Economy of Australia
The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).
History of Australia
The gold era led to a long period of prosperity, sometimes called "the long boom". This was fed by British investment and the continued growth of the pastoral and mining industries, in addition to the growth of efficient transport by rail, river and sea. By 1891, the sheep population of Australia was estimated at 100 million. Gold production had declined since the 1850s, but in the same year was still worth £5.2 million. Eventually the economic expansion ended; the 1890s were a period of economic depression, felt most strongly in Victoria, and its capital Melbourne.