 Australia is a developed country and one of the wealthiest in the world , with the world 's 12th @-@ largest economy . In 2014 Australia had the world 's fifth @-@ highest per capita income . Australia 's military expenditure is the world 's 13th @-@ largest . With the second @-@ highest human development index globally , Australia ranks highly in many international comparisons of national performance , such as quality of life , health , education , economic freedom , and the protection of civil liberties and political rights . Australia is a member of the United Nations , G20 , Commonwealth of Nations , ANZUS , Organisation for Economic Co @-@ operation and Development ( OECD ) , World Trade Organization , Asia @-@ Pacific Economic Cooperation , and the Pacific Islands Forum . 
