Australia
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 1,490 bn Goods Exports 272
GDP per capita (USD) 65,914 Imports 243
GDP volume growth (year-on-year) + 2.4% Net + 28
Population 22.61m Services Exports 52
MMR (year average) 4.69% Imports 61
Exchange rate AUD / USD (year average) 0.9695 Net – 9
BoP (goods, services & income) as % of GDP – 2.2% Source: IFS, IMF, January 2013International/Regional memberships
Pacific Islands Forum: founding member
since 1971. All Pacific Islands Forum
member states, i.e. Australia, New Zealand
and 13 Pacific Island nations, are currently
signatories of the Pacific Agreement on
Closer Economic Relations (PACER).
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
Association of South East Asian Nations
(ASEAN): dialogue partner.
International Monetary Fund:
since 5 August 1947.
World Trade Organization:
since 1 January 1995.
Government trade policy
Australia has negotiated bilateral free trade
agreements with New Zealand (ANZCERTA
- Australia New Zealand Closer Economic
Relations Trade Agreement), Chile (AC-
FTA – the Australian-Chile FTA), Malaysia
(MAFTA), Singapore (SAFTA), Thailand
(TAFTA) and the USA (AUSFTA). The
bilateral free trade agreement between
Australia and New Zealand is one of
the most extensive in global trade and
encompasses free trade in services.
Australia and New Zealand established
a free trade agreement with ASEAN in
February 2009.
Australia has also negotiated bilateral
preferential trade agreement with Canada
(CANATA) as well as trade and economic
framework agreements with approximately 40
other countries, including China and Japan.
Free trade negotiations are ongoing with
China, the Gulf Co-operation Council (GCC),
India, Indonesia, Japan and South Korea.
National export credit insurance provider:
Export Finance and Insurance Corporation
(EFIC – http://www.efic.gov.au).
EFIC also provides state-supported medium
to long-term export finance for capital
goods/services mainly produced/provided
in Australia, and to locally based foreign
companies for capital goods and services
partially derived from Australia.
Australia is not currently home to any free
trade zones or special economic zones.Currency and exchange controls
Official currency: Australian dollar (AUD).
Exchange rate arrangement: free floating.
Australia imposes few foreign exchange controls.
An Australian financial services licence is
usually required for residents to carry out
foreign exchange transactions.
The Australian authorities must usually be
notified of securities transactions by non-
residents in Australia.
Australia applies controls to financial and
commercial credits from residents to non-
residents.