A highly developed country, Australia is the world's thirteenth-largest economy and has

the world's fifth-highest per capita income. Australia's military expenditure is the world's
thirteenth-largest. With the second-highest human development index globally, Australia
ranks highly in many international comparisons of national performance, such as quality
of life, health, education, economic freedom, and the protection of civil liberties and
political rights.
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Australia is a member of the $%&, '()*, W+', A,(), -.,
)ommonwealth of .ations, A./-0, and the ,acific 1slands 2orum.
Australia has a market economy with extremely high $*, per capita and a low rate of
poverty. +he Australian dollar is the currency for the nation, including )hristmas 1sland,
)ocos 34eeling5 1slands, and .orfolk 1sland, as well as the independent ,acific 1sland
states of 4iribati, .auru, and +uvalu. After the %&&" merger of the Australian 0tock
(xchange and the 0ydney 2utures (xchange, the Australian 0ecurities (xchange is now
the ninth largest in the world.
!67#
8anked third in the 1ndex of (conomic 2reedom 3%&!&5,
!69#
Australia is the world's
thirteenth largest economy and has the fifth highest per capita $*, at :"",;69<
significantly higher than that of the -nited 0tates, -nited 4ingdom, $ermany, 2rance,
)anada, =apan, and .ew /ealand. +he country was ranked second in the -nited .ations
%&!! >uman *evelopment 1ndex and first in ?egatum's %&&6 ,rosperity 1ndex.
!6@#
All of
Australia's maAor cities fare well in global comparative livability surveys<
!6"#
Belbourne
reached first place on The Economist's %&!! World's Bost ?ivable )ities list, followed by
0ydney, ,erth, and Adelaide in sixth, eighth, and ninth place respectively.
!6C#
+otal
government debt in Australia is about :!;& billion.
!66#
Australia has among the highest
house prices and some of the highest household debt levels in the world.
!6;#
*estination and value of Australian exports in %&&"
!;&#
An emphasis on exporting commodities rather than manufactured goods has underpinned
a significant increase in Australia's terms of trade since the start of the %!st century, due
to rising commodity prices. Australia has a balance of payments that is more than C per
cent of $*, negative, and has had persistently large current account deficits for more
than @& years.
!;!#
Australia has grown at an average annual rate of 7." per cent for over
!@ years, in comparison to the '()* annual average of %.@ per cent.
!;!#
+here are
differing opinions based on evidence as to whether or not Australia had been one of the
few '()* nations to avoid experiencing a recession during the late %&&&s global
financial downturn.
!;%#!;%#!;7#
0ix of Australia's maAor trading partners had been in
recession which in turn affected Australia, and economic growth was hampered
significantly over recent years.
!;9#!;@#
+he >awke $overnment floated the Australian dollar in !;67 and partially deregulated
the financial system.
!;"#
+he >oward $overnment followed with a partial deregulation of
the labour market and the further privatisation of state-owned businesses, most notably in
the telecommunications industry.
!;C#
+he indirect tax system was substantially changed in
=uly %&&& with the introduction of a !& per cent $oods and 0ervices +ax 3$0+5.
!;6#
1n
Australia's tax system, personal and company income tax are the main sources of
government revenue.
!;;#
1n =uly %&!!, there were !!,9@&,@&& people employed, with an unemployment rate of @.!
per cent.
%&&#
Douth unemployment 3!@E%95 rose from 6.C per cent to ;.C per cent over
%&&6E%&&;.
%&!#
'ver the past decade, inflation has typically been %E7 per cent and the
base interest rate @E" per cent. +he service sector of the economy, including tourism,
education, and financial services, accounts for about C& per cent of $*,.
%&%#
8ich in
natural resources, Australia is a maAor exporter of agricultural products, particularly
wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified
natural gas and coal. Although agriculture and natural resources account for only 7 per
cent and @ per cent of $*, respectively, they contribute substantially to export
performance. Australia's largest export markets are =apan, )hina, the -0, 0outh 4orea,
and .ew /ealand.
%&7#
Australia is the world's fourth largest exporter of wine, in an
industry contributing :@.@ billion per annum to the nation's economy.
%&9#
F ^ GAustraliaG. %&!& 1ndex of (conomic 2reedom. 8etrieved 7& Barch %&!&.
F ^ G>uman *evelopment 8eport %&!& E tablesG. -nited .ations. %&!&. 8etrieved %@
April %&!!.
F ^ GBelbourne 'world's top city'G. The Age. " 2ebruary %&&9. 8etrieved 7! =anuary
%&&;.
F ^ G?iveability rankingHBelbourne stormG. The Economist. 7& August %&!!. 8etrieved
!& 'ctober %&!&.
F ^ +im >ughes. GAustralian dollar continues astronomical rise to 7&-year highs as -0
dollar, euro tankG. )ourier Bail. 8etrieved %&!!-&9-%".
F ^ G.ick Iryant's AustraliaH Australian affordablityG. II). 8etrieved %&!!-&9-%".
F ^ G@7"6.& E 1nternational +rade in $oods and 0ervices, Australia, Apr %&&CG .
Australian Iureau of 0tatistics. 7! Bay %&&C. 8etrieved %&!&-&"-!9.
F J
a

