Australia ranked 14/197 by economy size with a GDP of $1.76T and 14/197 by GDP per capita at $64,604. Australia has $891B in government debt, with a debt-to-GDP ratio of 50.7%.
In 2024, Australia made up 1.58% of the world's economy, compared to 1.36% in 1960.
Australia GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $1,757,022,451,653 | 1.37% |
| 2023 | $1,734,451,264,656 | 3.58% |
| 2022 | $1,695,627,535,476 | 4.25% |
| 2021 | $1,560,617,493,203 | 2.01% |
| 2020 | $1,333,336,461,648 | -0.13% |
| 2019 | $1,398,349,602,956 | 2.19% |
| 2018 | $1,433,144,978,762 | 2.87% |
| 2017 | $1,330,890,554,614 | 2.29% |
| 2016 | $1,211,588,128,418 | 2.76% |
| 2015 | $1,356,805,839,936 | 2.16% |
| 2014 | $1,474,677,007,566 | 2.6% |
| 2013 | $1,583,737,461,925 | 2.65% |
| 2012 | $1,552,728,401,402 | 3.95% |
| 2011 | $1,402,939,868,653 | 2.39% |
| 2010 | $1,152,566,632,022 | 2.21% |
| 2009 | $931,761,689,771 | 1.95% |
| 2008 | $1,058,448,244,064 | 3.62% |
| 2007 | $856,603,595,823 | 3.79% |
| 2006 | $749,708,370,333 | 2.77% |
| 2005 | $696,811,489,613 | 3.16% |
| 2004 | $615,643,050,221 | 4.22% |
| 2003 | $468,517,181,130 | 3.09% |
| 2002 | $396,436,967,263 | 3.95% |
| 2001 | $380,360,222,861 | 2.03% |
| 2000 | $416,901,962,163 | 3.92% |
| 1999 | $390,347,787,943 | 5.03% |
| 1998 | $400,361,527,505 | 4.68% |
| 1997 | $436,321,902,767 | 3.92% |
| 1996 | $401,962,517,479 | 3.87% |
| 1995 | $368,725,126,225 | 3.89% |
| 1994 | $323,269,456,935 | 3.98% |
| 1993 | $312,568,858,910 | 4.05% |
| 1992 | $325,982,966,981 | 0.43% |
| 1991 | $326,416,407,861 | -0.38% |
| 1990 | $311,840,666,465 | 3.57% |
| 1989 | $300,264,309,002 | 3.88% |
| 1988 | $236,461,079,970 | 5.76% |
| 1987 | $189,726,707,253 | 2.56% |
| 1986 | $182,707,050,923 | 3.97% |
| 1985 | $180,861,108,959 | 5.28% |
| 1984 | $193,749,932,078 | 4.56% |
| 1983 | $177,523,719,680 | -2.23% |
| 1982 | $194,323,071,831 | 3.33% |
| 1981 | $177,151,979,566 | 3.34% |
| 1980 | $150,200,557,103 | 3.03% |
| 1979 | $135,093,718,051 | 4.05% |
| 1978 | $118,660,813,780 | 0.9% |
| 1977 | $110,504,702,914 | 3.59% |
| 1976 | $105,209,354,856 | 2.59% |
| 1975 | $97,440,939,506 | 1.34% |
| 1974 | $89,086,219,602 | 4.11% |
| 1973 | $63,923,126,201 | 2.62% |
| 1972 | $52,117,990,654 | 3.91% |
| 1971 | $45,283,847,245 | 4% |
| 1970 | $41,395,206,623 | 7.17% |
| 1969 | $36,738,245,878 | 7.05% |
| 1968 | $32,763,365,242 | 5.1% |
