Australia » Introduction

Basic Economic Facts

GDP composition by Sector

Australia continues to be recognised as one of the world's leading 'growth economies', with GDP averaging 3.8% over the last decade. It is one of the strongest OECD performers through its pursuit of extensive economic reform and ensuring its macroeconomic policies are set in an organised medium-term framework. The Australian economy is underpinned by strong productivity growth having undergone significant reform over the last 20 years.

The Australian economy has undergone significant reform over the last 20 years. Changes include deregulation of the financial system, reductions in tariffs and other trade barriers, the removal of most restrictions on foreign investment, the privatisation of government-owned commercial enterprises, the creation of contestable markets in previously monopolised industries such as energy and transport, and a gradual movement away from centralised determination of employee remuneration.