Overview

Australia is one of the world’s most multicultural countries, a nation rich in Indigenous and immigrant cultures. Over a quarter of Australia’s population was born overseas. Australia is a friendly country, and has the reputation as a successful and prosperous society. The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia is also a significant exporter of natural resources, energy, and food. Australia’s abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic.