|
Australia’s resilence in the face of the global
downturn is further proof of its economic success.
| Population:
|
19.5m
|
|
| Area:
|
7,682,300
sq km |
|
| Labour
force: |
9.7m |
|
| |
|
|
|
2000
|
2001 |
| GDP:
|
A$770bn
|
-
|
| Real
GDP growth: |
3.8%
|
4.1% |
| Inflation: |
4.5% |
4.1% |
| GDP
per capita: |
A$40,204 |
- |
| |
|
| Merchandise
trade with UK (2000/2001): |
|
| Exports
to UK: |
A$4646m
|
|
| Imports
from UK: |
A$6321m
|
|
| Trade
deficit with UK: |
A$1676m
|
|
| |
|
| Services
trade with UK (2000): |
|
| Exports
to UK: |
A$3419m
|
|
| Imports
from UK: |
A$3777m
|
|
| Services
trade deficit: |
A$358m
|
|
| |
|
| Major
Australian exports to UK (2000/2001): |
|
| Alcoholic
beverages |
A$742m |
|
| Non-monetary
gold |
A$697m
|
|
| Coal |
A$392m |
|
Medicaments
(inc veterninary) |
A$144m |
|
| |
|
| Merchandise
trade with New Zealand (2000/2001) |
|
| Exports
to New Zealand: |
A$6883m |
|
| Imports
from New Zealand: |
A$4565m |
|
| Trade
surplus with NZ: |
A$2318m |
|
| (Services
figures unavailable) |
|
| |
|
|
| Exchange
rates (01Mar02): |
A$1=£0.36 |
£1=A$2.74 |
|
A$1=NZ$1.23
|
NZ$1=A$0.81
|
|
Sources:
ABS, EIU, ANZCC
|
| |
|
Global
competitiveness
(selection of top 10)
|
 |
|
Source:
Global Competitiveness Report, World Economic Forum
|
|
| |
|
Exports
as % of GDP
1996-2000
|
 |
|
Source:
DFAT Australia
|
|
| |
|
Imports
as % of GDP
1996-2000
|
 |
|
Source:
DFAT Australia
|
|
 Australia’s
economy continues to prove its resilience in times of crisis. The
country shrugged off the effects of the 1997/8 Asian crisis despite
its strong connections within the region, rapidly reangling exports
to European and US markets. In 2001, the country’s diversified
markets have once again kept economic performance on the level despite
the US-led global downturn in demand, Japan’s problems (Australia’s
largest export market), and the GDP contractions suffered by many
Asia-Pacific economies after the global tech wreck. Australia grew
by 4.0% in 2000, an amazing 4.1% in 2001, and is predicted to hit
3.3% in 2002. In the westernised world, only Finland and Ireland
can beat such figures.
Australia’s stability within the region has brought it growing
recognition as a safe gateway to the Asia-Pacific region, combining
a thriving domestic market (larger than Hong Kong, Singapore and
Malaysia combined) with an Asian location, plus extensive Asian
language abilities and cultural connections.
With the old tyranny of distance re-moved by the
new age of information and knowledge-driven economies, the UK and
Australia now have the opportunity to transform a bilateral relationship
into broader channels of regional interaction, linking the vast
markets of Europe and Asia. Australia provides a world-class environment
in terms of infrastructure, communications, business and transport.
It is rich in resources, and has clusters of technological and research
skills in IT, biotechnology, and other key growth sectors of the
future.
It is also one of the world’s most beautiful
lands, rated by UK travellers of all ages as their number one ‘dream
destination.’ The images of the 2000 Olympics still echo around
the world’s travel agencies, while leading executives have
for years consistently rated the quality of life in Australia as
among the best in the world.
The sunshine, beaches and Outback adventure attract
more than just tourists – record numbers of students are also
coming to Australia to study, from Asia, the US and Europe, especially
the UK.
With its strategic position and a world-leading economy,
it’s no surprise to find Australia increasingly highly ranked
as a preferred investment destination in the Asia-Pacific region.
|
Ten good reasons...
- Australia has the 11th largest economy in the OECD and
the third largest in the Asian region, behind only Japan
and China.
- Australia has a GDP twice that of Hong Kong, larger than
the
combined GDPs of Singapore, the Philippines, Malaysia and
Thailand.
- Australia’s GDP growth averaged about 4.3% a year
in the five years to 2001, ahead of the US, Japan, Germany
and the UK.
- Australia ranks fifth in the world in terms of growth
competitiveness, jumping six places in a year.
- 45% of Australia’s workforce has post-school qualifications
such as
university, trade, diploma or skilled vocational qualifications.
- More than 2.4m Australians speak a language other than
English at home and more than 800,000 Australians speak
Asian languages.
- Australia’s business day spans the close of the US
business day and the opening of Europe’s business day.
- Australia’s foreign exchange market is the ninth
largest in the world, while the Australian dollar is the
seventh most traded currency.
- Australia is second in the world in e-readiness, with
more than
50% of Australians connected to the internet.
- The World Competitiveness Yearbook 2000 ranks Australia
second in the world for quality of life. Its nearest local
rival was Singapore (18th).
|
Jump to Sector analyses:
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Renewable energy
|
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