AustraliaA Wealth of Opportunities         Benchmark Report 2011
Australia  A Wealth of OpportunitiesThe Australian economy continues to perform solidly, building on 20 yearsof uninterrup...
sectIon 1Strong Economy                                               World’s 20 Largest economies                        ...
World’s 20 Largest Economies – 2011FPercentage share of total world nominal GDP in US$                 Rest of World      ...
Resilience of the Economy to Economic CyclesThe higher the score the better1  Rank     Economy 2007 Score             Econ...
The Prosperity Index – 2010 World Ranking by Country1   Overall                             Overall                    Ent...
Real GDP Growth by EconomyF                  Average Growth Rate  Rank                1998 to 2012             2004       ...
Australia’s Terms of TradeIndex, Trend Terms130120110100 90 80 70 60 50                                                   ...
Unemployment Rate by Country                                                  Unemployment Rate – Percentage of Labour For...
Australia’s Real Gross Value Added by Industry1As a percentage of total industry  Mining .                                ...
Australia’s Real Gross Value Added – Growth by Industry1Professional/Scienti c/Technical Services                         ...
General Government Financial Balances – 2012 Surplus (+) or Deficit (-) as a percentage of nominal GDP 5.0 2.5            ...
General Government Net Debt1 – 2012As a percentage of GDP140               .120                                           ...
SecTIon 2Open Economy                                              World merchandise Trade by country                     ...
World Merchandise Trade by Economy – 2010Excluding Intra-EU (27) trade                                           Value    ...
Australia’s Trade in Goods and ServicesA$ Million seasonally adjusted30,000                                               ...
Contribution to Australia’s Total Exports by SectorReal value as a percentage of total exports60                          ...
Australia’s Merchandise Exports by Country1A$ Billion FOB Value                                                           ...
Australia’s Merchandise Imports by Country1Customs Value A$ Billion                                                       ...
Australia’s Merchandise Exports and Imports by Industry1A$ Billion                                                        ...
Markets for Australian ExportsAs a percentage of total exports by economy and industry in 2009-10 Dollars                 ...
Australia’s Rural and Mineral Resources Exports1                                                              Current Pric...
Exports and Imports of Australian Mineral Resources1             160             140             120             100A$ Bil...
Value of Australian Mineral ExportsA$ Billion by destination40             37.7                                           ...
World Energy Selected Indicators                         Energy Net      Exports (-)/               Electricity           ...
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Benchmark Report 2011

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Australia, A Wealth of Opportunities

An Austrade Publication

'some great data on Australia's economy & trade presented in easy-to-read format'

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Benchmark Report 2011

  1. 1. AustraliaA Wealth of Opportunities Benchmark Report 2011
  2. 2. Australia A Wealth of OpportunitiesThe Australian economy continues to perform solidly, building on 20 yearsof uninterrupted growth and Australia has ranked the second most resilienteconomy in the world for two years running. Unemployment is around 5 percent, half that of many developed northern hemisphere countries. Inflationis contained and Australian Government net debt, at around 8 per cent ofGDP, is amongst the lowest in the Organisation for Economic Co-operationand Development countries. Australia continues to benefit from a significantrise in the terms of trade and a healthy trade surplus. Demand for Australia’sminerals and natural gas exports, notably from China and other Asiancountries underpins this strong performance.These developments have seen a shift in the relative contributions to GDPby key sectors of the economy. Financial services remains the largest sectoraccounting for 11 per cent of GDP and the share of mining has increased to9.6 per cent of GDP.Australia’s financial sector continues to rank highly at number five in theWorld Economic Forum’s The Financial Development Report 2010. Australiahas the third largest pool of bank assets in the region after Japan and Chinaand the fourth largest pool of contestable funds under management globally.The funds management sector has grown seven-fold since 1991 at acompound annual growth rate of 11 per cent, and now has A$1.8 trillion infunds under management. Australia’s financial markets are sophisticated,deep and highly liquid. Its stock market is the largest in the region, ex-Japan,and the sixth largest globally. The financial services sector in Australia is openand transparent and is supported by a world’s best practice regulatory system.The outlook for the Australian economy remains buoyant with a substantialpipeline of investment in the natural resources sector and a growing demandfor