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Australia Australia

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Australia – Quick View
ECR score85.36 (Mar 2011)
ECR rank10 (Mar 2011)
Economic
GDP 2010USD 1,179,861.15 million
GNI per capita PPPUSD 38,210
FDI inflowUSD 22,572 million
Inflation 20102.7%
Central bank assets 2010USD 28.96 million
Unemployment rate 20105.2%
Government deficit 2010USD 53.88 billion
Tax revenue 2009USD 268,368.90 million
Political
Government typeConstitutional democracy
Recent political crisisNA
Economic freedom score3rd
Freedom of information score18th
Corruption perception index8th
Structural
Birth rateNA
Population balanceUnder 14 - 18.9%
Population balance15 to 64 - 67.5%
Population balanceOver 65 – 13.6%
Life expectancy yearsMale 79.1
Life expectancy yearsFemale 83.8
Mortality rate4.5 per 000
Literacy rate99%
Internet access80.1%

[Top] Economic Overview

The Australian economy has been growing at a slow pace. It is a highly industrialized country and producer of opals and diamonds.

Gross domestic product (GDP)

In 2009, the GDP growth rate decreased due to global recession, however in 2010, it recovered and grew by 0.8%. From 2008, the GDP increased by 1.84% till 2010.

Australia GDP and GDP growth rate

(Source: abs.gov)

GDP per capita

The country’s GDP per capita in 2009 is recorded at USD 42,279, a decline of 12.83% from 2008.

(Source: World Bank)

The country’s GDP per capita in 2009 is recorded at USD 42,279, a decline of 12.83% from 2008.

(Source: World Bank)
Australia GDP per capita

GNI per capita at PPP

The nation’s gross national income (GNI) at PPP was USD 38,210 for the year 2009 compared to USD 35,740 for the year 2008.

(Source: Worldbank)

Income Tax Rate

Income tax on Individual incomes in Australia is taxed progressively at 17% to 45%.

 

Tax Rates for Residents for 2010-2011

AUD 0 - 6,000

Nil

AUD 6,001 - 35,000

15c for each AUD1 over 6,000

AUD 35,001 - 80,000

AUD 4,350 plus 30c for each AUD 1 over AUD 35,000

AUD 80,001 - 180,000

AUD 17,850 plus 38c for each AUD 1 over AUD 80,000

AUD 180,001 and over

AUD 55,850 plus 45c for each AUD 1 over AUD 180,000

 

Tax Rates for Non Residents for 2010-2011

AUD 0 – 37,000

29c for each AUD 1

AUD 37,001 - 80,000

AUD 10,730 plus 30c for each AUD 1 over AUD 37,000

AUD 80,001 – 1,80,000

AUD 23,630 plus 37c for each AUD 1 over AUD 80,000

AUD 180,001 and over

AUD 60,6300 plus 45c for each AUD 1 over AUD 180,000

(Source: ato.gov.au)

Corporate Tax Rate

The standard corporate tax in Australia is 30%.

(Source: taxrates.cc)

Inflation Rate

The inflation rate in Australia for the year 2009 was 2.1%. Inflation in terms of consumer price change (annual %), for 2010 is registered at 2.7%.
Australia Inflation Rate

(Source: rba.gov.au)

Foreign Direct Investment (FDI)

In 2009, Foreign Direct Investment (FDI) inflow as a proportion of GDP was USD 22,572 million. The compounded rate from the year 2007 to 2009 declined by 29.55%. There was a year on year decrease of 51.69%.

The Foreign Direct Investment (FDI) outflow as a proportion of GDP was USD 18,426 million. There was a year on year decline of 43.86%.

Australia FDI

(Source: unctad.org)

Banking sector assets

From 2005 to 2010, the assets of the Reserve Bank of Australia have been on a steady rise. The banking sector assets reported a decline of 13.74% in the compounded annual growth rate from 2005 to 2010. The current year’s growth in the banking sector for 2010 is AUD 31.35 millions.

Australia Bank Sector Assets
(Source: rba.gov.au)

[Top] Financial Indicators & Government Financial

Consumer price index

The consumer price index in Australia is on a steady rise. The index figure for Q4 2010 was 174.0. This indicates that the prices of consumer goods has increased.

Australia Consumer Price Index

(Source: Reserve Bank of Australia)

Wholesale Price Index

The Wholesale Price Index (WPI) of Australia steadily increased from 2005 to 2008 and further declined by 5.43% in 2009, due to the economic recession.

Australia Wholesale Price Index

(Source: World Bank)

Government expenditure

In 2010, Government expenditures exceeded revenues, thereby resulting in a deficit of AUD 15,088 million. The government expenditure increased by 4.31% due to an increase in operating expenses, capital transfers and current grants.

(Source: finance.gov)

Interest rate on Money Market

During 2010, the interest rate on money market increased from 3.75% to 4.75%.

Australia Interbank Rate

(Source: rba.gov)


                                            Interest rate on Bank accepted Bills (%) on Bank accept

Months

30days

90 days

180 days

Jan-10

4.01

4.20

4.50

Feb-10

3.95

4.16

4.37

Mar-10

4.10

4.33

4.60

Apr-10

4.35

4.55

4.78

May-10

4.65

4.81

4.91

Jun-10

4.71

4.89

5.01

Jul-10

4.72

4.84

5.00

Aug-10

4.62

4.74

4.88

Sep-10

4.62

4.82

5.01

Oct-10

4.63

4.81

5.04

Nov-10

4.82

5.02

5.18

Dec-10

4.83

5.03

5.20

In 2010, the yearly average interest rate for 30 days on bank accepted bills is 4.50%, for 90 days 4.68% and 4.87% for 180 days.

(Source: rba.gov)

Term Deposit

The ANZ term deposit provides 6.20% p.a. rate for amounts from AUD 5,000 to AUD 99,999 on 12 month term deposits. NAB term deposits also provides 6.20% rate, for balance between AUD 20,000 and AUD 49,999. In addition, CBA term deposits for investments of AUD 10,000 to less than AUD 500,000 with a rate of 6.10% for the duration of 12 months. The Westpac Term Deposit provides 6.10% rate for greater 12 to 24 months for an amount greater than AUD 20,000 to less than AUD 50,000.

 

Term Deposits

Amount (AUD)

Rate

ANZ  Term deposit

5,000 to 99,999

6.20%

NAB Term deposits

20,000 to 49,999

6.20%

CBA Term deposits

10,000 to less than 500,000

6.10%

(Source: australia.deposits.org

Official exchange rate

The official exchange rate of USD per AUD increased by USD 0.06 at the end of the December 2010 and that of Euro per AUD increased by EUR 0.03.

Australia Exchange Rate

(Source: rba.gov.au)

Government finances

Sovereign debt dynamics

 

Fiscal balance

In 2010, the fiscal balance of the country registered a deficit of AUD 58.6 billion, an increase of AUD 28.6 billion from AUD 30 billion in 2009. The country’s government expenditure increased by AUD 15.1 billion.

Government expenditure was increased due to the rise in current and capital grants by AUD18.6 billion and an increase in the supply of goods and services by AUD 5.1 billion. There was also an increase of AUD 2.6 billion employees’ related expenses and AUD 2.6 billion in net acquisition of non-financial assets.

(Source: finance.gov)

Total Revenue

The country's fiscal revenue is reported at AUD 298,897 million in 2010, a deficit of 3.64% from 2009 of AUD 309,789. As an impact of global financial crisis the taxation revenue declined, resulting in the reduction of total revenue.

(Source: finance.gov)

Tax revenue

In 2009, total tax revenue declined to AUD 338,878 million, constituting to about 26.9% of GDP.

Australia Tax Revenue

(Source: abs.gov)

Balance of Payments

The Balance of Payments (BOP) reported a positive decline of 32.26% CAGR, from 2005 to 2009. The current year’s surplus for September 2010 is AUD 9865 millions.

Year

Exports

Imports

Balance of Payments

2005

180243

198271

-18028

2006

208750

221299

-12549

2007

217226

238587

-21361

2008

275840

284424

-8584

2009

250424

254220

-3796

2010 ( Until Sept. 2010)

210138

200273

9865

 (Source: rba.gov)

Current Account Balance - Surplus/Deficit

Till September 2010, the current account balance registered a deficit of AUD 29,410 million.

Australia Current Account Balance
(Source: rba.gov)

[Top] Labour Force and Employment Overview

Labour Force

In 2010, the labour force in Australia was 142.4 million, an increase of about 2.28% from the previous year’s 139.2 million labour population.

Australia Labour Force

(Source: Reserve Bank of Australia)

Labour force participation rate

The labour participation rate of the Australia remained stable at 65.5% from 2008 to 2010.

Australia Labour Force Participation Rate

(Source: Reserve Bank of Australia)

Unemployment Rate

From 2005 to 2010, the unemployment rate witnessed a high in 2009 at 5.6%.