| 1967 | $30,487,524,878 | 6.31% |
| 1966 | $27,349,284,376 | 2.38% |
| 1965 | $26,014,244,162 | 5.98% |
| 1964 | $23,835,843,814 | 6.98% |
| 1963 | $21,573,443,452 | 6.21% |
| 1962 | $19,953,923,193 | 1.3% |
| 1961 | $19,713,123,154 | 2.48% |
| 1960 | $18,635,682,982 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/australia | CC BY 
Australia GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $64,604 | $72,111 |
| 2023 | $65,058 | $72,273 |
| 2022 | $65,170 | $66,103 |
| 2021 | $60,759 | $58,327 |
| 2020 | $51,983 | $54,184 |
| 2019 | $55,195 | $52,886 |
| 2018 | $57,410 | $50,371 |
| 2017 | $54,118 | $48,565 |
| 2016 | $50,084 | $47,446 |
| 2015 | $56,970 | $46,465 |
| 2014 | $62,817 | $47,109 |
| 2013 | $68,477 | $46,123 |
| 2012 | $68,301 | $43,007 |
| 2011 | $62,799 | $42,153 |
| 2010 | $52,314 | $39,504 |
| 2009 | $42,955 | $40,434 |
| 2008 | $49,811 | $37,616 |
| 2007 | $41,128 | $36,708 |
| 2006 | $36,659 | $34,890 |
| 2005 | $34,535 | $33,090 |
| 2004 | $30,886 | $31,815 |
| 2003 | $23,758 | $30,167 |
| 2002 | $20,335 | $29,080 |
| 2001 | $19,734 | $27,688 |
| 2000 | $21,909 | $26,585 |
| 1999 | $20,750 | $25,531 |
| 1998 | $21,516 | $24,386 |
| 1997 | $23,683 | $23,142 |
| 1996 | $22,056 | $22,134 |
| 1995 | $20,479 | $21,050 |
| 1994 | $18,156 | $20,174 |
| 1993 | $17,725 | $19,220 |
| 1992 | $18,650 | $18,259 |
| 1991 | $18,885 | $17,839 |
| 1990 | $18,274 | $17,385 |
| 1989 | $17,858 | - |
| 1988 | $14,303 | - |
| 1987 | $11,666 | - |
| 1986 | $11,406 | - |
| 1985 | $11,455 | - |
| 1984 | $12,436 | - |
| 1983 | $11,532 | - |
| 1982 | $12,798 | - |
| 1981 | $11,871 | - |
| 1980 | $10,223 | - |
| 1979 | $9,308 | - |
| 1978 | $8,264 | - |
| 1977 | $7,786 | - |
| 1976 | $7,497 | - |
| 1975 | $7,014 | - |
| 1974 | $6,492 | - |
| 1973 | $4,778 | - |
| 1972 | $3,955 | - |
| 1971 | $3,500 | - |
| 1970 | $3,310 | - |
| 1969 | $2,996 | - |
| 1968 | $2,728 | - |
| 1967 | $2,584 | - |
| 1966 | $2,347 | - |
| 1965 | $2,284 | - |
| 1964 | $2,134 | - |
| 1963 | $1,970 | - |
| 1962 | $1,858 | - |
| 1961 | $1,880 | - |
| 1960 | $1,813 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/australia | CC BY
Australia has a GDP per capita of $64,604, ranking 14/197, a GDP per capita based on purchasing power parity (PPP) of $72,111, ranking 22/197, and a median annual after tax income of $49,463, ranking 11/197.
