The world’s smallest continent and the largest island, Australia is a traveler’s paradise. From being home to some of the quirkiest wildlife and revered tales of the aboriginal tribes, Australia is a complete package with its coral reefs, picturesque rain forests, red-earthed national parks, stunning beaches, and scorching deserts.
The economy of Australia is a highly developed market economy. Australia has entered its 28th year of consecutive annual economic growth, setting a new record among developed economies for uninterrupted expansion. This enviable record of steady growth proves the robustness of Australia’s economy and its reliability as a low-risk and safe environment in which to do business. The country’s strong regulatory institutions, ability to respond to global changes, and diversified, services-based economy underpin its steady growth.
Australia’s economy is:
- The world’s 14th largest
- Rated AAA with a stable outlook by all three global rating agencies
- Forecast to realise average annual real GDP growth of 2.7% over the next five years – the highest among major advanced economies
- Characterised by diverse services and technology sectors and low government debt.