The '''economy of Australia''' is developed and one of the largest mixed market economies in the world, with a G D P of A U D $1.69 trillion as of 2017. Australia is the second wealthiest nation in terms of wealth per adult, after Switzerland. Australia's total wealth was A U D $8.9 trillion as of June 2016. In 2016, Australia was the 14th largest national economy by nominal G D P, 20th largest by P P P -adjusted G D P, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted G D P growth in the developed world with the March 2017 financial quarter, the 103rd quarter and 26 years since Australia had a technical recession ( two consecutive quarters of negative growth ) . The Australian economy is dominated by its service sector, comprising 61.1% of the G D P and employing 79.2% of the labour force in 2016. East Asia ( including A S E A N and other Northeast Asia countries ) is a top export destination, accounting for about 64% of exports in 2016. Australia has the eighth highest total estimated value of natural resources, valued at US$19.9 trillion in 2016. At the height of the mining boom in 2009-10, the total value-added of the mining industry was 8.4% of G D P . Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable and has not experienced a recession since July 1991. The Australian Securities Exchange in Sydney is the 16th largest stock exchange in the world in terms of domestic market capitalisation and has the largest interest rate derivatives market in Asia. Some of Australia's large companies include but are not limited to: Wesfarmers, Woolworths, Rio Tinto Group, B H P Billiton, Commonwealth Bank, National Australia Bank, Westpac, A N Z, Telstra and Caltex Australia. The currency of Australia and its territories is the Australian dollar which it shares with several Pacific nation states. Australia is a member of the A P E C, G20, O E C D and W T O . The country has also entered into free trade agreements with A S E A N, Canada, Chile, China, Korea, Malaysia, New Zealand, Japan, Singapore, Thailand and the United States. The A N Z C E R T A agreement with New Zealand has greatly increased integration with the economy of New Zealand and in 2011 there was a plan to form an Australasian Single Economic Market by 2015.
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