section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Australia's high-income mixed-market economy is rich in natural resources. It is the world's fourteenth-largest by nominal terms, and the 18th-largest by PPP. As of 2021, it has the second-highest amount of wealth per adult, after Luxembourg, and has the thirteenth-highest financial assets per capita. Australia has a labour force of some 13.5 million, with an unemployment rate of 3.5% as of June 2022. According to the Australian Council of Social Service, the poverty rate of Australia exceeds 13.6% of the population, encompassing 3.2 million. It also estimated that there were 774,000 (17.7%) children under the age of 15 living in relative poverty. The Australian dollar is the national currency, which is also used by three island states in the Pacific: Kiribati, Nauru, and Tuvalu.
  
  Australian government debt, about $963 billion in June 2022, exceeds 45.1% of the country's total GDP, and is the world's eighth-highest. Australia had the second-highest level of household debt in the world in 2020, after Switzerland. Its house prices are among the highest in the world, especially in the large urban areas. The large service sector accounts for about 71.2% of total GDP, followed by the industrial sector (25.3%), while its agriculture sector is by far the smallest, making up only 3.6% of total GDP. Australia is the world's 21st-largest exporter and 24th-largest importer. China is Australia's largest trading partner by a wide margin, accounting for roughly 40% of the country's exports and 17.6% of its imports. Other major export markets include Japan, the United States, and South Korea.
  
  Australia has high levels of competitiveness and economic freedom, and was ranked fifth in the Human Development Index in 2021. As of 2022, it is ranked twelfth in the Index of Economic Freedom and nineteenth in the Global Competitiveness Report. It attracted 9.5 million international tourists in 2019, and was ranked thirteenth among the countries of Asia-Pacific in 2019 for inbound tourism. The 2021 Travel and Tourism Competitiveness Report ranked Australia seventh-highest in the world out of 117 countries. Its international tourism receipts in 2019 amounted to $45.7 billion.