The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, and Tuvalu. After the 2006 merger of the Australian Stock Exchange and the Sydney Futures Exchange, the Australian Securities Exchange is now the 9th largest in the World.An emphasis on exporting commodities rather than manufactures has underpinned a significant increase in Australia's terms of trade during the rise in commodity prices since the start of the century. 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, a period in which the OECD annual average was 2.5%. Australia did not fall into a technical recession during the late 2000s recession that affected most other Western countries.
Australia is one of the most laissez-faire free market economies, according to indices of economic freedom. Australia's per capita GDP is slightly higher than that of the United States, UK, Germany, and France. The country was ranked second in the United Nations 2009 Human Development Index, first in Legatum's 2008 Prosperity Index, and sixth in The Economist worldwide Quality-of-Life Index for 2005. All of Australia's major cities fare well in global comparative liveability surveys; Melbourne reached 2nd place on The Economist's 2008 World's Most Livable Cities list, followed by Perth at 4th, Adelaide at 7th, and Sydney at 9th.