The monthly minimum wage in Australia is $2208. Australia has a public debt equivalent to 23.3% of the country's gross domestic product (GDP), estimated in 2012. In terms of consumer prices, the inflation rate in Australia is 2.4%. The currency of Australia is the Australian dollar. The plural form of the word Australian dollar is dollars. The symbol used for this currency is $ and is abbreviated as AUD. The Australian Dollar is divided into cents; there are 100 in a dollar. Every year, consumers spend around $852,558 million. The ratio of consumer spending to GDP in Australia is 68.70% and the ratio of consumer spending to world consumer market is 198%. Corporate tax in Australia is 30%. Personal income tax ranges from 0% to 49% depending on your specific situation and income level. VAT in Australia is 10% and is known as goods and services tax.
Gross domestic product
The total Gross Domestic Product (GDP) measured at Purchasing Power Parity (PPP) in Australia is US$1,137 billion. Gross Domestic Product (GDP) per capita, calculated in Purchasing Power Parity (PPP) in Australia, was last seen at $45,898. PPP in Australia is considered very good compared to other countries. A very good PPP shows that citizens in this country find it easy to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with very good PPP are safe investment locations. The total gross domestic product (GDP) in Australia is 1,241 billion. Based on this statistic, Australia is considered to be a small economy. Countries with small economies generally support fewer industries and investment opportunities. However, worthwhile investment opportunities can be found. Gross domestic product (GDP) per capita in Australia was last seen at $50,096. The average person in Australia has very high net worth. Countries with very high per capita wealth have a longer life expectancy and a very high standard of living. Highly skilled labor can be found in many industries and labor is very expensive in these countries. Very wealthy countries offer safe investment opportunities as they are often backed by a diverse and thriving financial sector. The annual GDP growth rate in Australia averaged 2.8% in 2014. According to this percentage, Australia is currently experiencing modest growth. Modest growth countries offer safe investment opportunities; Their expanding economy suggests that businesses, jobs and incomes will increase accordingly.