Australia Economic Calendar

Australia has the thirteenth-largest economy in the world and a mixed market economy. It possesses an abundance of natural resources, including oil, gold, agricultural goods, diamonds, iron ore, uranium, nickel, and coal.

Although the service sector dominates the Australian economy, mining and agriculture have played a significant role in the country's recent economic success. Australia is a major exporter of commodities, particularly to China.

The Australian dollar (AUD), the country's currency, is one of the top five most traded currencies worldwide. It is also used as the official currency of several independent countries and territories in the South Pacific, including Papua New Guinea, Christmas Island, Cocos Islands, Nauru, Tuvalu, and Norfolk Island.

Individual income taxes are the major source of revenue for the Australian government, whereas Social Security and Welfare, Medicare, General Revenue Aid, and Education are the largest expenses.

The Reserve Bank of Australia (RBA), the nation's central bank, is relatively conservative, takes the need to control inflation seriously, and tends to maintain quite high Interest Rates.

The Reserve Bank of Australia's Board is in charge of setting Australia's Interest Rates. The cash rate is the interest rate that financial intermediaries charge each other for overnight loans. It is set in the money market by the interaction between the demand for and supply of overnight funds.