infrastructure investment. As a major energy supplier, Australia is lookingalso to respond to opportunities to develop renewable energy capabilitiesand to build on our reputation for innovation in fields such as biotechnology,medical research and information and communications technology.Australia has a highly educated and highly skilled workforce. It offers strongmultilingual capabilities with over a quarter of labour market participantsborn outside Australia. Australia has also emerged as a major regional centrefor tertiary education which helps build strong business and cultural ties.The richness of Australia’s natural and human resources, the openness of theeconomy, institutional strength and transparency coupled with a safe andenviable lifestyle position Australia as an important gateway to the fastestgrowing markets in the world. Section 1 Strong Economy > 1
  3. 3. sectIon 1Strong Economy World’s 20 Largest economies 2Australia remains one of the world’s most resilience of the economy to economic cycles 3resilient economies and has enjoyed 20 years the Prosperity Index – 2010 World ranking by country 4of uninterrupted economic growth. real gDP growth by country 5 Australia’s terms of trade 6 Unemployment rate by country 7 Australia’s real gross Value Added by Industry 8 Australia’s real gross Value Added – growth by Industry 9 general government Financial Balances 10 general government net Debt 11 strongeconomy
  4. 4. World’s 20 Largest Economies – 2011FPercentage share of total world nominal GDP in US$ Rest of World . . Saudi Arabia . 1. USA . . Switzerland . . Turkey . . Indonesia . . Netherlands . . South Korea . . Mexico . . 2. China . 13. Australia . 12. Spain . 11. India . 3. Japan . 10. Canada . 9. Russia . 8. Italy . 4. Germany . 7. Brazil . 6. UK . 5. France .F = ForecastGDP of the world’s 182 economies: US$68,625 billionGDP of Asia Pacific Economic Cooperation’s 21 member economies: US$38,245 billion (55.7%)Sources: International Monetary Fund, World Economic Outlook Database, April 2011; AustradeAustralia’s economy ranks the 13th largest in the world, rivalling countries such as India, Spain and South Korea. Australia’s GDP is nowestimated at over US$1.4 trillion, the fourth largest economy in the Asia-Pacific region. Section 1 Strong Economy > 2
  5. 5. Resilience of the Economy to Economic CyclesThe higher the score the better1 Rank Economy 2007 Score Economy 2008 Score Economy 2009 Score Economy 2010 Score Economy 2011 Score 1 Denmark 7.45 Australia 6.78 Qatar 6.16 Israel 7.13 Norway 7.74 2 USA 6.90 Denmark 6.73 Norway 5.96 Australia 7.04 Australia 7.68 3 Israel 6.82 Switzerland 6.43 Australia 5.83 India 6.82 Switzerland 7.34 4 Austria 6.67 Israel 6.14 Chile 5.83 Qatar 6.82 India 7.33 5 Malaysia 6.64 Austria 6.00 Denmark 5.79 Malaysia 6.63 Canada 7.28 6 Switzerland 6.43 Norway 5.96 India 5.78 Chile 6.29 Qatar 6.99 7 Australia 6.38 Chile 5.89 Brazil 5.54 Switzerland 6.27 Chile 6.94 8 India 6.33 India 5.87 Israel 5.53 Norway 6.11 Taiwan 6.84 9 Hong Kong 6.33 Brazil 5.83 Switzerland 5.38 Taiwan 6.07 Israel 6.83 10 Singapore 6.19 Finland 5.80 China 5.05 China 6.02 Malaysia 6.81 11 China 6.17 Singapore 5.78 Malaysia 5.04 Poland 5.80 Sweden 6.69 12 Norway 6.08 Sweden 5.66 Finland 5.00 Singapore 5.78 Brazil 6.67 13 UK 6.02 Netherlands 5.66 Austria 4.98 Sweden 5.75 Austria 6.59 14 Chile 6.00 Malaysia 5.66 Singapore 4.96 Indonesia 5.64 China 6.44 15 Taiwan 5.79 Hong Kong 5.61 Hong Kong 4.94 South Korea 5.55 Estonia 6.39 16 Japan 5.79 Taiwan 5.52 Taiwan 4.91 Canada 5.55 Turkey 6.37 17 Ireland 5.76 Czech Republic 5.41 South Africa 4.84 Brazil 5.51 Philippines 6.24 18 Luxembourg 5.73 Canada 5.36 Netherlands 4.83 Philippines 5.50 South Africa 6.20 19 Estonia 5.72 Germany 5.34 Germany 4.79 Austria 5.46 Germany 6.20 20 Netherlands 5.66 Slovenia 5.29 Sweden 4.77 Hong Kong 5.40 Thailand 6.18 21 Slovenia 5.66 USA 5.29 Philippines 4.73 Thailand 5.33 Singapore 6.18 22 Sweden 5.61 Estonia 5.27 Slovenia 4.63 Denmark 5.22 Netherlands 6.09 23 Czech Republic 5.60 Jordan 5.15 Lithuania 4.60 Netherlands 5.20 Indonesia 6.05 24 Jordan 5.50 China 5.15 Jordan 4.60 Germany 5.14 Poland 6.00 25 Iceland 5.44 Ireland 5.02 New Zealand 4.49 Turkey 4.87 Peru 5.991. Surveyed question: Resilience of the economy to economic cycles is strong (Updated: May 2011, Institute for Management Development (IMD) World CompetitivenessYearbook executive survey based on an index from 0 to 10).Sources: IMD World Competitiveness Online 1995-2011; AustradeThe Australian economy has recorded 20 years of uninterrupted growth to 2011. The strength of the Australian economy is well recognised.The 2011 Institute for Management Development (IMD) World Competitiveness Yearbook rated Australia’s economy the second most resilientin the world for the two consecutive years to 2011. For economies with populations greater than 20 million, Australia has topped this categoryeach year since 2008. Section 1 Strong Economy > 3