Australia GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 14 | 12 | 18 |
| 2023 | 14 | 13 | 16 |
| 2022 | 13 | 13 | 21 |
| 2021 | 13 | 13 | 21 |
| 2020 | 13 | 14 | 19 |
| 2019 | 14 | 13 | 22 |
| 2018 | 13 | 13 | 23 |
| 2017 | 13 | 13 | 23 |
| 2016 | 14 | 14 | 21 |
| 2015 | 13 | 9 | 23 |
| 2014 | 13 | 8 | 21 |
| 2013 | 12 | 8 | 20 |
| 2012 | 12 | 8 | 23 |
| 2011 | 13 | 8 | 23 |
| 2010 | 14 | 11 | 26 |
| 2009 | 15 | 18 | 23 |
| 2008 | 15 | 18 | 27 |
| 2007 | 15 | 25 | 27 |
| 2006 | 15 | 24 | 24 |
| 2005 | 15 | 25 | 23 |
| 2004 | 15 | 25 | 24 |
| 2003 | 15 | 26 | 25 |
| 2002 | 15 | 27 | 25 |
| 2001 | 15 | 28 | 28 |
| 2000 | 15 | 25 | 28 |
| 1999 | 15 | 25 | 26 |
| 1998 | 14 | 24 | 25 |
| 1997 | 13 | 22 | 25 |
| 1996 | 14 | 22 | 24 |
| 1995 | 15 | 23 | 24 |
| 1994 | 16 | 23 | 24 |
| 1993 | 15 | 22 | 24 |
| 1992 | 15 | 23 | 27 |
| 1991 | 14 | 23 | 27 |
| 1990 | 14 | 23 | 27 |
| 1989 | 12 | 15 | - |
| 1988 | 14 | 24 | - |
| 1987 | 14 | 25 | - |
| 1986 | 14 | 21 | - |
| 1985 | 12 | 16 | - |
| 1984 | 10 | 12 | - |
| 1983 | 11 | 16 | - |
| 1982 | 12 | 13 | - |
| 1981 | 14 | 16 | - |
| 1980 | 15 | 24 | - |
| 1979 | 13 | 24 | - |
| 1978 | 13 | 22 | - |
| 1977 | 13 | 19 | - |
| 1976 | 12 | 18 | - |
| 1975 | 13 | 17 | - |
| 1974 | 12 | 17 | - |
| 1973 | 13 | 19 | - |
| 1972 | 13 | 14 | - |
| 1971 | 12 | 12 | - |
| 1970 | 11 | 11 | - |
| 1969 | 12 | 9 | - |
| 1968 | 11 | 8 | - |
| 1967 | 12 | 9 | - |
| 1966 | 13 | 9 | - |
| 1965 | 11 | 8 | - |
| 1964 | 11 | 9 | - |
| 1963 | 11 | 8 | - |
| 1962 | 10 | 8 | - |
| 1961 | 11 | 7 | - |
| 1960 | 10 | 7 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/australia | CC BY
Compared with 2000, in 2024 Australia is ranked 14th out of 182 by GDP (up from 15th), 12th by GDP per capita (up from 25th), and 18th by GDP per capita PPP (up from 28th).
Economic indicators
Australia
|
Rank | |
|---|---|---|
| Gross domestic product |
$1.76T
2024 |
14/197 |
| GDP growth |
1.37%
2023-2024 |
150/194 |
| GDP per capita |
$64,604
2024 |
14/197 |
| GDP per capita, PPP |
$72,111
2024 |
22/197 |
| Government debt |
$891B
2024 |
15/185 |
| Debt-to-GDP ratio |
50.7%
2024 |
104/185 |
| Government debt per person |
$32,764
2024 |
22/185 |
| Average annual personal income after taxes |
$49,463
2026 |
11/197 |
| Listed domestic companies |
1,853
2024 |
7/103 |
| Market capitalization of domestic companies |
$1.74T
2024 |
11/100 |
| Number of millionaires |
1,904,000
2025 |
8/35 |
| Millionaire frequency |
1 in 11
2025 |
3/35 |
| Number of billionaires |
47
2025 |
13/78 |
| Billionaire frequency |
1 in 440,236
2025 |
17/78 |
| Income share by richest 10% |
25.5%
2020 |
107/169 |
| Income share by poorest 10% |
2.7%
2020 |
