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Australia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
flag
Population
23,232,413 (July 2017 est.)
GDP (PPP)
$1.235 trillion (2017 est.)

Second largest economy in Southeast Asia - Pacific

GDP growth rate
2.2% (2017 est.)

Healthy growth rate which the economy has kept for several years, although the fall in commodity prices poses the threat of a slowdown (commodities export is the backbone of the Australian economy)

GDP (PPP) per capita
$49,900 (2017 est.)

High

Local currency
Australian Dollar (AUD)

Stable currency, it suffered in recent years because of the fall in commodity prices

Financial stability (Public debt)
47.1% of GDP (2017 est.)

Medium to low

Inflation
2% (2017 est.)

Medium, very good level of inflation

Language
English

Corruption perception index (Source: Transparency International)
13/180

Low level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT

10% goods and services tax rate
Corporate Tax

30% standard rate 27.5% applies to small business entities (turnover up to AUD 50M)
Duties

Imports into Australia are subject to duties under the Australian Customs Tariff. The top duty rate is 5%.

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