• GDP: US$611.7 billion.
• Main exports: Ores and metals, wool, food and live animals, minerals, fuels, transport machinery and equipment.
• Main imports: Machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products.
• Main trade partners: USA, Japan, China, Germany and UK.

Australia has a very diverse economy and a high standard of living. The service sector accounts for almost three-quarters of GDP, although other sectors of the economy contribute significantly to Australian export earnings. Approximately one-third of export earnings is derived from agricultural products, although the main agricultural industry, sheep farming, now appears to be in long-term decline. The other major export industry is mining; Australia has vast reserves of coal (of which it is now the world’s leading exporter), oil, natural gas, nickel, zircon, iron ore, bauxite and diamonds, as well as uranium (Australian ore fuels many of the Western nations’ nuclear power plants). Most Australian manufacturing is concentrated in processing of mineral products and in the iron, steel and engineering industries.
The country’s service industries, which now account for the major part of the economy, have continued to grow, despite some damage in the wake of the 1997 Asian financial crisis, which severely affected many of Australia’s major trading partners. The most important development in the economy in recent years has been a shift in trading patterns away from Britain and Europe towards the Pacific Rim – 60 per cent of Australian exports are now sold in that region. Australia’s single-largest trading partner is Japan, which takes approximately one-third of total exports, followed by the USA, South Korea, New Zealand, Singapore, Taiwan, China and then the EU nations (principally the UK and Germany). Japanese investment in Australia, particularly in property and tourist ventures, has reached the point where most of the eastern seaboard ‘Gold Coast’ is now Japanese owned. The Australian economy has continued to perform steadily during the last few years; annual growth in early 2004 was just over 3 per cent. Inflation and unemployment are stable at 3 and 7 per cent respectively.

Suits are usually worn in Sydney and Melbourne. Brisbane businesspeople may wear shirts, ties and shorts; visiting businesspeople should wear lightweight suits for the initial meeting. Prior appointments necessary. Punctuality is important. A great deal of business is conducted over drinks. Best months for business travel are March to November. Office hours: Mon-Fri 0900-1700.

Australia Business in the UK
Dudley House, 34-35 Southampton Street, London WC2E 7HE, UK
Tel: (0870) 890 0720.
Website: www.anzcc.org.uk

Australian Chamber of Commerce and Industry (ACCI)
Commerce House, Level 3, 24 Brisbane Avenue, Barton, ACT 2600, Australia
Tel: (2) 6273 2311.
Website: www.acci.asn.au

International Chamber of Commerce
Level 3, 525 Collins Street, Melbourne, VIC 3000, Australia
Tel: (3) 8608 2072 or 2547.

Association of Australian Convention Bureaux (AACB)
Level 2, 80 William Street, Sydney, NSW 2011, Australia
Website: www.aacb.org.au