The Australian economy continues to perform solidly, building on 20 years of uninterrupted growth and Australia has ranked the second most resilient economy in the world for two years running. Unemployment is around 5 per cent, half that of many developed northern hemisphere countries. Inflation is contained and Australian Government net debt, at around 8 per cent of GDP, is amongst the lowest in the Organisation for Economic Co-operation and Development countries. Australia continues to benefit from a significant rise in the terms of trade and a healthy trade surplus. Demand for Australia’s minerals and natural gas exports, notably from China and other Asian countries underpins this strong performance.
These developments have seen a shift in the relative contributions to GDP by key sectors of the economy. Financial services remains the largest sector accounting for 11 per cent of GDP and the share of mining has increased to 9.6 per cent of GDP.