Australia has a mixed economy, which combines private enterprise with government intervention and regulation. This means the economy features a variety of private freedoms alongside centralized economic planning and government oversight

. The Australian economy is highly developed and diversified, with a strong focus on the service sector, which accounts for about 70% of GDP and employs the majority of the workforce. Key service industries include finance, insurance, tourism, retail, and professional services

. Besides services, Australia is a major exporter of natural resources such as minerals (iron ore, coal, gold), agricultural products (wheat, wool), and energy (liquefied natural gas). Mining and agriculture, while smaller shares of GDP (around 6% and 2-3%, respectively), contribute significantly to exports

. Australia’s economic system is supported by a well-developed financial market, including a large and liquid stock exchange, and a strong social security system. The economy benefits from trade ties with East and Southeast Asia, with China as its largest trading partner

. In summary, Australia's economy is a mixed market economy characterized by a dominant service sector, significant natural resource exports, and active government regulation and planning