  6. 6. The Prosperity Index – 2010 World Ranking by Country1 Overall Overall Entrepreneurship Safety & Personal Social Rank Economy Score Economy & Opportunity Governance Education Health Security Freedom Capital 1 Norway 3.375 1 6 12 4 4 2 2 1 2 Denmark 3.235 4 1 2 5 17 6 6 2 3 Finland 3.086 9 4 7 3 10 3 12 7 4 Australia 3.059 8 13 8 2 15 13 4 4 5 New Zealand 3.027 17 14 4 1 19 7 3 3 6 Sweden 2.995 7 2 6 10 9 8 5 11 7 Canada 2.979 5 10 5 12 11 16 1 8 8 Switzerland 2.928 2 11 1 29 3 12 19 6 9 Netherlands 2.811 3 12 10 13 13 18 13 5 10 USA 2.776 14 3 3 9 1 25 9 12 11 Ireland 2.729 22 7 14 15 14 4 7 10 13 UK 2.473 18 5 9 22 20 23 15 9 15 Germany 2.332 13 15 15 25 6 20 14 16 17 Singapore 2.040 6 8 11 30 24 5 36 54 18 Japan 1.866 11 19 20 24 5 11 42 31 19 France 1.864 19 20 19 14 7 27 17 42 20 Hong Kong 1.845 10 17 18 53 34 14 16 24 22 Taiwan 1.535 25 22 37 7 26 10 28 52 23 Spain 1.531 33 27 22 11 25 38 18 35 25 Italy 1.307 29 30 32 19 18 30 27 30 27 South Korea 1.208 15 18 31 8 30 33 64 59 30 UAE 1.054 30 24 38 34 35 24 54 36 43 Malaysia 0.246 21 34 34 45 44 52 90 90 45 Brazil 0.077 32 49 60 75 55 76 25 56 52 Thailand -0.086 23 54 53 47 64 75 106 20 58 China -0.374 24 60 64 59 66 92 102 27 61 Vietnam -0.462 62 77 62 81 74 46 66 68 64 Philippines -0.542 52 69 55 60 81 85 56 82 70 Indonesia -0.669 43 82 70 70 84 56 96 44 88 India -1.269 44 93 41 89 95 78 74 105UAE = United Arab Emirates.1. The Prosperity Index assesses 110 countries, accounting for over 90 per cent of the world’s population, and is based on 89 different variables, each of which has ademonstrated effect on economic growth or on personal well-being. The Index consists of eight sub-indexes, each of which represents a fundamental aspect of prosperity:1. Economy; 2. Entrepreneurship & Opportunity; 3. Governance; 4. Education; 5. Health; 6. Safety & Security; 7. Personal Freedom; and 8. Social Capital. The Legatum Institute is aLondon-based global think tank that promotes political, economic, and individual liberty around the globe, with a special focus on developing and transitioning countries.Sources: The 2010 Legatum Prosperity Index; AustradeAustralia is ranked fourth in the world and first in the Asia Pacific in the Legatum Institute’s 2010 Prosperity Index of more than 100 countries.Countries were rated on the following: economy, entrepreneurship and opportunity, governance, education, health, safety and security,personal freedom and social capital. Australia achieved the following top ten rankings: education (second), personal freedom (fourth), socialcapital (fourth), economy (eighth), and governance (eighth). Section 1 Strong Economy > 4
  7. 7. Real GDP Growth by EconomyF Average Growth Rate Rank 1998 to 2012 2004 2005 2006 2007 2008 2009 2010 2011F 2012F China 9.8 10.1 11.3 12.7 14.2 9.6 9.2 10.3 9.6 9.5 India 7.0 8.1 9.2 9.7 9.9 6.2 6.8 10.4 8.2 7.8 Vietnam 6.9 7.8 8.4 8.2 8.5 6.3 5.3 6.8 6.3 6.8 Mongolia 6.7 10.6 7.3 18.8 10.2 8.9 -1.3 6.1 9.8 7.1 UAE 5.4 10.1 8.6 8.8 6.6 5.3 -3.2 3.2 3.3 3.8 Singapore 5.3 9.2 7.4 8.7 8.8 1.5 -0.8 14.5 5.2 4.4 Russia 4.6 7.2 6.4 8.2 8.5 5.2 -7.8 4.0 4.8 4.5 Philippines 4.4 6.4 5.0 5.3 7.1 3.7 1.1 7.3 5.0 5.0 Taiwan 4.3 6.2 4.7 5.4 6.0 0.7 -1.9 10.8 5.4 5.2 Malaysia 4.3 6.8 5.3 5.8 6.5 4.7 -1.7 7.2 5.5 5.2 South Korea 4.3 4.6 4.0 5.2 5.1 2.3 0.2 6.1 4.5 4.2 Indonesia 3.9 5.0 5.7 5.5 6.3 6.0 4.6 6.1 6.2 6.5 Hong Kong 3.7 8.5 7.1 7.0 6.4 2.3 -2.7 6.8 5.4 4.2 Thailand 3.4 6.3 4.6 5.1 5.0 2.5 -2.3 7.8 4.0 4.5 Australia1 3.3 3.8 3.1 2.6 4.6 2.6 1.3 2.7 2.0 3.5 Brazil 3.2 5.7 3.2 4.0 6.1 5.2 -0.6 7.5 4.1 3.6 Canada 2.6 3.1 3.0 2.8 2.2 0.5 -2.8 3.2 2.9 2.6 Spain 2.5 3.3 3.6 4.0 3.6 0.9 -3.7 -0.1 0.8 1.6 New Zealand 2.4 4.5 3.3 1.0 2.8 -0.2 -2.1 1.5 0.9 4.1 USA 2.4 3.6 3.1 2.7 1.9 0.0 -2.6 2.9 2.5 2.7 Netherlands 1.9 2.2 2.0 3.4 3.9 1.9 -3.9 1.7 1.5 1.5 UK 1.9 3.0 2.2 2.8 2.7 -0.1 -4.9 1.4 1.5 2.3 Switzerland 1.9 2.5 2.6 3.6 3.6 1.9 -1.9 2.6 2.4 1.8 France 1.8 2.3 2.0 2.4 2.3 0.1 -2.6 1.4 2.1 1.9 Germany 1.4 0.7 0.9 3.6 2.8 0.7 -4.7 3.5 3.2 2.0 Italy 0.8 1.5 0.7 2.0 1.5 -1.3 -5.2 1.3 1.0 1.3 Japan 0.7 2.7 1.9 2.0 2.4 -1.2 -6.3 4.0 -0.7 2.9 World Average2 2.8 3.9 3.5 4.0 3.9 1.6 -2.1 4.0 3.4 3.7F = Forecast; UAE = United Arab Emirates.1. Australia’s 2011 and 2012 figures were sourced from International Monetary Fund (IMF) ‘Australia – 2011 Article IV Consultation Concluding Statement’.2. Based on market exchange rates.Sources: International Monetary Fund, World Economic Outlook (WEO) Database, April 2011, WEO Update June 2011; AustradeIn its latest assessment of Australia’s economy, the International Monetary Fund (IMF) sees the economic outlook for Australia as favourable,led by private investment in mining and commodity exports. It expects strong commodity demand to be long lasting because of favourableprospects for sustained growth in emerging Asia, including China. The IMF projects real GDP growth of 2 per cent for calendar year 2011 and3.5 per cent growth in 2012, with the unemployment rate remaining at around 5 per cent. It notes Australia’s economic stability has beensupported by prudent fiscal policy and ongoing structural reforms. Section 1 Strong Economy > 5
  8. 8. Australia’s Terms of TradeIndex, Trend Terms130120110100 90 80 70 60 50 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun JunSources: Australian Bureau of Statistics Cat. No. 5206.0, – Australian National Accounts: National Income, Expenditure and Product, June 2011, Table 1. Key NationalAccounts Aggregates (Released 07 September 2011); AustradeAustralia’s terms of trade have reached their highest levels in 140 years, based on strong price increases for Australia’s key non-ruralcommodity exports. This reflects strong commodity demand from booming Asian economies, particularly those of China and India. Section 1 Strong Economy > 6
