AustraliaChapters
Prehistoric settlers arrived on the continent from Southeast Asia at least 40,000 years before the first Europeans began exploration in the 17th century. No formal territorial claims were made until 1770, when Capt. James COOK took possession of the east coast in the name of Great Britain (all of Australia was claimed as British territory in 1829 with the creation of the colony of Western Australia). Six colonies were created in the late 18th and 19th centuries; they federated and became the Commonwealth of Australia in 1901. The new country took advantage of its natural resources to rapidly develop agricultural and manufacturing industries and to make a major contribution to the Allied effort in World Wars I and II.
In recent decades, Australia has become an internationally competitive, advanced market economy due in large part to economic reforms adopted in the 1980s and its location in one of the fastest growing regions of the world economy. Long-term concerns include an aging population, pressure on infrastructure, and environmental issues such as floods, droughts, and bushfires. Australia is the driest inhabited continent on earth, making it particularly vulnerable to the challenges of climate change. Australia is home to 10 per cent of the world's biodiversity, and a great number of its flora and fauna exist nowhere else in the world.
Key indicators
- Area
- 7,741,220 km2
- Population
- 25,809,973 (July 2021 est.)
- Government type
- federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm
- Languages
- English 72.7%, Mandarin 2.5%, Arabic 1.4%, Cantonese 1.2%, Vietnamese 1.2%, Italian 1.2%, Greek 1%, other 14.8%, unspecified 6.5% (2016 est.)
- GDP
- $1.331 trillion (2020 est.)
- Growth rate
- -0.285% (2020 est.)
- HDI
- 8
- Capital
- Canberra
Macroeconomic indicators
The economy will continue growing at a robust pace, around 3%. Business investment will pick up, with exports boosted as new resource sector capacity comes on stream. Public infrastructure investment will also support growth. A stronger labour market and rising household incomes will sustain private consumption. Inflation and wages will pick up gradually.
Monetary policy is appropriately supportive, with the central bank projected to start gradually tightening towards the end of 2018, when the pick-up in wages and prices gathers pace. Risks from the housing market and high household indebtedness warrant continued vigilance. The fiscal position is sound. In the event of a downturn, fiscal policy should be used to support activity and protect the incomes of the most vulnerable.
Source: OECD - Economic Forecast
IFM Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
5.554 |
3.811 |
2.063 |
1.461 |
2.045 |
|
Gross domestic product, current prices Percent change (Billions) |
1,657.799 |
1,724.924 |
1,741.882 |
1,790.348 |
1,863.238 |
|
Gross domestic product per capita, current prices Percent change (Units) |
64,327.187 |
65,574.862 |
65,434.328 |
66,589.055 |
68,613.946 |
|
Inflation, average consumer prices Percent change (Units) |
2.819 |
6.614 |
5.595 |
3.530 |
2.982 |
|
Volume of imports of goods and services Percent change (Units) |
4.803 |
12.787 |
3.338 |
3.346 |
2.902 |
|
Volume of exports of goods and services Percent change (Units) |
-2.213 |
2.485 |
6.831 |
3.027 |
2.136 |
|
Unemployment rate Percent change (Units) |
5.094 |
3.697 |
3.669 |
4.210 |
4.502 |
|
Current account balance Percent change (Billions) |
48.438 |
18.320 |
21.229 |
8.610 |
-3.789 |
|
Current account balance Percent change (Units) |
2.922 |
1.062 |
1.219 |
0.481 |
-0.203 |
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 Belgium Embassy in Canberra
Honorary Consul
Honorary Consul General with jurisdiction over Australia: Mr Joseph CARROZZI
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