Australia GDP per Capita: Overview and Outlook
Current GDP per Capita
Australia is one of the world's wealthiest nations, with GDP per capita of around USD 66,000 as of 2024. This reflects a highly developed, resilient, and resource-rich economy.
Historical Changes in Australia's GDP per Capita
Australia's economic story in the 21st century is one of almost uninterrupted growth. It famously avoided a technical recession during the 2008 Global Financial Crisis (GFC), a feat unmatched by any other major developed economy. Its GDP per capita grew steadily throughout the early 2000s, a period dominated by what became known as the "mining super-cycle."
This boom, fueled by China's insatiable demand for raw materials, saw a massive increase in Australian national income and peaked around 2011-2012. The economy continued to grow at a steady pace after that, though GDP per capita in USD terms was weighed on by a weaker Australian dollar.
GDP per Capita Predictions for the Coming Years
Australia is forecast to see a consistent upward trend in GDP per capita throughout the remainder of the decade, as a result of real economic growth of +2%—high by rich world standards—and a stronger Aussie dollar.
Want to get concrete forecasts for Australia's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 10 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
Australia's long-term economic future is intrinsically tied to the global green energy transition, which presents both a challenge to its traditional fossil fuel exports and a monumental opportunity. The country possesses vast reserves of lithium, nickel, copper, and rare earth elements—the essential building blocks of batteries and renewable energy technology. Its abundant natural advantages in solar and wind power also position it to become a major exporter of green hydrogen. If Australia successfully pivots from being a fossil fuel superpower to a leading supplier for the world's green economy, this would be positive for GDP per capita.
A second key factor is the need to tackle Australia's sluggish productivity growth, which has acted as a brake on GDP per capita growth in recent years. Finally, successfully managing a complex trade relationship with China and addressing a severe domestic housing affordability crisis will be crucial to ensuring long-term economic and social stability.
Australia GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Australia from 2023 to 2024.
Source: Macrobond.
Australia GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 53,082 | 64,164 | 65,441 | 64,596 | 66,187 |
| GDP per capita (AUD) | 77,098 | 85,474 | 94,389 | 97,299 | 100,336 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian GDP Per Capita projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP Per Capita forecast available for Australian GDP Per Capita.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian GDP Per Capita projections.
Want to get access to the full dataset of Australian GDP Per Capita forecasts? Send an email to info@focus-economics.com.