With more than two decades of economic expansion, Australia is one of the wealthiest Asia-Pacific countries. On a worldwide scale, Australia competes in financial and insurance services, technology, and high-value-added manufactured goods. The country has signed many free-trade agreements, including those with the United States, China, Japan, South Korea, the Association of Southeast Asian Nations, and, most recently, the United Kingdom. Australia's vast and diversified natural resources, which include large and exportable amounts of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources, attract major international investment. Australia has 17 preferential trade agreements in force. With 335 non-tariff measures in force, the average trade-weighted tariff rate is 2.5 percent.
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Due to the pandemic outbreak, the city's GDP fell by 53% ($39.8 billion) in 2020, to $35.4 billion. According to Figure 1.1, following this exceptional shock, Melbourne's CBD economy will roar back to life, rising by 16.9%, or nearly $5.9 billion, to a total of more than $41 billion in 2021.
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