 An emphasis on exporting commodities rather than manufactured goods has underpinned a significant increase in Australia 's terms of trade since the start of the 21st century , due to rising commodity prices . Australia has a balance of payments that is more than 7 % of GDP negative , and has had persistently large current account deficits for more than 50 years . Australia has grown at an average annual rate of 3 @.@ 6 % for over 15 years , in comparison to the OECD annual average of 2 @.@ 5 % . Australia was the only advanced economy not to experience a recession due to the global financial downturn in 2008 – 2009 . However , the economies of six of Australia 's major trading partners have been in recession , which in turn has affected Australia , significantly hampering its economic growth in recent years . From 2012 to early 2013 , Australia 's national economy grew , but some non @-@ mining states and Australia 's non @-@ mining economy experienced a recession . 
