Australia has a strong and flexible economy that has capitalised on the country's proximity to the emerging Asian markets and on its longstanding trade links to Japan and the United States.
In US dollar terms, Australia was ranked the 12th largest economy in the world in 2012, with the value of goods and services produced in the country estimated at more than US$1.5 trillion.
In 2015-16, Australia registered its 26th consecutive year of economic expansion with real GDP growth averaging an impressive 3.3% per annum over this period.
NSW is a leading economy in Asia Pacific
The state of New South Wales has the largest state economy in Australia and surpasses many national economies in the Asia Pacific, including all of those in South East Asia with the exception of Indonesia.
The capital city of New South Wales, Sydney, contributes around 31% of Australia's GDP and ranks above both Singapore and Hong Kong SAR in terms of economic output.
With the state accounting for 46% of national output in the financial and insurance services industry, 45% of the information media and telecommunications industry, and 35% of professional, scientific and technical services, Sydney is Australia's finance and business hub.