92/169 |
| Government expenditure, % of GDP |
38.9%
2024 |
57/195 |
| Consumer prices inflation |
3.16%
2023-2024 |
98/195 |
| Central bank interest rate |
3.6%
2025 |
80/106 |
| Unemployment rate |
3.94%
2024 |
129/196 |
| Population |
27799169
|
54/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 38.9% | 50.7% | -2.25% |
| 2023 | 37.6% | 49.6% | -1.27% |
| 2022 | 37.6% | 50.2% | -2.21% |
| 2021 | 41.8% | 55.5% | -6.37% |
| 2020 | 44.4% | 57.1% | -8.73% |
| 2019 | 38.9% | 46.7% | -4.41% |
| 2018 | 36.9% | 41.8% | -1.26% |
| 2017 | 36.8% | 41.2% | -1.72% |
| 2016 | 37.3% | 40.6% | -2.42% |
| 2015 | 37.3% | 37.7% | -2.79% |
| 2014 | 36.7% | 34% | -2.92% |
| 2013 | 36.4% | 30.5% | -2.81% |
| 2012 | 36.5% | 27.5% | -3.51% |
| 2011 | 36.3% | 24% | -4.53% |
| 2010 | 37% | 20.3% | -5.12% |
| 2009 | 37.8% | 16.6% | -4.56% |
| 2008 | 35.1% | 11.7% | -1.1% |
| 2007 | 34.3% | 9.67% | 1.47% |
| 2006 | 34.5% | 9.94% | 1.77% |
| 2005 | 34.6% | 10.9% | 1.71% |
| 2004 | 34.8% | 11.9% | 1.32% |
| 2003 | 34.9% | 13.2% | 1.05% |
| 2002 | 34.9% | 15% | 0.19% |
| 2001 | 35.6% | 17.1% | -0.03% |
| 2000 | 35.2% | 19.5% | 1.25% |
| 1999 | 36.2% | 22.5% | 0.67% |
| 1998 | 34.6% | 23.7% | -0.25% |
| 1997 | 32.8% | 25.9% | -0.49% |
| 1996 | 33.5% | 29.3% | -1.46% |
| 1995 | 33.7% | 31.1% | -2.6% |
| 1994 | 33.7% | 31.7% | -3.79% |
| 1993 | 34.1% | 30.7% | -4.73% |
| 1992 | 34.1% | 27.6% | -4.74% |
| 1991 | 33.1% | 21.6% | -2.79% |
| 1990 | 30.5% | 16.4% | -0.23% |
| 1989 | 34.5% | 17% | -1.29% |
| 1988 | 34.6% | 20.5% | -0.77% |
| 1987 | 36% | 25.2% | -1.66% |
| 1986 | 38.4% | 25.5% | -3.5% |
| 1985 | 38.7% | 24% | -5.24% |
| 1984 | 38.4% | 22.3% | -5.48% |
| 1983 | 37% | 21% | -5.66% |
| 1982 | 36.7% | 16.8% | -5.19% |
| 1981 | 33.4% | 19.1% | -3.25% |
| 1980 | 33.2% | 21.2% | -2.87% |
| 1979 | 32.5% | 22.8% | -2.32% |
| 1978 | 33.2% | 24.7% | -4.19% |
| 1977 | 34.1% | 23.6% | -4.39% |
| 1976 | 33.3% | 22.9% | -3.44% |
| 1975 | 33% | 23.6% | -3.47% |
| 1974 | 30.9% | 22.3% | -2.46% |
| 1973 | 26.6% | 27.3% | 0.16% |
| 1972 | 27% | 30.7% | -0.97% |
| 1971 | 26.1% | 32.2% | -0.23% |
| 1970 | 25.3% | 34.9% | -0.23% |
| 1969 | 24.7% | 36.7% | 0.53% |
| 1968 | 25.3% | 39.4% | -0.7% |
| 1967 | 26.4% | 40.5% | -1.65% |
| 1966 | 25.6% | 42.4% | -1.77% |
| 1965 | 25.8% | 43.7% | -1.46% |
| 1964 | 23.5% | 44.9% | 0.19% |
| 1963 | 23% | 47.5% | -0.26% |
| 1962 | 22.7% | 50.2% | -0.38% |
| 1961 | 23.3% | 49.3% | -0.78% |
| 1960 | 21.8% | 48.3% | 0.47% |
| 1959 | 11.2% | 32.5% | 0.06% |
| 1958 | 11.9% | 34.4% | -0.25% |
| 1957 | 12% | 35.2% | -0.33% |
| 1956 | 11.6% | 37.4% | 1% |
| 1955 | 11.8% | 39% | 0.08% |
| 1954 | 12.1% | 40% | -0.27% |
| 1953 | 13.3% | 41.6% | -0.86% |
