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).
Economic history of Australia
This process of economic reform and restructuring continued under the Coalition Government led by John Howard which took power in 1996. The Howard Government established a goods and services tax from 2000, established a national Productivity Commission, and further deregulated labor markets under WorkChoices in 2006. The result of the process of economic reform is that Australia is now one of the most open economies in the world. It was enjoyed over two decades of economic growth, coupled with low inflation and relatively low unemployment.