Australia: Exporter Guide Annual 2009
Australia is a prosperous, politically and economically stable, industrialized nation. Per capita GDP is approximately US$44,400, comparable to major industrialized western countries. Australian economic growth has slowed as a result of the GFC. Real GDP growth eased to 2.3 percent in 2008 and 1.5 percent in 2009 (first quarter), well below trend. Negative wealth effects from falling equity and house prices, compounded by falling consumer and business confidence led to a contraction of domestic demand, but net exports have increased and confidence is showing signs of recovery.