As at January 2013

Geography

Australia became a British Colony on 26 January 1788, when Captain Arthur Phillip entered Botany Bay in New South Wales. Australia adopted its Commonwealth of States of Australia Constitution on 1 January 1901 (Parliament 2011). Australia consists of the following States – New South Wales (Sydney), Queensland (Brisbane), South Australia (Adelaide), Tasmania (Hobart), Victoria (Melbourne) and Western Australia (Perth) and the following Territories – Australian Capital Territory (Canberra), and Northern Territory (Darwin).

Population growth in Australia

Yearly population growth in Australian regions

Population

Australia’s population at 31 December 2012 is 22.8 mil (2011 was 22.4 mil) – with NSW 7.3 mil, Victoria 5.6 mil, Queensland 4.6 mil, South Australia 1.6 mil, Western Australia 2.5 mil, Tasmania 0.5, Northern Territory 0.2 mil and ACT 0.4 mil. Population growth rates for the quarter ended 30 June 2012 is as follows (ABS 2012), Western Australia having the fastest annual growth at 3.3%pa, whereas country average is 1.6%:

Economy

Australian Economy GDP Quarterly Trend

Australian GDP quarterly trend

GDP for the year ending 30 September 2012 amounted to 3.1%, with the last quarter at 0.5%. Average weekly earnings are AUD$1,351.00, increasing 2.1% in the last 12 months. GDP per capita is estimated at USD$42, 354.00 at 31 December 2012 (increasing 3.6% year-on-year).

Inflation CPI(all groups) for the year ending 30 September 2012 is running at 2.0% and the last quarter at 1.4%. Unemployment rate through to 30 September 2012 is at 5.3% seasonally adjusted.

Financial

Reserve Bank cash rate at 31 December 2012 is 3.00% (4.5% 2011). Australia’s 10 year bond rate is 3.46% at 14 January 2013 (2012 3.84% (Bloomberg 2013).

Australia Goverment Bond 10Y

Australia’s home loan rate (CBA 2013) is 6.15% and its prime overdraft rate is 9.83%.

The all ordinary index for the Australia stock exchange at 14 January 2013 is 4,719, up 12.0% year-on-year performance.

Australia Stock Market

Fiscal

Tax rates in Australia for year ended 30 June 2013 is for companies 30%, superannuation funds 15%, PFDs 25% (unregulated) and individual rates at 30 June 2013 is (ATO 2013);

Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

For the fiscal year ending 30 June 2012, the tax rates for companies were 30%, superannuation funds 15%, PDFs 25% (unregulated) and individual rates were:

Taxable income Tax on this income
0 – $6,000 Nil
$6,001 – $37,000 15c for each $1 over $6,000
$37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000
$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000
$180,001 and over $54,550 plus 45c for each $1 over $180,000

Double tax treaties

Argentina, Austria, Belgium, Canada, Chile, China, Czech Republic, Denmark, Fiji, Finland, France, Germany, Hungary, India, Indonesia, Ireland, Italy, Japan, Kiribati, Malaysia, Malta, Mexico, Netherlands, New Zealand, Norway, PNG, Philippines, Poland, Romania, Russia, Singapore, Slovak Republic, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taipei, Thailand, Turkey, UK, USA and Vietnam (ATO 2013).

Currencies

The Australian dollar traded on 14 January 2013 as follows – AUD$1.00 equals £0.65 (2012-£0.67), €0.79 (2012-€0.81), USD$1.05 (2012-USD$1.03), and ZAR9.18 (2010-ZAR8.32).

 

References