  9. 9. Unemployment Rate by Country Unemployment Rate – Percentage of Labour Force, Annual Rate Latest Rate1 Rank 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Norway 3.9 4.4 4.4 4.6 3.4 2.5 2.6 3.2 3.6 2.8 Switzerland 2.9 4.1 4.3 4.4 4.0 3.6 3.4 4.1 4.2 2.8 South Korea 3.3 3.6 3.7 3.7 3.4 3.2 3.2 3.6 3.7 3.3 Netherlands 3.1 4.1 5.0 5.3 4.3 3.6 3.0 3.7 4.5 4.3 Japan 5.4 5.2 4.7 4.4 4.1 3.9 4.0 5.0 5.0 4.7 Australia 6.4 5.9 5.4 5.0 4.8 4.4 4.2 5.6 5.2 5.1 Mexico 2.9 3.0 3.7 3.5 3.2 3.4 3.5 5.2 5.3 5.6 Brazil 9.1 9.7 8.9 9.3 8.4 8.1 7.1 8.3 – 6.0 Russia 7.9 8.2 7.8 7.2 7.2 6.1 6.3 8.4 7.5 6.5 New Zealand 5.3 4.8 4.0 3.8 3.9 3.7 4.2 6.1 6.5 6.5 Sweden 5.2 5.8 6.5 7.7 7.0 6.1 6.1 8.3 8.4 6.9 Germany 8.6 9.3 10.3 11.1 10.3 8.6 7.5 7.7 7.1 7.0 Denmark 4.6 5.4 5.5 4.8 3.9 3.8 3.3 6.0 7.4 7.2 Canada 7.7 7.6 7.2 6.8 6.3 6.0 6.1 8.3 8.0 7.2 Chile 8.9 8.5 8.8 8.0 7.7 7.1 7.8 9.7 8.1 7.5 Belgium 7.5 8.2 8.4 8.4 8.2 7.5 7.0 7.9 8.3 7.5 UK 5.1 4.8 4.6 4.6 5.3 5.2 5.3 7.7 7.8 7.9 Finland 9.0 9.0 8.8 8.4 7.6 6.8 6.3 8.3 8.4 7.9 Italy 9.0 8.7 8.0 7.7 6.8 6.1 6.7 7.8 8.4 8.2 USA 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 9.1 France 8.7 8.5 8.8 8.9 8.8 8.0 7.4 9.1 9.3 9.2 Turkey 10.4 10.5 10.8 10.6 10.2 10.3 11.0 14.0 11.9 9.4 Portugal 5.0 6.3 6.7 7.6 7.7 8.0 7.6 9.5 10.8 12.3 Ireland 4.4 4.6 4.5 4.7 4.6 4.6 5.7 12.0 13.6 14.5 Greece 10.3 9.7 10.5 9.8 8.9 8.3 7.7 9.5 12.5 15.9 Spain 11.4 11.3 11.0 9.2 8.5 8.3 11.3 18.0 20.1 21.21. Latest unemployment rate for each country – annual rates for 2011 not yet available.Sources: 2002 to 2010 data taken from OECD.StatExtracts on 01 Sep 2011, and latest figures sourced from Bloomberg on 01 Sep 2011; AustradeAustralia’s unemployment rate has eased to around 5 per cent after peaking at 5.8 per cent in the middle of 2009. Over the past two yearsemployment in Australia rose by almost half a million. Globally, Australia is ranked second in terms of economic resilience which is attributedin part to the openness of the economy and sustained economic reforms over recent decades. Section 1 Strong Economy > 7
  10. 10. Australia’s Real Gross Value Added by Industry1As a percentage of total industry Mining . Finance/Insurance . Professional/Scienti c/ Manufacturing . Technical Services . Agriculture/Forestry/Fishing . Healthcare/Social Assistance . Construction . Transport/Postal/Warehousing . Utilities . Public Administration/Safety . Other Services2 . Wholesale Trade . Retail Trade . Education/Training . Rental/Hiring/Real Estate Services . Information Media/Telecommunications . Service Industries .1. Annual total to June 2011.2. Including Ownership of Dwellings (7.9%), Administrative/Support Services (2.6%), Accommodation/Food Services (2.2%), and Arts/Recreation Services (0.8%).Sources: Australian Bureau of Statistics, Cat. No. 5206.0, National Income, Expenditure and Product, Time Series Workbook (Released 7 September 2011), Table 33; AustradeThe financial sector is the largest contributor to Australia’s national output, directly generating 11 per cent or A$135 billion of real gross valueadded in the year to June 2011. Australia’s financial sector continues to grow faster than most other sectors of the economy. The financialservices industry is a major driver of Australia’s economic growth, contributing almost four times that of agriculture, forestry and fisheries(A$34 billion), and almost 15 per cent more than mining (A$118 billion). Section 1 Strong Economy > 8
  11. 11. Australia’s Real Gross Value Added – Growth by Industry1Professional/Scienti c/Technical Services . Construction . Administrative/Support Services . Financial/Insurance Services . Agriculture/Forestry/Fishing . Healthcare/Social Assistance . Information/Media/Telecommunications . Arts/Recreation Services . Retail Trade . Transport/Postal/Warehousing . Wholesale Trade . Mining . Accommodation/Food Services . Public Administration/Safety . Education/Training . Utilities . All Industry Average Growth: . Per Annum Rental/Hiring/Real Estate Services . Manufacturing . 0 1 2 3 4 5 6 7 Average Annual Growth Rate (%)1. Annual total to June each year.Sources: Australian Bureau of Statistics, Cat. No. 5206.0, National Income, Expenditure and Product, Time Series Workbook (Released 7 September 2011), Table 33; AustradeAustralia’s finance and insurance sector has been one of the country’s highest performing industries, achieving an average annual growthrate of 4.9 per cent per annum between 1998 and 2011. This is well above the combined average for all industries (3.4 per cent) and reflectsthe overall strength of Australia’s service-based economy (which currently accounts for almost 80 per cent of the Australian economy). Section 1 Strong Economy > 9
  12. 12. General Government Financial Balances – 2012 Surplus (+) or Deficit (-) as a percentage of nominal GDP 5.0 2.5 . . . . 0.0 - . - . - .-2.5 - . - . - . - . - . - . - . - . - . - . - . - . - .-5.0 - . - . - . -7.5 - . - . - . - .-10.0 Sweden USA Japan Ireland UK Greece New Zealand France Portugal Spain Poland Canada Hungary Austria Denmark Euro area Israel Belgium Italy Netherlands Australia Germany Finland Luxembourg Switzerland South Korea Turkey Sources: OECD Economic Outlook No. 89 – June 2011 – Annual Projections for OECD Countries, Annex Table 27 (Released 25 May 2011); Austrade The Organisation for Economic Co-operation and Development (OECD) Economic Outlook confirms that the Australian economy remains one of the best performing in the developed world. The report shows that our general government financial deficit as a percentage of GDP is one of the lowest amongst OECD countries. The OECD has also given a strong endorsement of the Government’s fiscal strategy, stating that the prudent fiscal consolidation strategy reinforces Australia’s commitment to sound public finances. Section 1 Strong Economy > 10
