Part 44

Economic overview: Australia has a prosperous Western-style capitalist economy, with a per capita GDP comparable to levels in highly industrialized West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for more than 80% of the value of total exports, so that, as in 1983-84, a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s. In 1992-93 the economy recovered slowly from the prolonged recession of 1990-91, a major restraining factor being weak world demand for Australia's exports. Growth picked up so strongly in 1994 that the government felt the need for fiscal and monetary tightening by yearend. Australia's GDP grew 6.4% in 1994, largely due to increases in industrial output and business investment. A severe drought in 1994 reduced the value of Australia's net farm production, but rising world commodity prices are likely to boost commodity exports by 15% to $42.4 billion in 1995/96, according to government statistics. Short-term economic problems include a balancing of output growth and inflationary pressures and the stimulation of exports to offset rising imports.

GDP: purchasing power parity - $405.4 billion (1995 est.)

GDP real growth rate: 3.3% (1995 est.)

GDP per capita: $22,100 (1995 est.)

GDP composition by sector: agriculture: 3.1% industry: 27.7% services: 69.2% (1994)

Inflation rate (consumer prices): 4.75% (1995)

Labor force: 8.63 million (September 1991) by occupation: finance and services 33.8%, public and community services 22.3%, wholesale and retail trade 20.1%, manufacturing and industry 16.2%, agriculture 6.1% (1987)

Unemployment rate: 8.1% (December 1995)

Budget: revenues: $95.69 billion expenditures: $95.15 billion, including capital expenditures of $NA (FY95/96 est.)

Industries: mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate: 3.9% (FY93/94)

Electricity: capacity: 34,540,000 kW production: 155 billion kWh consumption per capita: 8,021 kWh (1993)

Agriculture: wheat, barley, sugarcane, fruits; cattle, sheep, poultry

Illicit drugs: Tasmania is one of the world's major suppliers of licit opiate products; government maintains strict controls over areas of opium poppy cultivation and output of poppy straw concentrate

Exports: $51.57 billion (f.o.b., 1995) commodities: coal, gold, meat, wool, alumina, wheat, machinery and transport equipment partners: Japan 25%, US 11%, South Korea 6%, NZ 5.7%, UK, Taiwan, Singapore, Hong Kong (1992)

Imports: $57.41 billion (f.o.b., 1995) commodities: machinery and transport equipment, computers and office machines, crude oil and petroleum products partners: US 23%, Japan 18%, UK 6%, Germany 5.7%, NZ 4% (1992)

External debt: $147.2 billion (1994)

Economic aid: donor: ODA, $953 million (1993)

Currency: 1 Australian dollar ($A) = 100 cents

Exchange rates: Australian dollars ($A) per US$1 - 1.3477 (January 1996), 1.3486 (1995), 1.3668 (1994), 1.4704 (1993), 1.3600 (1992), 1.2835 (1991)

Fiscal year: 1 July - 30 June

Transportation --------------

Railways: total: 38,563 km (2,914 km electrified; 172 km dual gauge) broad gauge: 6,083 km 1.600-m gauge standard gauge: 16,752 km 1.435-m gauge narrow gauge: 15,728 km 1.067-m gauge

Highways: total: 810,264 km paved: 283,592 km (including 1,200 km of expressways) unpaved: 526,672 km (1989 est.)

Waterways: 8,368 km; mainly by small, shallow-draft craft

Pipelines: crude oil 2,500 km; petroleum products 500 km; natural gas 5,600 km

Ports: Adelaide, Brisbane, Cairns, Darwin, Devonport, Fremantle, Geelong, Hobart (Tasmania), Launceton (Tasmania), Mackay, Melbourne, Sydney, Townsville

Merchant marine: total: 76 ships (1,000 GRT or over) totaling 2,547,869 GRT/3,679,534 DWT ships by type: bulk 30, cargo 4, chemical tanker 3, combination bulk 1, container 6, liquefied gas tanker 6, oil tanker 18, roll-on/roll-off cargo 7, short-sea passenger 1 (1995 est.)