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
Gold rushes and agricultural industries brought prosperity. Autonomous parliamentary democracies began to be established throughout the six British colonies from the mid-19th century. The colonies voted by referendum to unite in a federation in 1901, and modern Australia came into being. Australia fought on the side of Britain in the two world wars and became a long-standing ally of the United States when threatened by Imperial Japan during World War II. Trade with Asia increased and a post-war immigration program received more than 6.5 million migrants from every continent. Supported by immigration of people from more than 200 countries since the end of World War II, the population increased to more than 23 million by 2014, and sustains the world's 12th largest national economy.