  13. 13. General Government Net Debt1 – 2012As a percentage of GDP140 .120 Average 64.4 Advanced 73.3 . Emerging 25.7 .100 . . . 80 . . 60 . . . . 40 . . . . . . . 20 . . . 0 Japan Ireland Italy Portugal Belgium France UK USA Spain Germany Austria Switzerland South Africa Brazil Mexico Canada Netherlands Turkey South Korea New Zealand Australia Denmark1. IMF staff estimates and projections. Projections are based on staff assessment of current policies.Sources: International Monetary Fund (IMF) World Economic and Financial Surveys, Fiscal Monitor, April 2011, Statistical Table 8; AustradeAustralian Government net debt is estimated to be around 8 per cent of GDP, according to the International Monetary Fund (IMF) 2011 WorldEconomic and Financial Surveys. The ratio is well below the average of 73.3 per cent of GDP for advanced economies. The relatively low levelof public sector debt reinforces Australia’s strong financial position and sound economic credentials. Section 1 Strong Economy > 11
  14. 14. SecTIon 2Open Economy World merchandise Trade by country 13Australia has an open economy which is Australia’s Trade in Goods and Services 14increasingly integrated with countries in contribution to Australia’s Total exports by Sector 15our region – the fastest growing markets in Australia’s merchandise exports by country 16the world. Australia’s merchandise Imports by country 17 Australia’s merchandise exports and Imports by Industry 18 markets for Australian exports 19 Australia’s Rural and mineral Resources exports 20 exports and Imports of Australian mineral Resources 21 Value of Australian mineral exports by Destination 22 World energy Selected Indicators 23 outlook for World primary energy Demand 24 Distribution of Foreign Students in Tertiary education 25 Australia’s exports of education Services 26 overseas Students by Home country and Field of Study 27 Australian Universities Academic Ranking in Top 500 28 Stock of Foreign Direct Investment in Australia 29 Foreign Direct Investment Inward Stock by economy 30 open economy
  15. 15. World Merchandise Trade by Economy – 2010Excluding Intra-EU (27) trade Value Share Annual % Value Share Annual % Rank Exporters (US$Bn) % change Rank Importers (US$Bn) % change 1 Extra-EU (27) exports 1,787 15.0 17 1 Extra-EU (27) exports 1,977 16.5 18 2 China 1,578 13.3 31 2 USA 1,968 16.4 23 3 USA 1,278 10.8 21 3 China 1,395 11.6 39 4 Japan 770 6.5 33 4 Japan 693 5.8 25 5 South Korea 466 3.9 28 5 Hong Kong 442 3.7 25 – retained imports1 116 1.0 31 6 Hong Kong 401 3.4 22 6 South Korea 425 3.5 32 – domestic exports1 18 0.2 7 – re-exports1 383 3.2 23 7 Russia 400 3.4 32 7 Canada2 402 3.3 22 8 Canada 387 3.3 22 8 India 323 2.7 25 9 Singapore 352 3.0 30 9 Singapore 311 2.6 26 – domestic exports 183 1.5 32 – retained imports3 142 1.2 24 – re-exports 169 1.4 28 10 Mexico 298 2.5 30 10 Mexico 311 2.6 29 11 Taiwan 275 2.3 35 11 Taiwan 251 2.1 44 12 Saudi Arabia1 254 2.1 32 12 Russia2 248 2.1 30 13 UAE1 235 2.0 27 13 Australia 202 1.7 22 14 India 216 1.8 31 14 Brazil 191 1.6 43 15 Australia 212 1.8 38 15 Turkey 185 1.5 32 16 Brazil 202 1.7 32 16 Thailand 182 1.5 36 17 Malaysia 199 1.7 26 17 Switzerland 176 1.5 13 18 Switzerland 195 1.6 13 18 UAE1 170 1.4 13 19 Thailand 195 1.6 28 19 Malaysia 165 1.4 33 20 Indonesia 158 1.3 32 20 Indonesia 132 1.1 46 Total of above4 9,858 83.0 Total of above4 10,149 84.5 World4 (excl. Intra-EU (27)) 11,878 100 26 World4 (excl. Intra-EU (27)) 12,016 100 24UAE = United Arab Emirates.1. WTO Secretariat estimates.2. Imports are valued FOB (Free On Board).3. Singapore’s retained imports are defined as imports less re-exports.4. Includes significant re-exports or imports for re-export.Source: World Trade Organization (WTO), World Trade 2010, Prospects for 2011, Press Release (7 April 2011), Appendix Table 4; AustradeThe ratio of Australia’s trade (exports plus imports) in goods and services to GDP was high, around 40 per cent in 2010-11. According to thelatest report by the World Trade Organization (WTO), Australia exported more than US$210 billion worth of merchandise goods and importedaround US$202 billion worth of merchandise products, respectively the 15th and 13th largest globally. Section 2 Open Economy > 13
  16. 16. Australia’s Trade in Goods and ServicesA$ Million seasonally adjusted30,000 8,000 Exports (LHS) 6,00025,000 4,000 Imports (LHS)20,000 2,00015,000 010,000 Trade Balance (RHS) -2,000 5,000 -4,000 0 -6,000 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec JunSources: Australian Bureau of Statistics, Cat. No. 5368.0, International Trade in Goods and Services, Australia Table 1 (Released 3 August 2011); AustradeIn 2010-11, Australia’s annual export value of goods and services rose by 17 per cent to A$298 billion. The surge was led by minerals, up48 per cent to A$79 billion, and fuels, which climbed 20 per cent to A$68 billion. Australia’s annual imports also increased by 7 per cent toA$276 billion in 2010-11. Australia recorded a total trade surplus of A$22 billion in 2010-11, a marked turnaround on the A$3 billion deficit ofthe previous year. Section 2 Open Economy > 14
