Economy Australia

A wealthy country, Australia has a market economy, a high GDP per capita, and a relatively low rate of poverty. In terms of average wealth, Australia ranked second in the world after Switzerland from 2013 until 2018. In 2018, Australia overtook Switzerland and become the country with the highest average wealth. Australia's poverty rate increased from 10.2% to 11.8%, from 2000/01 to 2013. It was identified by the Credit Suisse Research Institute as the nation with the highest median wealth in the world and the second-highest average wealth per adult in 2013.
Ranked fifth in the Index of Economic Freedom (2017), Australia is the world's twelfth largest economy and has the sixth highest per capita GDP (nominal) at US$56,291. The country was ranked second in the United Nations 2016 Human Development Index. Melbourne reached top spot for the fourth year in a row on The Economist's 2014 list of the world's most liveable cities, followed by Adelaide, Sydney, and Perth in the fifth, seventh, and ninth places respectively. Total government debt in Australia is about A$190 billion 20% of GDP in 2010. Australia has among the highest house prices and some of the highest household debt levels in the world.
Australia was the only advanced economy not to experience a recession due to the global financial downturn in 20082009. However, the economies of six of Australia's major trading partners have been in recession, which in turn has affected Australia, significantly hampering its economic growth in recent years. From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.
As of September 2018, there were 12,640,800 people employed (either full- or part-time), with an unemployment rate of 5.2%. Data released in mid-November 2013 showed that the number of welfare recipients had grown by 55%. In 2007 228,621 Newstart unemployment allowance recipients were registered, a total that increased to 646,414 in March 2013. According to the Graduate Careers Survey, full-time employment for newly qualified professionals from various occupations has declined since 2011 but it increases for graduates three years after graduation.
Since 2008, inflation has typically been 23% and the base interest rate 56%. The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand. Australia is the world's fourth largest exporter of wine, and the wine industry contributes A$5.5 billion per year to the nation's economy.