Australia has a strong and resilient economy, with a GDP of $1.4 trillion in 2019, according to the World Bank. The country has a low unemployment rate of 5.2%, and a strong labor force of 12.7 million people. Australia also has a high level of economic freedom, ranking 8th out of 180 countries in the 2020 Index of Economic Freedom. The country has a strong and diversified export sector, with exports of goods and services accounting for around 20% of GDP. Australia is also a major exporter of commodities, such as iron ore, coal, and natural gas. The country has a strong banking system, with the four major banks holding a combined market share of around 80%. The Australian government has also implemented a number of fiscal and monetary policies to support the economy, including tax cuts and increased infrastructure spending. Overall, Australia has a strong and resilient economy, with a strong export sector and a well-developed banking system.