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Economic blueprint

 

 

Australia has a bold vision for growing our economy.

Australia’s powerful blueprint for national prosperity offers you the opportunity to share in our success and the realisation of what’s possible.

In uncertain times Australia has emerged as the sought after destination for innovative businesses and individuals with entrepreneurial spirit.   

Australia is a COVID success story – our swift and substantial response has been hailed by the IMF and OECD. Despite the challenges of 2020, Australia performed very well, and remains one of only nine nations to keep its AAA credit rating.

 

Plan to turbocharge our economy

The Australian Government has a multi-pronged strategy to grow the economy with major investment in advanced manufacturing, digital transformation and research and development in a number of sectors.  

The strategy is underpinned by the JobMaker Plan which is focused on generating quality jobs for Australians and boosting our national resilience by filling gaps in critical supply chains. 

We’re also making it easier to do business through tax concessions and business incentives.

 

Man using a tablet

 

Lowering taxes and cutting red tape

We’re lowering taxes by over A$50 billion. We’re also cutting red tape and streamlining and digitising regulatory processes to make it easier for businesses to invest and grow.

Infrastructure projects

Australia’s investing an additional A$14 billion in new and accelerated infrastructure projects over the next four years. This investment is part of the Government’s record 10-year transport infrastructure investment pipeline, which has been expanded to A$110 billion.

A boost to manufacturing

The Modern Manufacturing Strategy, with an injection of A$1.5 billion, will support a more competitive, productive and resilient manufacturing industry that can employ more Australians. The centrepiece is the Modern Manufacturing Initiative to help manufacturers collaborate and build scale, commercialise their ideas and connect to global supply chains. 

Attractive R&D incentives

The Research & Development Tax Incentive will invest an additional A$2 billion to help innovative businesses invest in research and development. 

Enabling digital technologies

We’re investing almost A$800 million so businesses can take advantage of digital technologies, including A$29.2 million to accelerate the rollout of 5G.

 

Woman looking at post-it notes

 

New energy technologies

Our A$1.9 billion investment in new energy technologies will reduce emissions.

Defence industries

The A$1 billion investment package will boost our defence industries, including air and space transport, computer system design and scientific and technical services.

Critical Minerals

We’re investing more than A$170 million to capitalise on our abundance of critical minerals for electric vehicles and high-tech devices. 

 

Australia’s economic strength

A rock-solid economy with decades of growth

Before 2020, Australia experienced almost 30 consecutive years of economic growth. Between 1992 and 2019, Australia’s annual GDP growth rate averaged 3.2 per cent – a strong performance relative to other advanced economies.

Fast facts 

  • World’s 14th largest economy 
  • A$2 trillion GDP
  • 1.0% of the global economy
  • 0.3% of the global population
Austrade BM Australia's economic growth since 1961

Close to the Asia-Pacific’s powerhouse economies

Most of our principal export partners are the growing powerhouse economies of the Asia-Pacific. A network of 14 free trade agreements gives Australian companies preferential access to these established and emerging markets and those of Chile, Peru and the US. 

A diversified, services-based economy

Our economic resilience is underpinned by a range of successful industries. In 2019-20, the services and goods industries accounted for 81% and 19% of real gross value added respectively. The mining sector made up the largest share followed by financial services, healthcare and construction.