The land of opportunity
Australia is the most culturally diverse country in the region and one of the most multinational on earth with nearly one-quarter of the population born overseas.
Australian's are multilingual and culturally sensitive with more than 854 000 fluent in a major Asian language and 1.3 million fluent in a major European tongue (apart from English). People from around 200 countries have migrated to Australia. The diverse composition of our population contributes greatly to the dynamic, innovative and inclusive nature of Australian society. A cultural respect, which gives all Australians, subject to the law, the right to express their own culture and beliefs and obliges them to accept the right of others to do the same.
Australia's annual real GDP has been growing by an average of 3.4% since 1998. Australia has had one of the strongest economies in the world in recent years, growing at an average annual rate of 4 per cent since 1990. GDP in 2013 was $1,532 billion. Australia's economic growth is coupled with low inflation. Australia's inflation rate has been stable over the past decade, and inflation in 2013 was just 2.5%. An important factor contributing to Australia's ability to maintain low inflation with high growth has been the economy's productivity performance.
Since 1990, Australia's productivity has been growing at an average annual rate of over 2.3%. This has been one of the fastest-growing productivity rates in the OECD—above the average of 1.8 per cent.