  17. 17. Contribution to Australia’s Total Exports by SectorReal value as a percentage of total exports60 1979-80 1989-90 1999-00 2009-105040302010 0 Rural Mineral and Energy Other Merchandise, Services Resources incl. ManufacturingSources: Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), Australian Commodity Statistics 2010, Australian Economy Overview Tables,Table 7, (Released 2 December 2010); AustradeOver the past four decades, resources as a percentage of Australia’s total exports of goods and services have risen to over 50 per cent fromaround 17 per cent in 1980. In percentage terms, exports of rural and other merchandise, including manufacturing, have declined with eachcontributing around 14 per cent to total exports. Section 2 Open Economy > 15
  18. 18. Australia’s Merchandise Exports by Country1A$ Billion FOB Value Share % CAGR % Rank Economy 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2010-11 2006-11 1 China 18.1 22.8 27.0 39.3 46.5 64.6 26.4 28.9 2 Japan 31.1 32.6 35.0 52.8 37.1 46.8 19.1 8.5 3 South Korea 11.8 13.1 14.2 19.3 16.5 22.5 9.2 13.8 4 India 7.4 10.1 9.3 15.4 16.2 15.6 6.4 16.1 5 Taiwan 5.9 6.2 6.5 8.1 6.9 9.1 3.7 9.0 6 USA 9.8 9.8 10.6 11.6 9.5 9.1 3.7 -1.5 7 New Zealand 8.7 9.4 9.5 8.5 8.0 7.7 3.1 -2.6 8 Thailand 4.2 4.3 4.6 5.0 4.7 7.0 2.9 10.5 9 UK 7.8 6.1 8.3 11.5 7.2 6.5 2.7 -3.4 10 Singapore 4.2 4.6 5.2 5.5 5.0 5.4 2.2 5.3 11 Indonesia 4.0 4.2 4.0 4.3 4.3 4.8 2.0 3.7 12 Malaysia 2.5 3.1 3.4 3.7 3.1 4.1 1.7 10.0 13 Hong Kong 2.9 3.0 2.8 3.2 2.7 3.3 1.3 2.4 14 Netherlands 2.6 3.0 2.9 3.2 2.1 3.0 1.2 2.9 15 Papua New Guinea 1.4 1.5 1.6 1.6 2.0 2.2 0.9 9.8 16 UAE 1.6 2.4 3.1 3.6 2.0 2.2 0.9 5.9 17 Germany 1.4 1.4 1.5 2.2 1.7 2.1 0.9 8.2 18 Vietnam 0.9 1.6 1.8 1.2 1.4 1.8 0.7 14.6 19 South Africa 2.2 2.3 2.4 2.1 1.8 1.6 0.7 -6.1 20 Brazil 0.9 0.9 0.9 1.5 1.3 1.5 0.6 9.8 Other Markets 22.9 25.4 26.0 27.1 20.7 23.8 9.7 0.8 TOTAL 152.4 168.0 180.8 230.8 200.6 244.5 100.0 9.9CAGR = Compound Annual Growth Rate.FOB = Free on Board.UAE = United Arab Emirates.1. Financial year ending June.Sources: Australian Bureau of Statistics Cat No. 5368.0 International Trade in Goods and Services, Australia (Released 3 August 2011), Table 14a; AustradeAustralia’s merchandise exports rose 10 per cent a year between 2005-06 and 2010-11. This impressive result was primarily due to strongdemand for our minerals and fuels in Asia. Of the top ten export markets in 2011, eight were from the Asia-Pacific region. Their combinedvalue accounted for 73 per cent of Australia’s total export earnings in 2010-11, up from 60 per cent five years ago. Section 2 Open Economy > 16
  19. 19. Australia’s Merchandise Imports by Country1Customs Value A$ Billion Share % CAGR % Rank Economy 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2010-11 2006-11 1 China 23.2 27.1 31.0 37.0 36.4 41.1 19.2 12.1 2 USA 22.8 24.9 24.3 25.3 21.9 23.3 10.9 0.4 3 Japan 17.3 17.4 19.7 17.8 17.8 16.7 7.8 -0.8 4 Singapore 10.5 10.1 13.7 13.4 10.9 11.4 5.3 1.6 5 Germany 8.7 9.3 10.6 11.1 10.7 10.2 4.8 3.4 6 Thailand 5.4 7.2 8.8 10.8 12.4 9.1 4.3 11.1 7 Malaysia 6.8 6.6 8.1 8.3 8.5 8.8 4.1 5.5 8 New Zealand 5.5 5.6 7.0 7.1 7.0 7.4 3.4 6.1 9 South Korea 6.5 6.0 6.2 6.5 7.1 7.0 3.3 1.5 10 UK 6.0 7.4 8.5 9.0 5.8 6.0 2.8 0.1 11 Indonesia 4.6 4.6 4.6 5.0 4.7 5.8 2.7 4.8 12 Italy 4.2 4.9 4.9 5.3 4.8 4.8 2.3 3.0 13 France 5.3 3.9 5.0 4.7 3.9 3.8 1.8 -6.6 14 Taiwan 3.8 4.4 4.1 4.1 3.4 3.6 1.7 -1.0 15 Papua New Guinea 2.3 2.2 2.7 3.0 2.9 3.5 1.6 8.4 16 UAE 0.7 1.7 2.5 1.9 2.3 3.1 1.5 36.3 17 Vietnam 4.1 4.5 5.1 4.4 3.1 2.7 1.2 -8.4 18 Switzerland 1.6 1.9 2.1 2.5 2.2 2.5 1.2 9.8 19 Sweden 2.4 2.3 2.5 2.4 2.1 2.3 1.1 -0.7 20 Ireland 1.9 2.1 2.0 2.4 2.3 2.2 1.0 3.3 Other Markets 24.0 26.4 28.7 37.2 33.4 38.8 18.1 10.1 TOTAL 167.5 180.8 202.3 219.5 203.6 214.2 100.0 5.0CAGR = Compound Annual Growth Rate.UAE = United Arab Emirates.1. Financial year ending June.Sources: Australian Bureau of Statistics Cat No. 5368.0 International Trade in Goods and Services, Australia (Released 3 August 2011), Table 14b; AustradeAustralia’s merchandise imports rose 5 per cent a year between 2006 and 2011. Of the top 10 import partners, seven were from theAsia-Pacific region, with a total combined value of more than A$100 billion. These accounted for almost half of Australia’s total imports billsin 2010-11. China is Australia’s largest source of imports, overtaking the USA in 2005-06, with a total bill of A$ 41.1 billion in 2010-11. Section 2 Open Economy > 17