| 1952 | 14.8% | 44.9% | -0.44% |
| 1951 | 13.2% | 45.2% | 1.85% |
| 1950 | 12.2% | 57.1% | 4.29% |
| 1949 | 12.7% | 65.4% | 0.72% |
| 1948 | 12.8% | 74.5% | 2% |
| 1947 | 15.4% | 88.7% | -0.45% |
| 1946 | 18.8% | 92.5% | -4.09% |
| 1945 | 22.6% | 89.7% | -8.87% |
| 1944 | 24.8% | 78.7% | -11.8% |
| 1943 | 24.4% | 70.2% | -12.4% |
| 1942 | 16.9% | 65.2% | -5.17% |
| 1941 | 11.9% | 66.5% | -2.14% |
| 1940 | 7.07% | 67.7% | 0.51% |
| 1939 | 5.39% | 71.2% | 0.77% |
| 1938 | 4.87% | 68.7% | 0.24% |
| 1937 | 4.9% | 73.5% | 0.28% |
| 1936 | 5.1% | 79.8% | 0.17% |
| 1935 | 5.49% | 86.7% | 0.24% |
| 1934 | 5.4% | 90.1% | 0.28% |
| 1933 | 5.58% | 95.3% | 0.28% |
| 1932 | 6.09% | 98.2% | 0.02% |
| 1931 | 6.39% | 89.8% | -0.8% |
| 1930 | 5.47% | 70.3% | -1% |
| 1929 | 5.02% | 63.8% | -0.53% |
| 1928 | 5% | 62.3% | -0.69% |
| 1927 | 4.78% | 59.7% | -0.5% |
| 1926 | 4.89% | 60.5% | -0.31% |
| 1925 | 4.32% | 55.3% | -0.26% |
| 1924 | 4.84% | 58.8% | -0.5% |
| 1923 | 4.64% | 59.2% | -0.33% |
| 1922 | 5.59% | 63.4% | -0.94% |
| 1921 | 6.64% | 59.1% | -2% |
| 1920 | 7.69% | 61.2% | -2.43% |
| 1919 | 9.43% | 60.6% | -4.8% |
| 1918 | 8.6% | 61.6% | -4.36% |
| 1917 | 8.61% | 51.2% | -4.99% |
| 1916 | 6.98% | 46.1% | -3.47% |
| 1915 | 4.81% | 44.4% | -1.11% |
| 1914 | 2.84% | 38.1% | -0.29% |
| 1913 | 2.74% | 37.1% | 0% |
| 1912 | 2.87% | 37.4% | 0.12% |
| 1911 | 2.68% | 25.9% | 0.39% |
| 1910 | 2.66% | 38.8% | 0.39% |
| 1909 | 2.43% | 40.6% | 0.37% |
| 1908 | 2.76% | 42.4% | -0.15% |
| 1907 | 2.37% | 41.2% | 0.41% |
| 1906 | 2.48% | 47.1% | 0.23% |
| 1905 | 2.59% | 49.1% | 0.11% |
| 1904 | 2.59% | 47.9% | -0.13% |
| 1903 | 2.83% | 49.7% | -0.02% |
| 1902 | 2.55% | 46.4% | 0.16% |
| 1901 | 1.17% | 46.8% | 1.46% |
| 1900 | - | 50.9% | - |
| 1899 | - | 51.4% | - |
| 1898 | - | 51.1% | - |
| 1897 | - | 58.1% | - |
| 1896 | - | 53.4% | - |
| 1895 | - | 60.1% | - |
| 1894 | - | 54.9% | - |
| 1893 | - | 51.7% | - |
| 1892 | - | 44.1% | - |
| 1891 | - | 37.3% | - |
| 1890 | - | 34.7% | - |
| 1889 | - | 32.1% | - |
| 1888 | - | 32.9% | - |
| 1887 | - | 32.5% | - |
| 1886 | - | 34.2% | - |
| 1885 | - | 31.2% | - |
| 1884 | - | 29.3% | - |
| 1883 | - | 24.1% | - |
| 1882 | - | 23.3% | - |
| 1881 | - | 23.2% | - |
| 1880 | - | 22.2% | - |
| 1879 | - | 20.9% | - |
| 1878 | - | 17.3% | - |
| 1877 | - | 17.6% | - |
| 1876 | - | 15.9% | - |
| 1875 | - | 23.4% | - |
| 1874 | - | 19.4% | - |
| 1873 | - | 14.3% | - |
| 1872 | - | 15.5% | - |
| 1871 | - | 19.2% | - |
| 1870 | - | 17.3% | - |
| 1869 | - | 16.8% | - |
| 1868 | - | 15.6% | - |
| 1867 | - | 14.6% | - |
| 1866 | - | 12.6% | - |
| 1865 | - | 12.3% | - |
| 1864 | - | 12.8% | - |
| 1863 | - | 8.64% | - |
