Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP, the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion.

A series of floods hit Queensland, Australia, beginning in November 2010. The floods forced the evacuation of thousands of people from towns and cities. At least 90 towns and over 200,000 people were affected. Damage initially was estimated at A$1 billion before it was raised to $2.38 billion. The estimated reduction in Australia's GDP is about A$30 billion. As of March 2012, there were 33 deaths attributed to the floods, with a further three people still missing.