There are a few facts we see as very interesting:

  • Australia is the most successful economy in the rich world for the last three decades
  • No other rich country has ever managed to grow so steadily for so long
  • Australia has been admitting as many as 190 000 newcomers every year – nearly three times as many, relative to population (Australia has 25 million people), as United States (Immigrants are young, which gives Australia a median age well below that of most European countries)
  • IMF estimates that the immigrants will boost GDP growth by 0.5 – 1% points a year until 2050
  • Over 28% of the population was born in another countries (far more than in other rich countries)
  • Australia is the world’s 14th biggest economy, but ranks 7th in foreign investment received (a big part of the appeal is the sound management and stability of the economy)
  • Tourism went through a big boost in the last years: the number of people visiting has risen by half since 2012 (to more than 9 million) – tourism is the Australian 5th biggest export
  • Education ranks even higher: some of 540 000 foreign students enrolled in Australian educational institutions in 2018 (they bring in A$40bn a year)
  • Public debts amounts to just 41% of GDP – one of the lowest levels in rich world; Australia is clearly gaining from the reforms made 30 years ago: the pension system and health care system are public-private hybrid, so everyone gets looked after, however who wants premium pay for it
  • Strong diplomatic and allied ties with the USA are even strengthening
  • American firms’ cumulative investments are A$190bn in comparison with the Chinese ones A$41bn
  • There is a common concern that the economy relies too heavily on China: which is the biggest buyer of Australian minerals or the biggest source of tourists and students (China buys 30% of all Australian export; 1.2 from 25 million Australians have Chinese descent)
  • Australia can be an expensive place to do business; its remoteness and small population make all kind of things pricey, from computers to food and energy
  • Global warming is causing less rainfall in many farming regions, hot water killed a third of the coral on the Great Barrier Reef, one of the country’s greatest natural treasures
  • Australia used to have long-lived governments; however since 2007, the job has had hands six times (the changes of a Prime Minster come so often that Madame Tussauds, a wax museum, has given up to trying to make their statues)

TOP 10 Australian Trading Partners
1. China
2. Japan
3. United States
4. Republic of Korea
5. India
6. New Zealand
7. United Kingdom
8. Singapore
9. Thailand
10. Germany

TOP 5 Australian Export Industries
1. Iron ore
2. Coal
3. Education
4. Gas
5. Tourism

*Sources: “Australia: Special report”, The Economist, 27thOct 2018; “Australia’s International Business Survey 2018”, AUSTRADE; “Why The Australian Economy Will Keep Growing”, Shane Oliver, Macquaire University, Sydney, 2018; “Australia, Asia, and The Wealth Of Nations”, Peter McCawley, The Interpreter – Lowy Institute, Sydney, 2018; Department Of Foreign Affairs And Trade, Australia, 2018.