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
During the war, Australia's international trade and investment position also began to change. In 1944, Australia became a part of the Bretton Woods system, with major world currencies maintaining fixed exchange rates relative to each other and with the US dollar being pegged to gold. Australia maintained a fixed exchange rate which was effectively pegged to sterling until 1967. The exchange rate between the Australian and British pounds was set at 0.8 GBP (16 shillings sterling; A£1.25 = £1 sterling). However, those new developments did not entirely supplant the traditional relationship with Britain, and Australia remained a part of the "Sterling Zone" until 1967. That reflected Australia's historical ties as well as a view about the stability in value of the British pound, after a brief period of disruption caused by the Second World War, the United Kingdom returned to its position as Australia's main trading partner.