Australia Unemployment Rate

(Source: abs.gov)

Level of Unionisation

Australian council of trade unions (ACTU) is the leading trade union authority. The country’s Trade & Labour Councils includes:

  • Queensland Council of Unions
  • Unions ACT
  • Unions NSW
  • Unions NT
  • Unions Tasmania
  • SA Unions
  • Unions WA
  • Victorian Trades Hall Council

(Source: actu.org)

Minimum wage

National minimum wage order in Australia includes award/agreement free employees at AUD 569.90 a week or AUD 15 per hour, casual loading for award/agreement free employees is at 21 per cent. In addition, there is a special national minimum wage 1, where the productivity of employees is unaffected by their disability and special national minimum wage 2 where the productivity of employees is affected by their disability.

(Source:fwa.gov)

[Top] Political Stability

Government stability

The Australian Government has a constitutional democracy. The Government stability is based on the federal divisions which include Commonwealth, state, territory and local levels of Government.

In 1901, Commonwealth of Australia was formed when six independent nations joined together and became states of a new nation. The federal Government powers are divided between central Government and individual states.

In state and territory Government, the state Government has powers in constitutions and structure of legislature, executive and judiciary. The territory Government can be administered by Commonwealth Government or have right of self Government.

The current Prime Minister is Hon Kevin Rudd MP from the Australian Labor Party.

The Australian political parties are:-      

  • Australian Labor Party
  • Liberal Party
  • The Nationals (known as Country Party)
  • Australian Greens
  • Australian Democrats
  • One Nation

(Source: australianpolitics, australia.gov.au)

Regulatory environment

The country has transparent and efficient regulatory environments. The restrictions on business set up are minimal and the main focus is towards growth and investments.

The Australian economic freedom score is 82.5, making its economy the 3rd freest in the 2011 Index. Australia is ranked 3rd out of 41 countries in the Asia–Pacific region, and its overall score is lower than the global and regional averages.

Australia Economic Freedom Indices

(Source: heritage.org)

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Australia is ranked 8th on the CPI index indicating low levels of corruption across public departments.

CPI ranking of the country rose from 9th in 2008 to 8th in 2009 with a score of 8.7 and a confident range of 8.3 to 9.0 indicating the increase in perceived levels of corruption. In 2010, the CPI remained stable at 8th rank with a score of 7.5 to 9.2.

(Source:transparency.org)

Freedom of Information

The Freedom of Information Act 1982 in Australia had laid certain rights to the public as- firstly, the Government must provide proper information about all operations and the manuals and other documents should be published. Secondly, they must provide access to documents unless there is exemption in legislation.

(Source: csa.gov)

Australia is ranked 18th on the World Press Freedom Index 2010, with a score of 5.38, indicating low restrictions on media.

(Source: rsf.org)

Judicial system

Judiciary in Australia consists of

  • High Court of Australia
  • Federal Court of Australia
  • Family Court of Australia
  • Federal Magistrates Court

The high court is the final court of justice. It has Chief Justice and six other judges who can take decisions either individually or together. This constitution includes two types of jurisdiction in the High Court:

  • Original
  • Appellate

In the country, there are various Supreme Courts State & Territory Courts which are as follows:

  • Supreme Court of the Australian Capital Territory
  • Supreme Court of New South Wales
  • Supreme Court of the Northern Territory
  • Supreme Court of Queensland
  • Supreme Court of South Australia
  • Supreme Court of Tasmania
  • Supreme Court of Victoria
  • Supreme Court of Western Australia

(Source: ag.gov)

[Top] Demographic Overview

The total population of Australia in 2010 is 22,342,000, an increase of about 1.7% over the previous year.

(Source: abs.gov)
 
The gender ratio in the country is almost balanced i.e. there are about 98.9 males for every 100 females in the country.

(Source: World Bank, UN)

Australia Population by Gender

The majority of the population i.e. about 67.5%, fall under the age group of 15-64 years. Around 18.9% of people belong to 0-14 year’s age group. The 65 and above age group constitutes 13.6 % of the total population.

Australia Population by age group

(Source: abs.gov)

The average age of the population in 2010 was 36.9 years. The median age of the country increased by 40.8% from the previous two decades. The median age from the year 2009 and 2010 remains stable at 36.8 years.

From 2005 to 2010, the infant mortality rate was recorded as 4.5 per 1,000 live births.


The average life expectancy for men is 79.1 years and for women is 83.8 years.

(Source: abs.gov, UN)

The urban population in Australia grew at an annual rate of 1.2% from 2005 to 2010. During the same period, the rural population declined at 0.6%.


