Australia’s economic diplomacy

These two charters present key information on the Federal Government\u27s Economic Diplomacy initiative, which involves using Australia\u27s international diplomatic assets to advance national and global prosperity. Introduction Australia\u27s prosperity is more connected than ever to developments in the global economy. Our trade with the world is equivalent to 42 per cent of our GDP—a number that hasn\u27t dropped below 25 per cent since 1900. The stock of foreign investment in Australia is at record highs—$2.5 trillion and Australia\u27s investments around the world total $1.6 trillion. Australia is ranked 5th in the world for GDP per capita and has the 12th largest economy. To sustain this performance requires strong international engagement. That\u27s why the government is prioritising Australia\u27s economic diplomacy: to support Australia\u27s prosperity, and to help build global prosperity