Your partner for success

Australia
Chamber of Commerce Country Factsheet Last update: 11.07.2018

Your advisors at the Chamber of Commerce

  • Diana Rutledge
    +3227375714
  • Anne-Catherine Fohl
    +352423939372
  • Edith Stein
    +352423939482
Contact us: oceania@cc.lu

Key Indicators

Area
7,741,220 km2
Population
23,232,413 (July 2017 est.)
Government type
federal parliamentary democracy and a Commonwealth realm
Languages
English 76.8%, Mandarin 1.6%, Italian 1.4%, Arabic 1.3%, Greek 1.2%, Cantonese 1.2%, Vietnamese 1.1%, other 10.4%, unspecified 5% (2011 est.)
GDP
$1.235 trillion (2017 est.)
Growth rate
2.2% (2017 est.)
HDI
3
Capital
Canberra

 

Introduction

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.

Source: The CIA World Factbook - Australia

 

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 descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
2.6872.4442.8702.6652.893
Gross domestic product, current prices
U.S. dollars (Billions)
1,444.3781,225.2861,256.6401,343.6081,413.808
Gross domestic product per capita, current prices
U.S. dollars (Units)
61,165.62951,180.94951,592.91454,236.04556,126.787
Inflation, average consumer prices
Percent change
2.4641.5321.3102.1052.410
Volume of imports of goods and services
Percent change
-1.6901.6780.2665.0733.252
Volume of exports of goods and services
Percent change
6.7075.9556.0274.5514.401
Unemployment rate
Percent of total labor force
6.0676.0755.7125.6565.572
Current account balance
U.S. dollars (Billions)
-42.608-57.978-43.852-52.914-57.715
Current account balance
Percent of GDP
-2.950-4.732-3.490-3.938-4.082
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.

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

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
E-mail: rod.mcgeoch@corrs.com.au

Source: Ministry of Foreign Affairs of Luxembourg    

 

Economic and Commercial Attaché in charge of Australia

Economic and Commercial Attaché (FIT)Mr. Luca BOTTALLO

Flanders Investment & Trade Australia Pty Ltd
103/838 Collins Street
Docklands VIC 3008
Australia
Tel: +61 3 96 14 09 80
E-mail: luca.bottallo@fitagency.com / melbourne(at)fitagency.com

Source: FIT

 

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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