b
GBight Australia's economic fortunes turnKG. The Economist. %; Barch %&&C.
8etrieved %6 Bay %&!&.
F J
a

b
GAustralia able to avoid recessionG. II) .ews. 7 =une %&&;. 8etrieved %&!!-&9-
%".
F ^ *avid -ren 3!& Barch %&&65. GAustralia faces recessionH analystG. +he Australian.
8etrieved %&!!-&9-%".
Anti-corruption and bribery
+he Australian $overnment supports ethical business practices, and the prosecution of
those who engage in illegal practices. +his helps to improve Australia's investment
opportunities overseas and is an important aspect of Australia's global reputation.
+he bribery of foreign public officials, whether committed in Australia or by Australians
overseas, undermines the reputation of all Australian businesses and impacts negatively
on business and government relations.
+here are consequences for Australians and Australian companies that engage in corrupt
activities while overseas. Australian companies and individuals that bribe officials in
foreign countries can be prosecuted both under Australian law and under the laws of
foreign countries.
Foreign bribery offences
Iribing, or attempting to bribe, a foreign public official is a serious crime, subAect to
severe penalties. Australian companies or individuals that bribe an official in a foreign
country can be prosecuted under Australian law and the laws of foreign countries.
-nder Australian law, it is an offence to bribe a foreign public official even if a bribe
may be seen to be customary, necessary or required in the situation, and even if there is
official tolerance of the bribe.
+he maximum penalty for an individual is !& years imprisonment andLor a fine of !&,&&&
penalty units 3that is, :!.! million5. 2or a body corporate, the maximum penalty is the
greater of the following three amountsH !&&,&&& penalty units 3:!! million5< 7 times the
value of the benefits obtained 3if calculable5< or !&M of the previous !% month's turnover
of the company concerned.
)ompanies should be aware that they may be liable for the actions of their employees and
agents under anti-foreign bribery laws. +his may include circumstances in which the
bribery of foreign public officials was encouraged or tolerated or where there was a
failure to create and maintain a corporate culture that required compliance with anti-
foreign bribery laws.
+hese penalties reflect the serious nature of bribery and the detrimental effect it has on
Australia's trade and reputation, as well as international governance.
More information
+he Attorney-$eneral's *epartment provides further information on the offence of
foreign bribery, including a 2oreign Iribery 1nformation and Awareness ,ack.
Recent Developments: Assessing the 'facilitation
payments' defence under Australian Foreign
Bribery la
'n !@ .ovember %&!!, the Binister for >ome Affairs, the >on Irendan '')onnor B,,
launched a public consultation paper to seek stakeholder views on possible changes to
Australia's anti-foreign bribery laws. +he Australian $overnment is committed to
stamping out corruption and has a comprehensive anti-corruption system for the public
and private sectors.
(ven though Australia has an admirable anti-corruption record, it is important to consider
possible additional measures, including assessing Australia's anti-bribery laws.
+he $overnment is therefore examining Australia's anti-bribery legislation, in accordance
with Australia's commitment to combating corruption at home and abroad and our
international obligations.
1n particular, the $overnment is reviewingH
the treatment of 'facilitation payments' under Australian law
the factors that influence whether a benefit is 'legitimately due' to the recipient
the current requirement to identify a particular foreign public official in order to
establish an offence, and
the role of dishonesty in domestic corruption offences.
+he opportunity to make submissions in response to the public consultation paper,
released by the Attorney-$eneral's *epartment on !@ .ovember %&!!, have now closed.
+he Attorney-$eneral's *epartment is in the process of considering the views expressed
during the public consultation period. Bore information on this process can be viewed on
the Attorney-$eneral's *epartment website.
httpHLLwww.dfat.gov.auLglobalissuesLmeasures-against-corruption.html