Rubix Data Sciences has released its Country Insights report on Australia, finding steady growth and deepening India-Australia trade and strategic ties.
Rubix Data Sciences has released its Country Insights report on Australia ahead of Prime Minister Narendra Modi’s visit to the country, finding Australia’s growth story remains anchored by resilient domestic demand, cooling inflation and robust Asian trade ties. The report projects Australia’s GDP to rise from USD 1.84 trillion in 2024 to USD 2.29 trillion by 2028, with real growth of 2 per cent in 2026 moderating to 1.7 per cent in 2027 before recovering to 1.9 per cent in 2028. Inflation stood at 4.0 per cent in May 2026, above the Reserve Bank of Australia’s 2 to 3 per cent target, with the cash rate at 4.35 per cent after three hikes this year. Australia’s goods trade surplus has nearly halved from USD 97 billion in 2021 to USD 47 billion in 2025, with iron ore, coal, natural gas and gold dominating exports and China remaining the top trading partner.
On India-Australia trade, the report notes that under the four-year-old India-Australia Economic Cooperation and Trade Agreement, India’s trade deficit with Australia more than halved to USD 6.5 billion in FY2026, with all Indian exports duty-free into Australia since January 2026. Refined petroleum products account for 37 per cent of India’s exports to Australia, while coal makes up 45 per cent of India’s imports from Australia. Cooperation is deepening in critical minerals, with Australia holding 21 of the 49 minerals critical to India, and in defence, marked by the first Australia-India Defence Ministers’ Dialogue in 2025 and a Mutual Submarine Rescue Arrangement. Tushar Bhaskar, President of Rubix Data Sciences, said Australia’s holdings of critical minerals at a time when India’s clean energy and semiconductor ambitions require supply security represented a bigger long-term story than trade deficit numbers.
Source: Rubix