| 1862 | - | 9.11% | - |
| 1861 | - | 8.5% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1861–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).
GeoRank.org/economy/australia | CC BY
This chart shows Australia's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 50 years, Australia recorded a fiscal deficit in 42 of them, with an average annual deficit equal to 2.45% of GDP. In 2024, government spending reached $684B (38.9% of GDP), with a deficit of 2.25%.
The national debt reached $891B, ranking 15th out of 185 countries by total size, with a debt-to-GDP ratio of 50.7%, ranking 104th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 3.16% |
| 2023 | 5.6% |
| 2022 | 6.59% |
| 2021 | 2.86% |
| 2020 | 0.85% |
| 2019 | 1.61% |
| 2018 | 1.91% |
| 2017 | 1.95% |
| 2016 | 1.28% |
| 2015 | 1.51% |
| 2014 | 2.49% |
| 2013 | 2.45% |
| 2012 | 1.76% |
| 2011 | 3.3% |
| 2010 | 2.92% |
| 2009 | 1.77% |
| 2008 | 4.35% |
| 2007 | 2.33% |
| 2006 | 3.56% |
| 2005 | 2.69% |
| 2004 | 2.34% |
| 2003 | 2.73% |
| 2002 | 2.98% |
| 2001 | 4.41% |
| 2000 | 4.46% |
| 1999 | 1.48% |
| 1998 | 0.86% |
| 1997 | 0.22% |
| 1996 | 2.62% |
| 1995 | 4.63% |
| 1994 | 1.97% |
| 1993 | 1.75% |
| 1992 | 1.01% |
| 1991 | 3.18% |
| 1990 | 7.33% |
| 1989 | 7.53% |
| 1988 | 7.22% |
| 1987 | 8.53% |
| 1986 | 9.05% |
| 1985 | 6.73% |
| 1984 | 3.96% |
| 1983 | 10% |
| 1982 | 11.4% |
| 1981 | 9.49% |
| 1980 | 10.1% |
| 1979 | 9.12% |
| 1978 | 8% |
| 1977 | 12.3% |
| 1976 | 13.3% |
| 1975 | 15.2% |
| 1974 | 15.4% |
| 1973 | 9.09% |
| 1972 | 6.02% |
| 1971 | 6.14% |
| 1970 | 3.44% |
| 1969 | 3.28% |
| 1968 | 2.52% |
| 1967 | 3.48% |
| 1966 | 3.29% |
| 1965 | 3.41% |
| 1964 | 2.87% |
| 1963 | 0.64% |
| 1962 | -0.32% |
| 1961 | 2.29% |
| 1960 | 3.73% |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/australia | CC BY
Over the past 20 years, Australia has had an average annual inflation rate of 2.75%. In 2024, inflation was 3.16%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Australia
|
Rank | |
|---|---|---|
|
Current account balance
|
-$34.8B
2024 |
187/190 |
| Current account balance, % of GDP |
-1.98%
2024 |
107/190 |
| Goods imports |
$297B
2024 |
22/189 |
| Goods exports |
$341B
2024 |
22/189 |
| Service imports |
$109B
2024 |
22/189 |
| Service exports |
$84.1B
2024 |
24/189 |
| Imports of goods and services, % of GDP |
22.5%
2024 |
159/181 |
| Exports of goods and services, % of GDP |
24.6%
2024 |
131/193 |
Australia top 10 trading partners
Australia's biggest trading partner accounting for 28.5% of all exports and imports is China, with a trade balance between the two of +$39.5B: Australia exports $114B worth of goods and services to China and imports $74.3B.
