Australia is the world’s fourteenth largest economy. Its nominal GDP is estimated at USD 1.3 trillion1, accounting for 1.4% of the global GDP.2 The economy has long been characterized by a stable growth trajectory arising from strong macroeconomic policy, structural reforms and a long commodity boom.
An understanding of essential opportunities and collaborations between India and Australia highlighted in this report, requires knowledge of Australia’s economy, its history and its relationship with the rest of the world. This chapter will provide details on Australia’s macroeconomic, demographic and geopolitical position and its trade and investment relations with the Western world and Asia. This chapter will also cover Australia’s economic history and recent important events and the relevance of the current relationship between India and Australia in the context of Australia’s growth strategy.
1 Australia Bureau of Statistics, 5206
2 Australia Benchmark Report 2020