  20. 20. Australia’s Merchandise Exports and Imports by Industry1A$ Billion Share % CAGR % Rank Exports by Industry 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2010-11 2006-11 1 Metal Ore Mining 20.8 25.8 31.5 43.2 45.1 69.6 28.5 27.3 2 Coal Mining 24.3 21.8 24.4 54.7 36.4 43.1 17.6 12.2 3 Primary Metal and Metal Product MFG 25.0 33.5 34.1 37.0 30.9 33.4 13.7 5.9 4 Oil and Gas Extraction 11.4 13.9 16.6 19.4 17.9 22.5 9.2 14.5 5 Food Product MFG 13.5 13.9 13.8 15.8 13.6 14.6 6.0 1.6 6 Agriculture 8.1 7.5 8.3 10.4 8.8 11.6 4.8 7.6 7 Machinery and Equipment MFG 9.9 10.5 11.0 11.7 10.4 11.1 4.5 2.2 8 Basic Chemical and Chemical Product MFG 6.2 6.9 7.4 7.5 7.2 7.1 2.9 2.7 9 Transport Equipment MFG 6.1 5.3 6.4 5.5 4.5 4.1 1.7 -7.4 10 Petroleum and Coal Product MFG 3.2 3.1 3.8 3.1 2.6 2.9 1.2 -2.1 Other Industries 24.0 25.7 23.6 22.6 23.3 24.5 10.0 0.4 TOTAL 152.4 168.0 180.8 230.8 200.6 244.5 100.0 9.9 Share % CAGR % Rank Imports by Industry 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2010-11 2006-11 1 Machinery and Equipment MFG 51.2 55.0 57.4 63.3 58.6 60.7 28.3 3.4 2 Transport Equipment MFG 27.5 28.6 33.1 26.1 29.2 28.0 13.1 0.4 3 Basic Chemical and Chemical Product MFG 17.3 18.5 20.0 22.2 20.1 21.8 10.2 4.8 4 Oil and Gas Extraction 12.8 14.1 17.9 17.0 16.3 21.6 10.1 11.1 5 Petroleum and Coal Product MFG 8.8 8.1 12.7 13.0 11.2 12.0 5.6 6.4 6 Primary Metal and Metal Product MFG 9.3 11.0 13.1 18.7 13.3 11.7 5.5 4.7 7 Textile, Leather, Clothing and Footwear MFG 8.5 9.0 9.2 10.6 9.6 10.5 4.9 4.2 8 Food Product MFG 5.5 6.5 7.1 8.2 7.8 8.2 3.8 8.2 9 Polymer Product and Rubber Product MFG 5.4 6.2 6.4 7.0 6.9 7.4 3.5 6.5 10 Fabricated Metal Product MFG 5.0 5.8 6.0 7.6 6.3 6.8 3.2 6.5 Other Industries 16.3 17.9 19.3 25.6 24.3 25.5 11.9 9.5 TOTAL 167.5 180.8 202.3 219.5 203.6 214.2 100.0 5.0CAGR = Compound Annual Growth Rate; MFG = Manufacturing.1. Financial year ending June.2. Australian New Zealand Standard Industry Classification 2006 (Trade version).Sources: Australian Bureau of Statistics Cat No. 5368.0 International Trade in Goods and Services, Australia (Released 3 August 2011), Tables 32b and 35a; AustradeIron ore exports have grown rapidly with a Compound Annual Growth Rate (CAGR) of 27 per cent between 2006 and 2011. Iron ore hasovertaken coal as Australia’s number one export since 2009-10, with a 28.5 per cent share of total export earnings in 2010-11 valued atA$69.6 billion. Coal is our second most important export with a total value of more than A$43 billion in 2010-11 and market share of 17.6per cent. Australia’s merchandise imports have increased moderately with a CAGR of 5 per cent over the past five years. Machinery andtransport equipment were Australia’s top two imports, with a total combined bill of A$89 billion in 2010-11 and market share of 41 per cent. Section 2 Open Economy > 18
  21. 21. Markets for Australian ExportsAs a percentage of total exports by economy and industry in 2009-10 Dollars (A$ Billion) China Japan South Korea India EU 27 USA New Zealand Other TOTAL 1999-00 132.8 5 19 8 2 13 10 7 36 2009-10 200.7 23 18 8 8 8 5 4 26 (A$ Billion) Japan ASEAN Other Asia China USA EU 27 Middle East Other Agriculture 1999-00 33.5 17 15 15 7 8 11 8 19 2009-10 28.6 14 14 14 12 8 6 6 26 (A$ Billion) China Japan India South Korea EU 27 Other Asia Thailand Other Minerals 1999-00 37.9 5 16 1 9 9 22 2 36 2009-10 82.1 37 12 11 8 8 7 3 14 (A$ Billion) Japan South Korea India Taiwan Other Asia EU 27 Other Energy 1999-00 25.2 39 12 3 7 12 7 20 2009-10 57.5 38 12 11 5 20 5 9 New (A$ Billion) Zealand USA China EU 27 South Korea Japan Other Manufacturing 1999-00 31.4 21 23 4 24 8 8 12 2009-10 29.1 19 19 18 15 5 4 20EU = European Union.Sources: Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), Australian Commodities, June quarter 2011, vol 18 no 2, June quarter 2011,Page 145; AustradeChina was Australia’s largest merchandise export destination with a market share of 23 per cent of our total export value in real terms in2009-10. This figure was up sharply from 5 per cent 10 years ago and reflects the surge in China’s demand for our mineral goods. Indiahas also emerged as a significant export destination, with a market share of 8 per cent in 2010. With regards to market shares of majordeveloped economies, Japan remains important accounting for 18 per cent of exports. The shares going to the European Union and the USAhave declined to 8 per cent and 5 per cent respectively. Section 2 Open Economy > 19
  22. 22. Australia’s Rural and Mineral Resources Exports1 Current Price A$ Billion 2011-12F 2007-12F 2006-07 2007-08 2008-09 2009-10 2010-11F 2011-12F % Share YoY % Change % CAGR Rural Cereal Grains and Products 4.2 5.0 6.9 5.3 7.3 8.5 3.3 15.9 15.2 Sugar and Honey 1.7 1.2 1.5 2.1 1.4 1.4 0.6 1.7 -2.9 Meat and Meat Preparations 7.1 6.5 7.5 6.4 6.9 6.9 2.7 0.3 -0.6 Wool and Sheepskins 3.1 2.8 2.3 2.3 3.0 3.0 1.2 0.7 -0.1 Other Rural2 14.4 14.5 15.8 14.5 15.4 16.3 6.5 5.8 2.5 TOTAL 30.4 30.0 33.9 30.5 34.0 36.1 14.3 6.2 3.5 Mineral Resources Coal, Coke and Briquettes 21.9 24.6 55.0 36.8 46.2 60.7 24.0 31.2 22.6 Other Mineral Fuels 15.6 18.9 20.7 19.0 22.8 25.8 10.2 13.0 10.5 Metalliferous Ores and 36.0 42.0 52.7 54.1 80.2 92.0 36.4 14.7 20.6 Other Minerals3, E Gold 10.7 12.3 17.5 14.3 15.0 20.0 7.9 33.2 13.2 Other Metals4,E 22.3 18.5 14.4 14.0 16.2 18.1 7.2 11.9 -4.1 TOTALE 106.7 116.2 160.2 138.2 180.5 216.6 85.7 20.0 15.2 TOTAL COMMODITIES SECTORE 137.1 146.1 194.1 168.7 214.5 252.7 100.0 17.8 13.0CAGR = Compound Annual Growth Rate; E = ABARES estimate; F = ABARES forecast; YOY = Year on Year.1. Balance of payments basis.2. Includes other farm, forest and fisheries products. Includes exports of wine and of paper and paperboard, which are not included in this balance of payments item by the ABS.3. Includes diamonds, which are not included in this balance of payments item by the ABS.4. Includes ABARES estimates for steel and nickel, which are retained as confidential by the ABS.Sources: Australian Bureau of Agricultural and Resources Economics