Below is the list of the top 10 trade partners of Australia.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$188B | 28.5% | $114B | $74.3B | Raw materials & minerals | Machinery & equipment |
| 2 |
United States
|
$68.6B | 10.4% | $23.5B | $45.1B | Animal & marine products | Machinery & equipment |
| 3 |
Japan
|
$52.4B | 7.95% | $32.9B | $19.6B | Raw materials & minerals | Machinery & equipment |
| 4 |
South Korea
|
$37.6B | 5.7% | $21.2B | $16.4B | Raw materials & minerals | Raw materials & minerals |
| 5 |
India
|
$33.2B | 5.04% | $22.5B | $10.7B | Raw materials & minerals | Raw materials & minerals |
| 6 |
Singapore
|
$26.5B | 4.03% | $11.5B | $15B | Raw materials & minerals | Raw materials & minerals |
| 7 |
United Kingdom
|
$22.9B | 3.47% | $11.2B | $11.7B | Precious metals & jewellery | Machinery & equipment |
| 8 |
New Zealand
|
$22.7B | 3.45% | $12.5B | $10.2B | Machinery & equipment | Transport & tourism services |
| 9 |
Thailand
|
$19.5B | 2.95% | $4.84B | $14.6B | Transport & tourism services | Machinery & equipment |
| 10 |
Malaysia
|
$19.4B | 2.94% | $6.74B | $12.7B | Raw materials & minerals | Raw materials & minerals |
Top 10 exports
|
Australia
|
Rank | |
|---|---|---|
| Raw materials & minerals | $222B | 5/193 |
| Transport & tourism services | $53.8B | 16/188 |
| Precious metals & jewellery | $26B | 12/190 |
| Animal & marine products | $19.1B | 6/192 |
| Raw agricultural goods | $18B | 12/193 |
| Machinery & equipment | $17.9B | 40/193 |
| Metals | $14.5B | 29/192 |
| Business & finance services | $13B | 29/188 |
| Chemicals & pharma | $7.28B | 38/193 |
| Textiles & consumer goods | $6.71B | 35/193 |
Top 10 imports
|
Australia
|
Rank | |
|---|---|---|
| Machinery & equipment | $130B | 21/193 |
| Raw materials & minerals | $48.7B | 20/193 |
| Transport & tourism services | $46.9B | 17/188 |
| Chemicals & pharma | $28.1B | 27/193 |
| Textiles & consumer goods | $26.2B | 17/193 |
| Business & finance services | $17.1B | 26/188 |
| Metals | $13.7B | 28/193 |
| Processed food, beverages & tobacco | $12.5B | 19/193 |
| Precious metals & jewellery | $10.2B | 17/193 |
| IT & IP services | $9.07B | 21/182 |
Economic freedom indices
|
Australia
|
Rank | |
|---|---|---|
| Economic freedom | 80.1 | 5/197 |
| Property rights | 88.2 | 25/182 |
| Government integrity | 88.1 | 8/182 |
| Judicial effectiveness | 96.3 | 6/182 |
| Tax burden | 61.8 | 165/182 |
| Government spending | 56.6 | 129/180 |
| Fiscal health | 89 | 53/181 |
