AustraliaChapters
Australia is the 6th most attractive country for renewable energy investment. The renewable energy sector is expected to attract over $76 billion in external investment and create more than 600,000 jobs by 2030. Australia is at the forefront of hydrogen production and was the first to ship liquified hydrogen overseas. Their hydrogen industry could add over $11 billion to GDP and create more than 8,000 jobs by 2050. In April 2024, the government announced a new policy “Future Made in Australia” with the aim of pushing forward the transition to a more carbon-neutral economy. In parallel to this, an announcement was made to invest AUD 1 billion to develop solar panels made in Australia.
Australia is also a leader in advanced manufacturing and materials technologies which can support industries to become more sustainable by improving their energy efficiency and reduce emissions.
Key indicators
- Area
- 7,741,220 km2
- Population
- 26,658,948 (2023)
- Government type
- federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm
- Languages
- English 72%, Mandarin 2.7%, Arabic 1.4%, Vietnamese 1.3%, Cantonese 1.2%, other 15.7%, unspecified 5.7% (2021 est.)
- GDP
- $1.73 trillion (2023)
- Growth rate
- 3.4% (2023)
- HDI
- 10
- Capital
- Canberra
Macroeconomic indicators
Having slowed in 2024 amid tight monetary conditions and worsening terms of trade, GDP growth is projected to pick up to 1.9% in 2025 and 2.5% in 2026. The unemployment rate, which has risen but remains low, is projected to flatten out just above current levels. While headline inflation has now fallen to within the 2-3% target range, core inflation remains somewhat higher.
An easing of monetary policy is warranted over the next year given ongoing disinflation and below-potential growth. Strong public spending growth is currently helping to offset weak private consumption, but a degree of budgetary consolidation will be needed in the coming years to ensure that future fiscal pressures can be addressed.
Source: OECD Economic Outlook
IFM Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
5.479 |
3.915 |
1.959 |
1.231 |
2.118 |
|
Gross domestic product, current prices U.S. dollars (Billions) |
1,658.439 |
1,724.034 |
1,740.622 |
1,802.006 |
1,881.140 |
|
Gross domestic product per capita, current prices U.S. dollars (Units) |
64,352.012 |
65,513.824 |
64,546.866 |
65,965.622 |
67,978.737 |
|
Inflation, average consumer prices Percent change (Units) |
2.798 |
6.615 |
5.616 |
3.315 |
3.270 |
|
Volume of imports of goods and services Percent change (Units) |
4.815 |
13.472 |
6.446 |
5.125 |
2.038 |
|
Volume of exports of goods and services Percent change (Units) |
-2.443 |
2.573 |
6.719 |
2.075 |
3.777 |
|
Unemployment rate Percent of total labor force (Units) |
5.125 |
3.725 |
3.692 |
4.150 |
4.404 |
|
Current account balance U.S. dollars (Billions) |
47.925 |
14.950 |
4.395 |
-15.774 |
-21.396 |
|
Current account balance Percent of GDP (Units) |
2.890 |
0.867 |
0.252 |
-0.875 |
-1.137 |
Estimates
Source: IMF Statistics - Australia
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
None
Air Services agreement
Initiated 27 April 1999, currently just an interim agreement
Source: Australia’s Air Services Agreements & Arrangements
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Australia
Luxembourg is represented by: Royal Netherlands Embassy in Canberra
Competent post for consular affairs: Royal Belgium Embassy in Canberra
Honorary Consul
Melbourne
Monsieur Henri KAUTHEN
Honorary Consul General with jurisdiction over Victoria and Tasmania
1/124 Rose Street
Fitzroy
Vic 3065
Australia
Tel.: (+61) 417 600 766
E-mail: melbourne@consul-hon.lu
Sydney
Mr Joseph CARROZZI
Honorary Consul with jurisdiction over the Australian Capital Territory and the states of New South Wales, Northern Territory, Queensland, South Australia and Western Australia.
5 Burrawong Avenue
Mosman NSW 2088
Australia
Tel.: (+61) 411 853 100
E-Mail: sydney@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Australia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office – Country risk for Australia