The Hawke Government floated the Australian dollar in 1983 and partially deregulated the financial system.[270] The Howard Government followed with a partial deregulation of the labour market and the further privatisation of state-owned businesses, most notably in the telecommunications industry.[271] The indirect tax system was substantially changed in July 2000 with the introduction of a 10% Goods and Services Tax (GST).[272] In Australia's tax system, personal and company income tax are the main sources of government revenue.[273]
As of June 2021, there were 13,154,200 people employed (either full-time or part-time), with an unemployment rate of 4.9%.[274] Data released in mid-November 2013 showed that the number of welfare recipients had grown by 55%. In 2007 228,621 Newstart unemployment allowance recipients were registered, a total that increased to 646,414 in March 2013.[275] According to the Graduate Careers Survey, full-time employment for newly qualified professionals from various occupations has declined since 2011 but it increases for graduates three years after graduation.[276][277]
As of 2020 interest rates in Australia were set at a record low of 0.1%, targeting an inflation rate of 2 to 3%.[278] The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP.[279] 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 liquified natural gas and coal. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the United States, South Korea, and New Zealand.[280] Australia is the world's fourth largest exporter of wine, and the wine industry contributes A$5.5 billion per year to the nation's economy.[281]
Access to biocapacity in Australia is much higher than world average. In 2016, Australia had 12.3 global hectares of biocapacity per person within its territory, much more than the world average of 1.6 global hectares per person.[283] In 2016 Australia used 6.6 global hectares of biocapacity per person – their ecological footprint of consumption. This means they use half as much biocapacity as Australia contains. As a result, Australia is running a biocapacity reserve.