Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, reflecting that wealth is more evenly distributed in Australia than in those countries. Australia had about 2.2 million millionaires (calculated in US dollars) in 2021, up from 1.8 million millionaires in 2020.
Australia performs well in many dimensions of well-being relative to other countries in the Better Life Index. Australia outperforms the average in income, jobs, education, health, environmental quality, social connections, civic engagement and life satisfaction. These assessments are based on available selected data.
Australia ranks third in the world for richest citizens in top 10%, Frank Knight wealth report finds | news.com.au — Australia's leading news site.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
What Australia is well known for? Australia is globally famous for its natural wonders, wide-open spaces, beaches, deserts, "The Bush", and "The Outback". Australia is one of the world's most highly urbanised countries; it's well known for its attractive mega cities such as Sydney, Melbourne, Brisbane, and Perth.
Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Australia ranks amongst the highest in the world for quality of life, health, education, economic freedom, civil liberties and political rights.
While the cost of living in Australia is generally higher than in the UK, it offers a high quality of life and a great lifestyle. Ultimately, the decision to move to either country depends on personal preferences and circumstances.
The United Nation's 2023 World Happiness Index has just been released, and Australia has come in at a very cheery 12th position. The index is based on survey data that asks people from the globe how satisfied they are with their lives based on a scale from one to ten.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
The IMF compiles a measure of the 'purchasing power' of the incomes of the world's nations to account for this difference. This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
Is living in Australia worth it? Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages.
Over the last four decades, living standards in New Zealand have fallen far behind those in Australia. The gap is large. Measured in terms of real Gross Domestic Product (GDP), average Australian incomes are around 35 percent higher than those in New Zealand.
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.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
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 Australian flag has the nation's vote for being the image or symbol about which we are most proud. 95% of Australians take pride in the national flag, which is enjoying increasing popularity, with half (50%) saying that they are extremely proud.
The Outback is a remote, vast, sparsely populated area of Australia.
After maintaining the highest standard of community well-being for seven consecutive years, it comes as no surprise that the Australian Capital Territory (ACT) cemented itself as the best place to live in Australia.