating exchange rate regime. Australian dollar is closely correlated with the prices for key export commodities. The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. The reliance on commodity exports into China and high household debt are usually named among key weaknesses of the Australian economy.   

Names and Codes
Country Name Australia
Country code AUS
Currency Name Australian dollar
Currency Code AUD
Currency Symbol $; AUD$; A$
Subunit A$1 = 100 cents
Key Pair AUD/USD
Forex Quote indirect
Central Bank Name Reserve Bank of Australia
Central Bank Abb. RBA
Economy and Trade
GDP (USD billion, 2017) 1380
GDP per capita (USD, PPP, 2017) 49990
Real GDP growth (2013-17) 2.4
Inflation (2013-17) 1.9
FDI inflows (% GDP, 2013-17) 3.2
Current account balance (% GDP, 2013-17) -3.2
Trade (% GDP, 2014-16) 20.2
Share in world total exports (%, 2016) 1.19
Monetary Policy and Currency
Exchange rate regime Free floating
Monetary policy Inflation targeting
Price stability 2.50%
Real Interest Rate -0.30
Currency - global turnover (USD billion, 2016) 348
Currency - global share (%, 2016) 6.90
Key Pair - global turnover (USD billion, 2016) 262
Key Pair - global share (%, 2016) 5.20
Ranking - Economy
GDP per capita (USD, PPP, 2017)
Real GDP growth (2013-17)
Current account balance (% GDP, 2013-17)
Trade (% GDP, 2014-16)
Ranking - Currency and Monetary Policy
Currency - global turnover (USD billion, 2016)
Key Pair - global turnover (USD billion, 2016)
Real Interest Rate
Inflation (2013-17)
International Trade
Main Export (%, 2015)
Main Import (%, 2015)