Economy




Australia is the only first world country in the Australian-New Guinea continent, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific. In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP. Tourism in Australia is an important component of the Australian economy. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy. In 2015, there were 7.4 million visitor arrivals.

Mercer Quality of Living Survey ranks Sydney tenth in the world in terms of quality of living, making it one of the most livable cities. It is classified as an Alpha+ World City by GaWC. Melbourne also ranked highly in the world's most liveable city list, and is a leading financial centre in the Asia-Pacific region.

Papua New Guinea is rich in natural resources, which account for two-thirds of their export earnings. Though PNG is filled with resources, the lack of country's development led foreign countries to take over few sites and continued foreign demand for PNG's resources and as a result, the United States constructed an oil company and began to export in 2004 and this was the largest project in PNG's history. Papua New Guinea is classified as a developing economy by the International Monetary Fund. Strong growth in Papua New Guinea's mining and resource sector led to the country becoming the sixth fastest-growing economy in the world in 2011.

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