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Economic blueprint for prosperity

 

 

Australia has a bold vision for growing our economy. Our powerful blueprint for national prosperity offers you the opportunity to share in our success.

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

Australia is safe, resilient and strong in a crisis. Bloomberg Businessweek recognised this in 2019 – even before the pandemic – rating us #2 in our capability to withstand or benefit from disruptive forces and #5 for traditional economic drivers.

Plan to turbocharge our economy

The Australian Government has a multi-pronged strategy to grow the economy.

 

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We’re making major investments in advanced manufacturing and digital transformation as well as boosting research and development in future-focused sectors.  

Recent Budget measures will support Australians into quality jobs, build skills for the future, and boost our national resilience by filling gaps in critical supply chains. 

We’ve also carefully introduced stimulus into the economy, and implemented measures to help support businesses. Since the onset of the COVID-19 pandemic and the most recent Budget, the Government committed an unprecedented A$291 billion in direct economic support.

Tax concessions and business incentives are also helping to make doing business easier. 

 

Woman looking at post-it notes
#13
Australia is the world’s 13th largest economy
A$2 trillion
GDP
1.6%
of the global economy

Australia has a 1.6% share of the global economy in nominal GDP terms despite only 0.3% of the global population

A rock-solid economy with decades of growth

The Australian economy has displayed remarkable resilience, thanks to the solid foundations of a AAA credit rating and a strong, flexible economy. Before 2020, Australia experienced almost 30 consecutive years of economic growth. 

Even throughout the pandemic, Australia performed very well. The economy grew at its fastest pace on record over the latter half of 2020 and continued to grow solidly in early 2021.  

Our economy grew 9.6% in the 12 months to June 2021 to be above its pre-pandemic level.

 

Australia has a 1.6% share of the global economy in nominal GDP terms despite only 0.3% of the global population

 

Jobs are also rebounding strongly. Australia is among the fastest countries to return to pre-pandemic employment. More than one million jobs were created or restored and participation rates rose to record levels in the 12 months after reopening from initial lockdowns. Unemployment dropped below 5% this year in Australia for the first time in a decade. 

Our economy remains strong. Its fundamentals remain sound. And once again it has proven its remarkable resilience. 

– Josh Frydenberg, Australian Treasurer, National Accounts June quarter statement

A diversified, services-based economy

Our economic resilience is underpinned by many successful industries. In 2019–20, the services and goods industries accounted for 81% and 19% of real gross value added (GVA) respectively. The resources sector made up the largest share (11% GVA) followed by financial services and healthcare.  Technology-driven sectors – including professional, scientific and technical services, education and IT – are worth more than 15% of total economic production.

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 15 free trade agreements gives Australian companies preferential access to the established and emerging markets in Asia, as well as the US, Canada, Mexico, Chile and Peru.

According to the World Economic Forum, Australia is well placed to grow its resources, energy, agriculture, and education and tourism services exports to Asia’s rising 2.4 billion middle-class consumers expected by 2030.

 

 

Investing in the future

The Government’s latest Budget included tax incentives to support households, drive business investment and create jobs

  • Personal income tax cuts to support household income and create more jobs
  • Extending tax support for business
  • Introducing a patent box to encourage investment in Australian medical and biotech technologies
  • Modernising the taxation of employee share schemes to incentivise start-ups

Lowering taxes and cutting red tape

We’re lowering taxes by over A$50 billion and providing subsidies for those sectors most impacted by the pandemic. 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 A$70.2 billion over the 4 years to 2024-25 in infrastructure projects. 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 drive 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 Australian Government provided an additional A$2 billion for the Research & Development Tax Incentive in the 2020–21 Budget to help businesses that invest in research and development. 

Enabling digital technologies

Australia scores highly as a digital nation. The UN ranks us 5th in the world for digital government services, while the World Economic Forum ranks us 5th for e-participation. That’s why 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.  

New energy technologies

Our latest A$1.6 billion investment in new energy technologies takes our total expected investment to more than A$20 billion over the decade to 2030. We’ll be growing our economy and reducing emissions at the same time.

Defence industries

Under the 2020 Force Structure Plan, we’re investing A$270 billion in defence capability over the next 10 years. By boosting our defence industries, including air and space transport, computer system design and scientific and technical services, we’re creating jobs and enhancing skills.

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. A loan facility worth A$2 billion will soon be available for Australian critical mineral projects. The fund will help fill finance gaps in critical minerals resources developments to get them off the ground.