Economy of Australia

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The economy of Australia is a developed, modern market economy with a GDP of approximately $1 trillion USD.[6] In 2009, it was the 13th largest national economy by nominal GDP[7] and the 17th largest measured by PPP adjusted GDP,[8] representing about 1.7% of the World economy. Australia was also ranked the 21st largest importer[9] and 23rd largest exporter.[10]

Australia is a member of the APEC, G20, OECD and WTO organisations. Australia has also entered into free trade agreements with ASEAN, Chile, New Zealand, Singapore, Thailand, and the United States.[11] The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and there are now plans to form an Australasian Single Economic Market by 2015.[12]

The Australian economy is dominated by its service sector, representing 68% of Australian GDP. The agricultural and mining sectors (10% of GDP combined)[13] account for 57% of the nation's exports.[14]

The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu.

The Australian Securities Exchange is the largest stock exchange in Australia. Australia is home to some of the largest companies in the world including, BHP Billiton, Rio Tinto Group and News Corp.

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