A growing economy that outperforms in global rankings
While many major economies are at risk of recession in 2023, the IMF has forecast that the Australian economy will continue to grow.
Our positive outlook is built on strong recent performance. During 2021, Australia outperformed peer economies, growing by 5.2%. This solidified our position as the world’s 12th largest economy in 2021.
Australia continued to outperform other advanced economies during 2022, with a growth rate of 3.7%. This compares to an estimated of 2.7% for advanced economies. Our success will likely continue. The IMF forecasts that Australia’s economy will grow by 1.6% in 2023, compared to an average of 1.3% for advanced economies.
Our economic strength is based on sound fundamentals. Australia’s legal and governance systems are transparent and trustworthy. We are a global leader in the protection of property rights, including intellectual property rights. Our low tax and adaptive regulatory environment make us a business-friendly nation.
For a small population, Australia is a rich consumer market. We have the highest median wealth in the world. We also have the sixth largest number of high-income households. Our US$7.3 trillion financial sector includes the world’s fifth largest pool of pension assets.
Why Australia? Thanks to our strong economy, talented workforce, renewable energy resources, and open trade and investment, Australia is well placed to lead and innovate in the Asia-Pacific region.