Is Australia a rich or poor country?

Answer 1

Australia has a wealthy economy, and is a first world country with a developed and advanced society and a very high standard of living. The unemployment rate is around 5.7% (2009 estimate), and the GDP (gross domestic product) of the country (a form of measuring a countries wealth) is $920 billion (2009 est.), and the 13th largest GDP in the world. It is is the 10th wealthiest nation in the world in GDP per capita (2009, IMF figures). According to the United Nations Human Development Index, Australia has the 2nd highest quality of life in the world, after Norway.

It is worthwhile noting that Australia weathered the global recession of 2009-10 much better than other countries did. Part of its success was due to the exceptional surplus accrued by the previous Liberal Government, and part of the success was due to the manner in which the Labor government of the time allocated these funds.