Australia’s health and economic response to COVID-19 has put its recovery among the world’s leading nations, according to new analysis of global data.
The Why Australia Benchmark Report 2022 shows that Australia is recovering well from COVID-19, highlighting its attractiveness as a destination for global investment and trade.
The report is produced by the Australian Trade and Investment Commission (Austrade). It compiles key economic, financial, social and demographic data from respected national and international sources.
Resilient economy
Australia’s economy has shown resilience and adaptability to multiple shocks over the last two years. The country’s economy is now 3.4% larger than it was prior to the pandemic. International trade remained strong in most sectors, partly thanks to high commodity prices. Australia’s ability to attract foreign investment helps keep the economy on strong foundations.
Thriving tech sector
Australia’s entrepreneurs have created one of the southern hemisphere’s biggest technology industries. If it were classified as a single industry, it would be the third largest contributor to GDP in Australia – ahead of the health and construction sectors. The tech sector’s contribution to GDP has increased 79% since 2016–17 to reach A$167 billion in 2020–21. This equates to around 8.5% of GDP.
A power surge for Australian renewables
Renewables deliver a fast-growing share of Australian energy production. They accounted for a record 25 per cent of total electricity generation in 2020. Wind and solar have overtaken hydro in terms of energy production. Currently, Australia is the world’s seventh largest producer of solar energy.
