Professional Documents
Culture Documents
World Rank:
Regional Rank:
Least
free 0
50
75
Most
100 free
80.3
Freedom Trend
85
84
83
82
81
80
79
2012
2013
2014
2015
2016
Country Comparisons
80.3
Country
World
Average
60.7
Regional
Average
59.0
Free
Economies
83.9
0
20
40
60
80
100
Quick Facts
Population: 23.6 million
GDP (PPP): $1.1 trillion
2.7% growth in 2014
5-year compound annual growth 2.7%
$46,433 per capita
Unemployment: 6.0%
Inflation (CPI): 2.5%
FDI Inflow: $51.9 billion
Public Debt: 34.3% of GDP
2014 data unless otherwise noted.
Data compiled as of September 2015.
99
AUSTRALIA (continued)
THE TEN ECONOMIC FREEDOMS
Score
RULE OF
LAW
Property Rights
Freedom from Corruption
Country
World Average
90.0
80.0
0
20
40
60
80
Rank
1Year
Change
3rd
11th
0
1.0
100
Australias judicial system operates independently and impartially. Property rights are secure,
and enforcement of contracts is reliable. Expropriation is highly unusual. The stable political environment supports transparent and well-established political processes, a strong legal
system, competent governance, and an independent bureaucracy. Anti-corruption measures
are generally effective in discouraging bribery of public officials.
Fiscal Freedom 63.2
GOVERNMENT
Government Spending 62.0
SIZE
161st
109th
0
20
40
60
80
0.5
+0.2
100
Fiscal policy has been relatively stable. The top income tax rate is 45 percent, and the flat corporate tax rate is 30 percent. Other taxes include a value-added tax and a capital gains tax. The
overall tax burden equals about 27.5 percent of GDP. Government spending amounts to 35.6
percent of total domestic output. Public debt remains low but has risen to around 35 percent
of GDP.
REGULATORY
EFFICIENCY
Business Freedom
Labor Freedom
Monetary Freedom
89.4
77.2
85.2
13th
22nd
10th
0
20
40
60
80
4.7
4.4
0.1
100
Australias regulatory environment, one of the worlds most transparent and efficient, is highly
conducive to entrepreneurship. It takes only two days to launch a business. The flexible labor
market facilitates dynamic employment opportunities. In 2015, the conservative government
ordered the taxpayer-funded $10 billion Clean Energy Finance Corporation (CEFC) to cease
any new investments in wind power projects.
OPEN
MARKETS
Trade Freedom
Investment Freedom
Financial Freedom
86.4
80.0
90.0
44th
23rd
1st
0
20
40
60
80
0
0
0
100
With a 1.8 percent average tariff rate, low non-tariff barriers, and few limits on foreign investment, Australia has some of the worlds most open trade and investment policies. The government screens large foreign investments. The well-developed financial sector is highly
competitive and sound; all banks are privately owned. Since late 2010, banking reforms have
fostered greater transparency and competition.
100
0
+10.0
GOVERNMENT
SIZE
Fiscal Freedom
Government
Spending
+3.6
+8.1
REGULATORY
EFFICIENCY
OPEN MARKETS
Trade Freedom
+9.4
Investment Freedom +10.0
Financial Freedom
0