Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Yearly Trade
During the last five reported years the exports of Australia have changed by $139B from $204B in 2016 to $343B in 2021. The most recent exports are led by Iron Ore ($118B), Coal Briquettes ($54.3B), Petroleum Gas ($39.2B), Gold ($17.6B), and Wheat ($7.36B).
Worldwide gross domestic product in 2022 was at about 12,663 USD per capita. GDP in Australia, on the other hand, reached USD 64,491 per capita, or 1.675 trillion USD for the whole country. Australia is therefore one of the world's largest economies and is currently at rank 12.
Australia is a world leader in low emissions technology and is focussed on advancing practical, scalable and commercially viable technologies to drive the global transition to net-zero.
Australia is known for many things, including swathes of tropical beaches, marine reserves, Aboriginal culture, cute koalas, rolling wine country, and lush rainforests.
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.
Finance and investments remains the surest way to get ultra-rich. It's the industry with the highest number of billionaires, 372, including hedge fund and private equity tycoons, bankers, venture capitalists and fintech founders.
Oil and gas production and exploration is the fastest-growing sector worldwide. This is due to increasing population, urbanization, rising living standards, and growing economies.
Australia is the world's largest exporter of coal (35% of international trade), iron ore, lead, diamonds, rutile, zinc and zirconium, second largest of gold and uranium, and third largest of aluminium.
China remained Australia's largest trading partner in 2021–22, accounting for 27% of our two-way trade. Japan and Korea account for a further 18%. Many Australian companies are diversifying their export markets, and the ASEAN region now accounts for 14% of total trade.
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
The 10 most disadvantaged LGAs in order are: Woorabinda (Queensland), Cherbourg (Qld), Belyuen (NT), West Daly (NT), Yarrabah (Qld), Kowanyama (Qld), Wujal Wujal (Qld), East Arnhem (NT), Doomadgee (Qld) and Central Desert (NT).
The fashion industry produces the most sold product in the world: clothing and accessories. This trillion-dollar industry has a wide range of products such as shoes, accessories, clothing, jewelry, etc.
Economic growth often is driven by consumer spending and business investment. Tax cuts and rebates are used to return money to consumers and boost spending. Deregulation relaxes the rules imposed on businesses and has been credited with creating growth but can lead to excessive risk-taking.