Australia profile

Demography and Health

Australia has a population of about 27.2 million in 2024, reflecting its status as a large but sparsely populated country. The population growth is supported by positive net migration, recorded at 138,510 in 2024, which helps offset a comparatively modest birth rate of 10.8 per 1,000 people (2023) and a death rate of 6.9 per 1,000. Life expectancy is high at 83.1 years (2023), and child health indicators are favorable, with under-5 mortality at 3.7 per 1,000 live births. The unemployment rate is relatively low at 3.67% in 2023, signaling a robust labor market that complements high living standards. Nutritional status appears strong, with a prevalence of undernourishment at 2.5% in 2022, suggesting adequate access to food for most of the population. Australia’s health system is well financed, with current health expenditure at 9.93% of GDP (2022) and domestic general government health expenditure per capita, PPP, at 5,243 international dollars (2022). The physician workforce stands at about 4 physicians per 1,000 people (2021), supporting broad access to medical care. Digital connectivity reinforces health delivery and information access, as internet use reaches 97.1% of the population in 2023, enabling telehealth and health information services. While overall health outcomes are strong, mental health remains a policy priority, as indicated by suicide mortality at 13.1 per 100,000 people (2021). Taken together, these indicators portray Australia as a high-income society with strong health institutions, generous health funding, and favorable demographic dynamics that will increasingly rely on immigration-driven growth and continued innovation in health services.

Economy

Australia exhibits a high-income, open economy characterized by substantial household prosperity and a diversified production base. GDP per capita stands at 64,407 current US$ in 2024, with a purchasing power parity (PPP) GDP per capita of 71,193 international dollars in 2024, underscoring a strong standard of living and competitive productivity. The economy is outward-looking, as exports of goods and services amount to 24.7% of GDP in 2024, and imports account for 22.6% of GDP, signaling integration into global supply chains. Innovation and technology are visible strengths: high-technology exports reach about 8.19 billion US$, and residents filed 2,966 patent applications in 2021, complemented by research and development expenditure at 1.86% of GDP in 2021. Foreign direct investment inflows are 3.15% of GDP in 2024, indicating a favorable environment for capital formation and technology transfer. The current account balance is modestly negative at −1.96% of GDP in 2024, reflecting a large but balanced trading position typical of a resource-and-services economy with integrated financial markets. Inflation sits at 3.16% in 2024, signaling price stability consistent with advanced economies, while unemployment remains low at 3.67% in 2023. Military spending totals about 32.3 billion US$ in 2023, illustrating national security priorities without compromising social investment. Overall, Australia’s economy combines high living standards with openness to trade and investment, a strong innovation ecosystem, and prudent macro management that supports sustainable growth and resilience to global shocks.

Trade and Investment

Australia’s external sector is characterized by a mature, trade-oriented economy with sizable global linkages. Exports of goods and services amount to 24.7% of GDP in 2024, reflecting a diversified mix that includes commodities, services, and advanced manufacturing. Imports as a share of GDP stand at 22.6% in 2024, indicating a reliance on imported inputs for many modern production processes and consumer goods. Foreign direct investment inflows are 3.15% of GDP in 2024, signaling ongoing confidence from international investors and a conducive operating environment. The country also demonstrates competitive dynamics in knowledge-intensive sectors, with high-technology exports totaling 8.19 billion US$ in 2024 and 2,966 resident patent applications in 2021, pointing to a productive R&D ecosystem and strong IP activity. The logistics backbone—evidenced by a Logistics Performance Index of 4.1 (2022)—supports efficient trade flows, reinforcing Australia’s position as a reliable gateway to markets in Asia-Pacific and beyond. Collectively, these indicators portray an economy deeply engaged in global commerce, with steady capital inflows, a credible regulatory framework, and a capacity to leverage innovation for continued competitiveness on the world stage.

Governance and Institutions

Australia’s governance framework combines high regulatory quality with robust checks on corruption and strong public sector performance. Regulatory quality is 1.94 in 2023, indicating effective policy design and implementation that fosters competitive markets and credible regulatory environments. The rule of law (1.52) and control of corruption (1.78) reflect institutions with transparent processes and relatively low levels of illicit influence, while government effectiveness (1.59) signals competent administration of public services and policy delivery. Political stability and absence of violence or terrorism stand at 0.917 (2023), suggesting a stable political climate with occasional, manageable political dynamics typical of mature democracies. Together, these indicators point to a governance system capable of sustaining long-term policy commitments, protecting property rights, and delivering public goods. The country also benefits from a positive demographic channel: net migration of 138,510 in 2024 tends to attract skilled workers and stimulate innovation and economic dynamism in a stable institutional setting. In sum, Australia presents a credible, rule-based, and relatively corruption-resistant governance environment that supports investment, social cohesion, and sustainable development, while remaining attentive to regional disparities and political discourse inherent in democratic governance.

Infrastructure and Technology

Australia combines high digital connectivity with top-tier logistics and solid research capacity. Internet penetration is 97.1% of the population in 2023, enabling widespread use of online services, digital health, and e-commerce. The Logistics Performance Index stands at 4.1 in 2022, with 1 indicating low and 5 high quality of trade and transport infrastructure, placing Australia among high-performing economies for logistics efficiency. The country also demonstrates strong innovation dynamics: high-technology exports total 8.19 billion US$ (2024), and residents filed 2,966 patent applications in 2021, supported by research and development expenditure at 1.86% of GDP (2021). While renewables contribute to the energy mix, renewable energy consumption accounts for 12.3% of total final energy consumption in 2021, indicating ongoing transition efforts alongside substantial fossil-based energy usage typical of a resource-rich economy. The healthcare workforce is robust, with physicians at 3.98 per 1,000 people (2021), and digital health, education, and public services benefit from a high level of connectivity. Overall, Australia’s infrastructure and technology profile reflects advanced digital infrastructure, strong logistics, and a productive innovation ecosystem, all anchored by a resilient framework for investment and growth, while continuing to expand cleaner energy and digital services.

Environment and Sustainability

Australia’s environmental profile features high per-capita emissions and a strong policy emphasis on energy transition and governance. Total greenhouse gas emissions excluding LULUCF per capita are 21.5 t CO2e in 2023, underscoring a substantial climate footprint associated with energy use and industrial activity. Freshwater resources face moderate pressure, with freshwater withdrawal at 4.6% of available resources in 2021, indicating manageable water stress relative to some peers but requiring ongoing management in water-scarce regions. Renewable energy share stands at 12.3% of total final energy consumption in 2021, signaling progress in diversifying the energy mix, yet pointing to opportunities for accelerated deployment of renewables to reduce emissions intensity. Undernourishment remains low at 2.5% (2022), reflecting strong food systems alongside broader nutritional security. The environmental and climate challenges are balanced by high governance capacity and the ability to implement policy measures, invest in clean energy, and adapt infrastructure to decarbonize the economy. In short, Australia faces the dual task of sustaining high living standards while advancing ambitious environmental goals and energy transition, leveraging its governance strength, innovation capacity, and digital infrastructure to support a sustainable path forward.