ol, 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 3% and 5% of GDP respectively, they contribut

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 21st century, due to rising commodity prices. Australia has a balance of payments that is more than 7% of GDP negative, and has had persistently large current account deficits for more than 50 years.[210] Australia has grown at an average annual rate of 3.6% for over 15 years, in comparison to the OECD annual average of 2.5%.[210] Australia was the only advanced economy not to experience a recession due to the global financial downturn in 2008–2009.[211] However, the economies of six of Australia's major trading partners have been in recession, which in turn has affected Australia, significantly hampering its economic growth in recent years.[212][213] From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.[214][215][216][217]

The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system.[218] The Howard Government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry.[219] The indirect tax system was substantially changed in July 2000 with the introduction of a 10% Goods and Services Tax (GST).[220] In Australia's tax system, personal and company income tax are the main sources of government revenue.[221]

In May 2012, there were 11,537,900 people employed (either full- or part-time), with an unemployment rate of 5.1%.[222] Youth unemployment (15–24) stood at 11.2%.[222]

Over the past decade, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP.[223] Rich in natural resources, Australia is a major 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 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand.[224] Australia is the world's fourth largest exporter of wine, and the wine industry contributes $5.5 billion per year to the nation's economy.[225]
Demographics