Analysis of the Australian Economy

Australia is prosperous, free market economy dominated by its services sector, representing 68% of Australian GDP. The agricultural and mining sectors (10% of GDP combined) account for 57% of the nation's exports.

The Australian per Captia GDP is slightly higher than developed countries such as France, UK and Germany.

Australia's current account is more than 7% of GDP negative: Australia has had persistently large current account deficits for more than 50 years. Australia has grown at an average annual rate of 3.6% for over 15 years, well above the OECD average of 2.5%. Australia's average GDP growth rate for the period 1901-2000 is at 3.4% annually.
As of September 2009, there were 10,770,200 people employed, with an unemployment rate of 5.8%. Over the past decade, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education and financial services, constitutes 69% of GDP.
Although Agriculture and natural resources constitute only 3% and 5% of GDP, respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea and New Zealand.
Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liqufied natural gas and coal. Australia has a labour force of about ten million people.
In the past decade, one of the most significant sectoral trends experienced by the economy has been the growth (in relative terms) of the mining sector (including petroleum). In terms of contribution to GDP, this sector grew from around 4.5% in 1993-94, to almost 8% in 2006-07.
Growth in the services sector has also grown considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006-07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.
External trade for the year ending 2008 between Singapore and Australia amounts to 25,996,000,000. This makes up about 2.8% of Singapore's External trades for the yr 2008.
Sources:
http://www.singstat.gov.sg/pubn/reference/yos09/statsT-trade.pdf
http://en.wikipedia.org/wiki/Economy_of_Australia