This meeting or release is scheduled the first week of each month. The economy of Australia is one of the largest capitalist economies in the world with a GDP of $1.5 trillion as of 2013. Australia's total wealth is 6.4 trillion dollars. In 2012, it was the 12th largest national economy by nominal GDP and the 17th largest measured by PPP adjusted GDP, about 1.7% of the world economy. Australia is the 19th largest dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP, the mining related economy represents 9% of GDP, the total mining sector is 19% of GDP. Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market. The establishment of a mining industry continued the high level of economic growth in the post war period. The opportunities for large profits in pastoralism and mining attracted considerable amounts of British capital, while expansion generally was supported by enormous government outlays for transport, communication, and urban infrastructures, which also depended heavily on British finance. As the economy expanded, large scale immigration became necessary to satisfy the growing demand for workers, especially after the end of convict transportation to the eastern mainland in 1840.
The emphasis of exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since 2000. Australia's current account is about 2.6% of GDP negative. Australia has had persistently large current account deficits for more than 50 years. Australia is an export country and its primary trading partner is China, therefore the health of the Chinese economy is important to the Australian trade balance. Australia's two way trade in goods and services was worth nearly $650 in 2013, a vital component of Australia's economic prosperity. Not only does Australia export goods and services, it provides a great deal of minerals and ore to China. The price of iron ore can greatly affect the Australian trade balance. In 2010 and 2011, Australia reported consistent trade surpluses due to high price of commodities. However, in 2012, the trade balance is back in deficit due to sharp in value of exports and rising capital imports. Metals, coal, oil and natural gas account for 54% of total exports. Australia is a major importer of machinery and transport equipment, computers, and office machines and telecommunication equipments.