In turbulent times, the Australian economy benefits from rock-solid foundations.
Prior to 2020, the economy experienced just two years of negative growth during the previous six decades. And since the last recession in 1991, our growth rate has averaged 3.2 per cent, which is higher than every other major developed economy in the world.
Australia’s trade links with near neighbours are a major factor. The Asia region is ultra-fast growing, and Australia’s network of 14 free trade agreements across Asia and the Pacific have helped agile Australian businesses to rapidly expand.
While over 80 per cent of Australia’s economy is services-based, global leadership in several key industries powers our exports. Asian markets are hungry for Australian minerals and energy. Our agricultural industry is highly efficient, and our clean, green produce fetches premium prices in Asian markets.
Underpinning everything is our sound financial system, strong fiscal position and low government debt. This permits strategic investment in future industries and infrastructure.