Capital City: Canberra
	It is %T:%M %A in Canberra, Melbourne, Sydney It is %T:%M %A in Adelaide It is %T:%M %A in Perth

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Economic trends

The Australian economy has been experiencing a sustained growth for many years because of the growing domestic demand and strong growth in exports, particularly of raw materials, Minerals and Energy. The country's GDP growth is likely to touch 2,8 in 2008 according to the IMF. The unemployment rate historically has remained low and will continue to decline in 2007 (to around 4 % in the states of Queensland and Western Australia and around 5% in the other states.). Australia currently faces two major challenges: its aging population and appreciation of its currency which weakens its competitively especially with respect to other Asian countries. After shrinking in 2006, the current-account deficit is expected to expand in 2007 before narrowing again in 2008.

Main branches of industry

Australia is an industrialised nation, with vehicle assembly industries, steel manufacturing, aluminium smelters, nickel smelting, and many other manufacturing industries, such as paper and paper products, printing and packaging etc.
Australia is a vast agricultural country and one of the largest exporters of wool, meat, wheat and cotton in the world. The food processing industry is the largest industry in the country and employs 20% of the labour force.
The country also has rich mineral reserves (carbon, nickel, gold, iron, lead, uranium and other premier minerals), which are mainly exported. The service industry occupies a dominant position in the Australian economy (around 73% of the GDP).
The Australian Industry Group (Ai Group) is Australia's leading industry organisation representing 10,000 employers in manufacturing, construction, automotive, telecommunications, IT & call centres, transport, labour hire and other industries. Ai Group's members operate businesses of all sizes throughout Australia and represent a broad and expanding range of sectors.
Ausindustry is the Australian Government's business program delivery division in the Department of Industry, Tourism and Resources and it provides a range of incentives to support business innovation.
AusIndustry delivers a range of more than 30 business products, including innovation grants, tax and duty concessions, small business services, and support for industry competitiveness worth nearly AUD2 billion each year to about 10,000 small and large businesses.

International trade

Australia maintains a favourable balance of trade: the country actually exports raw materials and imports finished products. Australia's main trade partner is the European Union which represented arround 25% of the country's total trade. Its top three export partners are: Japan, China and South Korea. The goods mainly exported are: Mineral fuels & oils, ores, meat and other food products. The top import partners are: EU, the U.S.A., China and Japan. The goods mainly imported are: machinery, vehicles, electrical & electronic equipment, mineral fuels & oils.