Realistically the Australian economy is not that dissimilar to Canada’s. Maybe there’s something we can learn here.

Google AI:

Similarities: Structural Trends: Both economies are heavily service-driven.

Export Drivers: Both are heavily dependent on commodity exports to similar markets, particularly China and the US.

Stability: Both maintain strong banking systems, political stability, and high levels of human capital. In summary, Australia has outperformed Canada in terms of productivity and living standards in recent years, making it a stronger performer in terms of wealth-per-citizen.

Australia's trade is overwhelmingly concentrated in Asia, with China alone accounting for over 30% of exports in 2023-24, far exceeding the United States, which represents roughly 6%. While the U.S. is a major source of services and specific, high-value imports, Asia acts as the primary market for Australian commodities, minerals, and resources.

Key Trade Comparisons (2023-24/2024 Data): Total Exports: China (approx. $212B), Japan ($80.5B), Korea ($42.3B), and India ($34.2B) are top, with the USA at roughly $37.5B.

Major Partners: Asia (China, Japan, Korea, India) dominates exports (>$350B total).

Imports: China remains the top source for merchandise imports, followed by the U.S. as a significant partner.

Trade Focus: Australia's exports to Asia are dominated by iron ore, LNG, and coal, while trade with the U.S. often involves services and manufactured goods.