Economy
The impressive performance of the Australian economy over the past decade, the so called “Australian Miracle”, is marked by clear economic growth, low inflation (1.9% for the year 2017), low unemployment rates and low interest rates. The Australian economy is liberated from the shackles of regulation, it is open and competitive, and assisted by a dynamic private sector. Australia has a flexible skilled labour force, and many natural resources.
Fast Facts:
Increase job creation: 4% per year (2017)
Unemployment: 5.6% (April 2018)
89.2% of the labour force are in the services sector (2018)
7.4% of the labour force are involved in industry (manufacturing) (2018)
2.7% of the labour force is involved in agriculture (2018)
Employed persons are guaranteed:
The right to join unions, good working conditions, minimum wages, pension, overtime, sick leave and vacation.
The Australian labour market is highly competitive and the wages are one of the highest in the world, though the cost of living is also high.
Taxes:
The Australian government has placed taxes on goods and services (GST). This is a broad tax base of 10% on most goods and services you buy, which are included in the price marked.
The Corporate tax rate is 27.5%-30%, and the highest tax rate on the income of an individual is 45%, the taxes are progressive (according to income tax brackets).
The average disposable salary (after tax) is AUD $4,716 per month (2017).