(Source:UN)

Ethnic groups in Australia are:

  • Caucasian
  • Asian
  • Aboriginal and other

Poverty

The country is ranked 53rd on the Human Poverty Index with a score of 28.1. The Human Poverty index focuses on the proportion of people below certain threshold levels in each of the dimensions of the human development index - living a long and healthy life, having access to education, and a decent standard of living.

(Source: UNDP)

Human Development Index

The country ranks 56th out of 182 countries on the Human Development index 2010 conducted by the United Nations. The HDI provides a composite measure  of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education).

(Source: UNDP)

 

[Top] Soft Infrastructure

The literacy rate in Australia is registered at 99%.

(Source: infoplsease)

Education resources

The education system in Australia has consistently improved over the past few years. The education system includes Primary education, Secondary education (Secondary Schools / High Schools), Tertiary education in Universities and / or TAFE [Technical and Further Education] Colleges).

In Australia, the schooling system starts from kindergarten or preparatory year followed by 12 years of primary and secondary school. In secondary school, the students can appear for Government endorsed certificates, recognized by all Australian universities and vocational education and training institutions.

In the states and territories, it is the primary responsibility for state Government schools to collect the funds. In addition, they also provide assistance to non-Government schools. The non-Government schools have religious affiliation. The two-thirds of non-Government school students are in Catholic schools.

(Source: deewr.gov.au)

Healthcare resources

The healthcare system in Australia includes the Government, private and medical practitioners. The Government provides three schemes i.e., Medicare, Pharmaceutical Benefit Scheme and 30% health insurance rebate. In 2008, the Government expenditure on healthcare was 9.1% of GDP.

(Source: aihw.gov)

[Top] Hard Infrastructure

Mass public transit

The mass public transports in Australia are roads (Buses and Cabs), ferry, air and railways.

Ports:

There are about 105 ports in and around Australia. The following are major ports in the Australia.

Sr.No

Ports

Imports

Exports

1.

Eden (NSW Maritime)

119

1,127,987

2.

Newcastle Port Corporation

3,229,336

99,797,236

3.

Port Kembla Port Corporation

9,147,545

18,061,268

4.

Sydney Ports Corporation

20,698,559

7,449,990

5.

Yamba (NSW Maritime)

229

7,462,172

6.

Geelong Port (Patrick)

6,250,670

7,482

7.

Melbourne Port Corporation

17,562,975

2,730,327

8.

Port of Hastings (Patrick)

1,170,369

12,730,435

9.

Port of Portland

1,111,123

1,373,409

10.

Cairns (Ports North)

621,249

16,933,596

11.

Gladstone (Gladstone Ports)

16,337,351

1,730,060

12.

Port Alma (Rockhampton)

124,580

67,028,320

13.

Lucinda (Townsville)

2,338

643,339

14.

Mackay (NQBP)

1,066,507

589,517

15.

Port of Brisbane Pty Ltd

16,898,616

519,234

16.

Bundaberg (Gladstone Ports)

8,586

15,180,213

17.

Quintell Beach (Ports North)

1,526

192,336

18.

Karumba

0

99,465,091

19.

Weipa (NQBP)

90,898

4,411,181

20.

Klein Point

5,701,772

1,559,384

21.

Port Adelaide (Flinders)

5,701,772

1,559,384

22.

Port Giles

0

4,897,871

23.

Port Lincoln (Flinders)

176,260

324,035

24.

Port Pirie (Flinders)

355,065

1,131,550

 

(Source: portsaustralia, worldportsource)

The largest trade port in Australia is Esperance Ports.

Airports

There are about 425 airports in Australia. The following are the major airports:

Town

Airport Name

Runway length

Sydney Nsw

Bankstown

4600 ft

Melbourne Vic

Melbourne Intl

11900 ft

Brisbane Qld

Brisbane Intl

11600 ft

Adelaide Sa

Adelaide Intl

10100 ft

Perth Wa

Perth Intl

11200 ft

Cairns Qld

Cairns Intl

10400 ft

Sydney Nsw

Kingsford Smith Intl

12900 ft

Perth Wa

Jandakot

4500 ft

Melbourne Vic

Moorabbin

4300 ft

Canberra Act

Canberra

8800 ft

Darwin Nt

Darwin Intl

11000 ft

(Source: aircraft-charter-world,)

Telecommunications networks

In 2009, the internet service users in Australia were 79.6% of the total population, which marginally increased to 80.1% in 2010.

In the year 2008-09, the people aged 15 to 34 years access 67% of internet every day and people aged 5 to 14 years access about 31% of internet from their mobile phones.

Australia Internet Users (Source: internetworldstats,  abs.gov)

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