These two charters present key information on the Federal Government's Economic Diplomacy initiative, which involves using Australia's international diplomatic assets to advance national and global prosperity.
Australia's 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't dropped below 25 per cent since 1900. The stock of foreign investment in Australia is at record highs—$2.5 trillion and Australia's 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's why the government is prioritising Australia's economic diplomacy: to support Australia's prosperity, and to help build global prosperity.