12 things you should know about Australia’s economy

Here’s a dozen surprising statistics about Australia’s economy and it’s links with China.

Business Insider summarised an intensive presentation form HSBC chief economist Paul Bloxham with 12 stats that may surprise you:

  1. In the past six years, Australia’s economy has grown 16%.
    By comparison, the US has grown 6%, while the British economy has not grown at all and Europe’s is 2% smaller. China’s economy has grown by 65%.
  2. No other OECD economy has a larger export exposure to Asia than Australia and the largest part of this is to China.
  3. Around 73% of Australia’s exports go to Asia, and we expect this to rise to 80% by 2020.
  4. Three Asian economies alone – China, Japan and Korea – account for 54% of Australia’s exports.
  5. Much of what Australia exports are commodities, which account for 57% of total exports.
  6. Over the next six years the value of iron ore exports is expected to rise 54%, coal by 41% and LNG by 330%, as newly built capacity comes on line.
  7. Other goods and services account for 40% of Australia’s exports, which include agricultural products, manufactured goods, and tourism and education services.
  8. Chinese tourist visits to Australia have increased by 110% in the past four years.
  9. 28% of Australia’s population was born outside the country.
  10. Of the more than 5 million foreign-born individuals living in Australia, 2 million were born in Asia.
  11. Thanks to strong migration, Australia’s population growth has averaged 1.4% year on year over the past decade, compared to an average of +0.7% among the OECD economies.
  12. Australia’s financial ties are still mainly to Western markets, with 56% of foreign direct investment and 57% of overseas direct investment with the US and Europe, although links to Asia are growing.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au

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