| Business freedom | 92.3 | 1/182 |
| Labor freedom | 61.5 | 41/182 |
| Monetary freedom | 77.2 | 49/180 |
| Trade freedom | 89.8 | 3/181 |
| Investment freedom | 80 | 12/181 |
| Financial freedom | 80 | 1/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 80.1 | 96.3 | 61.8 | 56.6 | 89 |
| 2025 | 79.3 | 95.3 | 62.1 | 54.8 | 79.5 |
| 2024 | 76.2 | 94.4 | 62.6 | 48.2 | 39.9 |
| 2023 | 74.8 | 83.2 | 63.1 | 47 | 24.8 |
| 2022 | 77.7 | 95.2 | 62.5 | 51.6 | 52 |
| 2021 | 82.4 | 90 | 62.6 | 58.1 | 88.7 |
| 2020 | 82.6 | 86.1 | 63 | 61.6 | 91.8 |
| 2019 | 80.9 | 86.5 | 62.8 | 60.1 | 86.2 |
| 2018 | 80.9 | 93.4 | 63 | 61.2 | 84.3 |
| 2017 | 81 | 92.9 | 63.2 | 59 | 84.6 |
| 2016 | 80.3 | - | 63.2 | 62 | - |
| 2015 | 81.4 | - | 63.7 | 61.8 | - |
| 2014 | 82 | - | 64.2 | 62.6 | - |
| 2013 | 82.6 | - | 66.4 | 62.8 | - |
| 2012 | 83.1 | - | 63.4 | 67.1 | - |
| 2011 | 82.5 | - | 61.3 | 64.7 | - |
| 2010 | 82.6 | - | 61.4 | 64.9 | - |
| 2009 | 82.6 | - | 61.4 | 64.3 | - |
| 2008 | 82.2 | - | 59.2 | 62.8 | - |
| 2007 | 81.1 | - | 59.5 | 62.6 | - |
| 2006 | 79.9 | - | 58.9 | 62.2 | - |
| 2005 | 79 | - | 59.1 | 60.9 | - |
| 2004 | 77.9 | - | 59.6 | 60.5 | - |
| 2003 | 77.4 | - | 58.6 | 58.9 | - |
| 2002 | 77.3 | - | 56.4 | 61.1 | - |
| 2001 | 77.4 | - | 55.4 | 67.3 | - |
| 2000 | 77.1 | - | 55.8 | 63.3 | - |
| 1999 | 76.4 | - | 55.7 | 56 | - |
| 1998 | 75.6 | - | 56.1 | 54.8 | - |
| 1997 | 75.5 | - | 56.6 | 55.1 | - |
| 1996 | 74 | - | 59.3 | 53.4 | - |
| 1995 | 74.1 | - | 59.6 | 53.9 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/australia | CC BY
Australia is ranked 4/174 for economic freedom with a score of 80.1, compared to 6/162 and a score of 79.9 in 2006.
Other economic metrics
|
Australia
|
Rank | |
|---|---|---|
| Services, % of GDP |
66.1%
2024 |
40/191 |
| Industry, % of GDP |
25.5%
2024 |
78/194 |
| Agriculture, forestry, and fishing, % of GDP |
2.04%
2024 |
148/193 |
|
GNI, Atlas method
|
$1.7T
2024 |
13/194 |
| GNI per capita, PPP |
$69,600
2024 |
20/191 |
| Total reserves including gold |
$60.4B
2024 |
39/177 |
|
Net foreign direct investment
|
-$39.2B
2024 |
186/189 |
|
Net inflows of foreign direct investment
|
$53.4B
2024 |
6/193 |
|
Net outflows of foreign direct investment
|
$13.9B
2024 |
21/193 |
|
Gross capital formation, % of GDP
|
24.3%
2024 |
77/178 |
Compare Australia vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/australia | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1861–1989, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.