Economic Development

Australian economy has experienced more than 25 years of continuous growth and was largely unaffected by the global financial crisis of 2008-2009. Despite the end of the commodity boom, Australian economy continues to perform well according to the 2017 Economic Survey by the Organisation for Economic Co-operation and Development (OECD).

Australian income per head is among the highest in the OECD area and unemployment is relatively low. The banking system is also strong and inflation is under control. In addition, Australia is ranked high in various well-being indicators, such as community life, civic engagement and health and scores favourably in other living standards.

Migration makes an enormous contribution to Australia’s economy by boosting the working-age population, increasing demand for services and goods and by contributing to technological progress and job creation. According to the report by the Department of Home Affairs “Trends in Migration: Australia 2010-11” migrants provide an estimated fiscal benefit of over 10 billion dollars in their first ten years of settlement.