OVERALL ECONOMY

The Australian economy experienced a growth phase for 17 consecutive years before the recent onset of the global financial crisis. To offset the negative effects of the worldwide economic meltdown, the Australian Reserve Bank cut interest rates, while the Rudd government implemented a generous fiscal stimulus package worth over US$50 billion. These policies, along with continued demand from China and other Asian countries, contributed to the Australian economy’s quick rebound. Ultimately, the economy grew by 1.5% during the first three quarters of 2009 - the best performance of any OECD nation.

Foreign direct investment (FD)

Foreign direct investment (FDI) into Australia totaled US$47 billion in 2008. Australia attracted the ninth largest share of world FDI flows in 2008. FDI flows into Australia grew by 6% in 2008, compared to falls of 9.6% and 14.2% recorded for the G20 economies and the world, respectively.

GOODS FROM AUSTRALIA: TOP TWENTY DESTINATIONS (2009)

GOODS FROM AUSTRALIA: TOP EXPORT COMMODITIES

Iron; metallurgical coal; gold; thermal coal; crude oil; LNG; wheat; alumina; copper, beef & veal; aluminum; nickel; wine; dairy; wool; zinc.