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Chamber of Commerce Country Factsheet Last update: 11.08.2017

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Key Indicators

7,741,220 km2
22,992,654 (July 2016 est.)
Government type
federal parliamentary democracy and a Commonwealth realm
English 78.5%, Chinese 2.5%, Italian 1.6%, Greek 1.3%, Arabic 1.2%, Vietnamese 1%, other 8.2%, unspecified 5.7% (2006 Census)
$1.189 trillion (2016 est.)
Growth rate
2.9% (2016 est.)



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 aging of the 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. In January 2013, Australia assumed a nonpermanent seat on the UN Security Council for the 2013-14 term.

Source: The CIA World Factbook - Australia


Macroeconomic indicators

Economic growth is projected to increase gradually and reach almost 3% by 2018. The drag on growth from declining resource-sector investment will fade and gathering momentum outside the resource sector will support wage and employment growth, thus boosting consumer spending. Tightening labour and product markets will bring inflation up from current low levels.

The central bank is projected to start increasing its policy rate towards the end of 2017, as growth improves and consumer price inflation moves towards its 2-3% target band. Higher interest rates will relieve some of the pressure on the booming housing market, although the risks posed by possible overheating still call for enhanced macro-prudential policies. In the event of an unexpected downturn, fiscal policy should be used to support activity. Given the good fiscal position, projects with high rates of return should be pursued.

Australia is distant from major world markets but is nevertheless well integrated into global markets. Sound policies have helped. In particular, Australia’s immigration and visa systems have been critical to demographic and economic development. However, there is room for a more business-friendly tax mix. Also, inequality needs to be contained, including that linked to globalisation, in particular through enhancing labour-market skills and providing better paths for disadvantaged people to get jobs.

Source: OECD - Economic Forecast  

IFM Statistics:


Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
Gross domestic product, current prices
U.S. dollars (Billions)
Gross domestic product per capita, current prices
U.S. dollars (Units)
Inflation, average consumer prices
Percent change
Volume of imports of goods and services
Percent change
Volume of exports of goods and services
Percent change
Unemployment rate
Percent of total labor force
Current account balance
U.S. dollars (Billions)
Current account balance
Percent of GDP
Colored cells are estimates

Source: IMF Statistics - Australia


Luxembourg and the country

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.


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

Honorary Consul

Honorary Consul General with jurisdiction over Australia: Mr.Roderick McGEOCH

Corrshambers Westgarth,
Governor Phillip Tower,
1 Farrer Place
Sydney, NSW 2000

Tel: +61 2 9210 6868
Fax: +61 2 9210 6728

Economic and Commercial Attaché (FIT):      


103/838 Collins Street
Docklands VIC 3008

Tel: +61 3 9614 0980
Fax: +61 406 495 477

Source: Ministry of Foreign Affairs of Luxembourg     Source: 

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

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