and Science (ABARES), June Statistics Data Table 6 ; Australian Bureau of Statistics (ABS), Balance ofPayments and International Investment Position, Australia, Cat. No. 5302.0, Canberra.Export earnings from the rural and mineral resources sectors are expected to reach a record A$253 billion in 2011-12. This represents anoverall increase of 18 per cent from an estimated A$215 billion in 2010-11. The value of rural exports is predicted to grow by 6 per cent in2011-12 to A$36 billion, following an estimated rise of 12 per cent to A$34 billion in 2010-11. This forecast increase largely reflects expectedhigher farm production and a favourable outlook for agricultural prices on world markets. Export earnings from mineral resources areprojected to jump by 20 per cent in 2011-12 to A$217 billion, following an estimated rise of 31 per cent to around A$181 billion in 2010-11. Section 2 Open Economy > 20
  23. 23. Exports and Imports of Australian Mineral Resources1 160 140 120 100A$ Billion 80 Exports 60 40 Imports 20 0 1970-71 1973-74 1976-77 1979-80 1982-83 1985-86 1988-89 1991-92 1994-95 1997-98 2000-01 2003-04 2006-07 2009-10 1. Balance of payments basis. Sources: Australian Bureau of Agricultural and Resource Economics and Sciences, Australian Commodity Statistics 2010, Australian Economy – Resources Sector, Table 37; Austrade With the rise in demand for commodities, notably from emerging Asian economies, the value of Australia’s resource exports increased sharply to around A$137 billion in 2010 from A$45 billion in 2000 and from less than A$25 billion 20 years ago. Imports also rose rapidly, albeit from a lower base. The import bill of mineral resources was estimated to be around A$40 billion in 2009-10. Section 2 Open Economy > 21
  24. 24. Value of Australian Mineral ExportsA$ Billion by destination40 37.7 1999-00 2009-1035 31.1302520 14.9 13.315 11.310 5.07 5.12 4.65 3.26 2.96 5 2.77 2.04 1.80 1.54 1.67 0.95 0.95 0.94 0.86 0.86 0.62 1.01 0.61 0.38 0.46 0.31 0 China Japan India South UK Taiwan Singapore USA Germany Netherlands New France Hong Korea Zealand KongCAGR = Compound Annual Growth Rate.1. Not on a balance of payments basis.Sources: Australian Bureau of Agricultural and Resource Economics and Sciences , Australian Commodity Statistics 2010, Australian Economy – Resources Sector,Table 40; AustradeIn 2009-10, Australia’s export earnings from mineral commodities totalled A$135 billion, up sharply from A$43 billion a decade ago. Thisrepresents a CAGR of 12 per cent over the past 10 years. The surge in our export earnings reflects continuing strong growth in demand fromAustralia’s major trading partners such as China, Japan, India and South Korea. The combined export value of these top four markets totalledA$97 billion in 2009-10, significantly up from A$19 billion between 2000 and 2010. The combined market share of these economies has risento 72 per cent of mineral exports in 2010 from 44 per cent 10 years ago. Section 2 Open Economy > 22
  25. 25. World Energy Selected Indicators Energy Net Exports (-)/ Electricity Energy Net Exports (-)/ Electricity Production Import (+) TPES Consumption1 Production Import (+) TPES Consumption1 (Mtoe) (Mtoe) (Mtoe) (TWh) (Mtoe) (Mtoe) (Mtoe) (TWh) Region Country/Economy World 12,369 – 12,267 18,603 Russia 1,254 -537 687 914 OECD 3,864 1,765 5,422 10,097 Saudi Arabia 579 -412 162 187 Asia 1,263 205 1,410 1,570 Norway 220 -189 30 119 Middle East 1,605 -975 594 672 Australia 302 -167 130 240 Africa 1,161 -487 655 562 Indonesia 347 -147 199 134 Latin America 728 -133 575 904 Canada 407 -145 267 568 Country/Economy Kuwait 153 -125 26 46 USA 1,706 634 2,284 4,156 Algeria 162 -124 37 33 Japan 89 419 496 1,031 Iran 327 -123 202 174 Germany 134 211 335 587 Nigeria 227 -115 111 19 China2 1,993 210 2,131 3,293 Venezuela 181 -115 64 86 South Korea 45 195 227 430 UAE 181 -103 58 76 India 468 158 621 645 Qatar 125 -100 24 20 Italy 27 156 176 339 Angola 106 -94 11 3 France 137 139 267 494 Libyan Arab Jamahiriya 104 -85 18 25 Spain 30 123 139 288 Iraq 118 -83 34 36 Taiwan 13 97 105 230 Kazakhstan 148 -77 71 74 Turkey 29 73 99 171 Colombia 94 -60 31 44 Ukraine 81 59 136 164 Turkmenistan 69 -50 19 11 UK 167 58 208 372 Mexico 234 -47 181 215 Belgium 15 56 59 91 Azerbaijan 59 -45 13 20 Singapore 0 56 19 40 Oman 63 -43 16 14 Thailand 64 46 107 140 Trinidad and Tobago 40 -21 19 8 Netherlands 67 34 80 119 Sudan 35 -19 15 4 Poland 71 30 98 142 Malaysia 93 -18 73 94Mtoe = Million tonnes of oil equivalent; TPES = Total primary energy supply; TWh = Terawatt hours.UAE = United Arab Emirates. OECD = Organisation for Economic Co-operation and Development.1. Gross production plus imports minus exports minus losses.2. Includes Hong Kong.Sources: The International Energy Agency, 2010 Key World Energy Statistics, Selected Indicators for 2008; AustradeAustralia is one of the top energy export producers. Australia has more than one third of the world’s known economic uranium resources,very large coal (black and brown) resources that underpin exports and low-cost domestic electricity production, and substantial conventionalgas and coal seam gas resources. This globally significant resource base is capable of meeting both domestic and increased export demandfor energy over the next 20 years and beyond. Section 2 Open Economy > 23

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