Australia Economy — GDP, Growth & Key Data
IMF World Economic Outlook and World Bank readings. Each figure below retains its own reference year, source and unit.
- Nominal GDP
- $2.12T
- Reference year 2026
- current US dollars
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
2123963000000.0002 current US dollars
- Real GDP growth
- 2.0%
- Reference year 2026
- annual percent change in real GDP
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
2 annual percent change in real GDP
- Inflation (annual-average CPI)
- 4.0%
- Reference year 2026
- annual percent change in average consumer prices
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
4 annual percent change in average consumer prices
- Unemployment
- 4.2%
- Reference year 2026
- percent of labor force
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
4.2 percent of labor force
- GDP per person
- $75,648
- Reference year 2026
- current US dollars per person
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
75647.841 current US dollars per person
- Population
- 27.6M
- Reference year 2025
- people
- World Bank (World Development Indicators)
- Series and history →
Unrounded value
27614411 people
- General government gross debt
- 50.6%
- Reference year 2026
- percent of GDP
- International Monetary Fund (World Economic Outlook)
- Series and history →
Unrounded value
50.6 percent of GDP
- Life expectancy at birth
- 83.1 years
- Reference year 2024
- years
- World Bank (World Development Indicators)
- Series and history →
Unrounded value
83.0512195121951 years
Nominal GDP: Rank 12 among 188 covered IMF economies for reference year 2026. This is a ranking of covered positive readings with the same reference-year label.
Each figure retains its own reference year, unit and source. Missing values are not zero. IMF readings can include estimates or projections; their stored release vintage, observation status and country-specific fiscal-year mapping are unavailable. A shared year label does not establish identical calendar periods.
Population follows the World Bank’s midyear-estimate definition. Nominal GDP is converted from stored billions of US dollars to US dollars. GDP per person is output per person, not a typical income; general-government gross debt is broader than central-government debt.
Australia Economic Overview
Australia's economy of $2.12T (reference year 2026) is built on an extraordinary combination of natural resource wealth, a strong services sector, and aggressive immigration-driven population growth. Australia avoided recession for nearly 30 consecutive years before COVID-19 — one of the longest growth streaks in modern economic history. The mining sector (iron ore, coal, lithium, natural gas) drives export revenues, with China as by far the largest customer.
Australia's GDP per capita of $75,648 (reference year 2026) is among the highest globally, supported by a minimum wage that is the highest in the developed world. However, housing affordability has become Australia's defining economic challenge — median home prices in Sydney and Melbourne are among the world's most expensive relative to incomes. Immigration-driven population growth (Australia targets 190,000+ permanent residents annually) supports GDP growth but intensifies housing and infrastructure pressures.
The Australian economy is navigating a strategic tension: deep economic ties with China (its largest trading partner at ~35% of exports) versus its security alliance with the United States and growing geopolitical tensions in the Indo-Pacific. Life expectancy of 83.1 years (reference year 2024) and low government debt (50.6% (reference year 2026) of GDP) reflect sound macroeconomic management and high living standards.
Questions about Australia’s figures
What nominal gdp does SOTW report for Australia in reference year 2026?
Australia: nominal gdp is $2.12T (current US dollars; reference year 2026). Source: International Monetary Fund (World Economic Outlook). Rank 12 among 188 covered IMF economies for reference year 2026.
What real gdp growth does SOTW report for Australia in reference year 2026?
Australia: real gdp growth is 2.0% (annual percent change in real GDP; reference year 2026). Source: International Monetary Fund (World Economic Outlook).
What population does SOTW report for Australia in reference year 2025?
Australia: population is 27.6M (people; reference year 2025). Source: World Bank (World Development Indicators). The World Bank definition describes midyear population estimates.
What life expectancy at birth does SOTW report for Australia in reference year 2024?
Australia: life expectancy at birth is 83.1 years (years; reference year 2024). Source: World Bank (World Development Indicators).