"This is a self-sufficient country so let's take advantage of it"
But its not is it (2018 numbers) - cars, computers, oil, aircraft......................
#1 Machinery (AUD$46.2 billion)
Representing about 14% of Australian imports, machinery formed Australia’s largest import in 2018. The level of machinery imports has consistently been high, also representing $47.2 billion worth of Australia’s imports in 2016. This is not surprising given the investment in infrastructure and construction around Australia. Australians import everything ranging from computers and generators to centrifugal pumps, which are essentially ‘capital’ goods that help Australians make other goods.
#2 Oil (AUD$43.9 billion)
Mineral fuels represent around 13.3% of Australian imports, and this rapidly grew by around 33% from 2017 to 2018. Australia imports mainly all its oil and is on the path to becoming 100% reliant on imports for petroleum in 2030. Just over half of Australia’s imported refined petrol is imported from refineries in Singapore, followed by refineries in South Korea and Japan.
#3 Vehicles (AUD$43.6 billion)
Vehicles account for over 13% of Australia’s imports. In 2018, this included the importation of cars, trucks, automobile parts, tractors, trailers and more. Cars alone accounted for $24.3 billion in imports. The importation of specialised vehicles grew significantly. Imports of special purpose vehicles grew by up to 97% from 2017, whilst the imports of armoured vehicles and tanks escalated by over 16%.
#4 Electrical machinery and equipment (AUD$37.1 billion)
Australians love using electrical equipment – so it contributed around 11.3% of Australia’s imports in 2018. By far, the number one electrical piece of equipment forming the bulk of Australian imports were mobile phones, including smartphones. This alone accounted for about AUD$12.3 billion in Australian imports. The import of solar power products also increased significantly by 62% compared to 2017, as did electric generating sets and converters which increased by just over 52%.
#5 Medical/technical equipment (AUD$12 billion)
Optical, technical and medical equipment account for around 3.7% of Australian imports. This includes goods like electro-medical equipment such as x-rays and blood fractions.
#6 Pharmaceuticals (AUD$11.8 billion)
Pharmaceuticals account for about 3.6% of Australian imports. The importation of items such as medicines and medical devices is heavily regulated, and many pharmaceuticals are prohibited from entering into Australian borders by the Department of Health and Australian Border Force.
#7 Gems and precious metals (AUD$9.5 billion)
Representing around 2.9% of Australian imports, gems and precious stones are at #7 on the list. Australians love their jewellery and this plays a critically important role in international trade. Diamonds alone generated about AUD$624 million in value whilst jewellery altogether formed about AUD$1.4 billion in import value.
#8 Plastics and plastic articles ($AUD9.2 billion)
Plastic is a large international business, and it accounted for about 2.8% of Australian imports in 2018.
#9 Iron or steel articles (AUD$7.2 billion)
Coming in at number nine are iron and steel articles, accounting for around 2.2 per cent of Australian imports in 2018. This was a significant increase from the previous year.
#10 Furniture, bedding and lighting (AUD$6.9 billion)
Last but not least, Australians continue to invest in home furnishings, explaining why the importation of furniture, bedding and lighting accounted for 2.1% of all imports.