The Australian economy is considered to be one of the most developed economies on the planet with a Gross Domestic Product (GDP) of 1.6 trillion (US) and a total wealth of just over 6 trillion. When determined by GDP, Australia is the 13th largest country. The country’s external debt is nearly 1.7 trillion and it is the 19th largest country in terms of both importing and exporting. The Reserve Bank of Australia forecasts the economy in Australia roughly every three months.
The economy in Australia is most dependent on the service sector which comprises 68% of the country’s GDP. The mining-related sector is 19% of its economy. The country’s growth is very dependent upon mining and agriculture with most products exported to the area of Eastern Asia. Information Technology is also an important sector in Australia. The professional, scientific and technical aspects of Information Technology play a huge role in the country’s economy.
Located in Sydney, the Australian Securities Exchange is the country’s largest stock exchange and is the 9th largest in the world. Several of the world’s largest commodity companies call Australia home, including National Australia Bank, Rio Tonto Group and Woolworths. Australia uses the Australian dollar ($) as its currency.
Australia is part of the free trade agreement that is signed between ASEAN, Thailand, the United States, New Zealand and Chile. The agreement has helped to increase the country’s integration with New Zealand’s economy. There is a plan in motion to create the Australasian Single Economic Market by the year 2015.