Australia's economy and labour market have been resilient, with rising employment and labour-force participation; projections show a continued robust output growth of around 3% in the near future. Living standards are good but socio-economic challenges remain, especially for more vulnerable groups with high risk of poverty.Is Australia a free market economy?
Australian trade The Economic System of Australia is a Free Market System (a market based on supply and demand with little or no government control). The standard of living in Australia is just below that of the United States.What is the economic growth rate of Australia?
It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Australia gdp growth rate for 2019 was 2.16%, a 0.79% decline from 2018. Australia gdp growth rate for 2018 was 2.95% , a 0.65% increase from 2017.