 Since 2008 , inflation has typically been 2 – 3 % and the base interest rate 5 – 6 % . The service sector of the economy , including tourism , education , and financial services , accounts for about 70 % of GDP . Rich in natural resources , Australia is a major exporter of agricultural products , particularly wheat and wool , minerals such as iron @-@ ore and gold , and energy in the forms of liquified natural gas and coal . Although agriculture and natural resources account for only 3 % and 5 % of GDP respectively , they contribute substantially to export performance . Australia 's largest export markets are Japan , China , the US , South Korea , and New Zealand . Australia is the world 's fourth largest exporter of wine , and the wine industry contributes $ 5 @.@ 5 billion per year to the nation 's economy . 
