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Business images of Christmas Island

Economy of Christmas Island

The Territory of Christmas Island is an Australian external territory in the Indian Ocean comprising the island of the same name. It is located approximately 350 kilometres (190 nautical miles) south of Java and Sumatra and about 1,550 km (840 nmi) north-west of the closest point on the Australian mainland. It has an area of 135 square kilometres (52 sq mi).<br>Christmas Island had a population of 1,692 residents as of 2021, with the majority living in settlements on the northern edge of the island. The main settlement is Flying Fish Cove. Historically, Asian Australians of Chinese, Malay, and Indian descent formed the majority of the population. Today, around two-thirds of the island's population is estimated to have Straits Chinese origin (though just 22.2% of the population declared a Chinese ancestry in 2021), with significant numbers of Malays and European Australians and smaller numbers of Straits Indians and Eurasians. Several languages are in use including English, Malay, and various Chinese dialects. Islam and Buddhism are major religions on the island. The religion question in the Australian census is optional, and 28% of the population do not declare their religious belief.

Top Sectors in Christmas Island

Culture in Christmas Island

Christmas Island cuisine can best be described as an eclectic combination of traditional Australian cuisine and Asian cuisine. The main local organisation that promotes and supports the status and interests of female Christmas Islanders is the Christmas Island Women's Association which was established in 1989 and is a member organisation of the Associated Country Women of the World. The Dales is a rainforest in the western part of the island and consists of seven deep valleys, all of which were formed by spring streams. Hugh's Dale waterfall is part of this area and is a popular attraction. The annual breeding migration of the Christmas Island red crabs is a popular event. Fishing is another common activity. There are many distinct species of fish in the oceans surrounding Christmas Island. Snorkelling and swimming in the ocean are two other activities that are extremely popular. Walking trails are also very popular, for there are many beautiful trails surrounded by extravagant flora and fauna. 63% of the island is covered by the Christmas Island National Park.

Flora and Fauna in Christmas Island

Christmas Island was uninhabited until the late 19th century, allowing many species to evolve without human interference. Two-thirds of the island has been declared a National Park, which is managed by the Australian Department of Environment and Heritage through Parks Australia. Christmas Island contains unique species, both of flora and fauna, some of which are threatened or have become extinct.

Media in Christmas Island

Radio broadcasts to Christmas Island from Australia include ABC Radio National, ABC Kimberley, Triple J, and Hit WA (formerly Red FM). All services are provided by satellite links from the mainland. Broadband internet became available to subscribers in urban areas in mid-2005 through the local internet service provider, CIIA (formerly dotCX). Because of its proximity to South East Asia, Christmas Island falls within many of the satellite footprints throughout the region. This results in ideal conditions for receiving various Asian broadcasts, which locals sometimes prefer to those emanating from Western Australia. Additionally, ionospheric conditions are conducive to terrestrial radio transmissions, from HF through VHF and sometimes into UHF. The island plays home to a small array of radio equipment that spans a good chunk of the usable spectrum. A variety of government-owned and operated antenna systems are employed on the island to take advantage of this.

Transport in Christmas Island

A container port exists at Flying Fish Cove with an alternative container-unloading point to the east of the island at Norris Point, intended for use during the December-to-March "swell season" of rough seas. The standard gauge 18 km (11 mi) Christmas Island Phosphate Co.'s Railway from Flying Fish Cove to the phosphate mine was constructed in 1914. It was closed in December 1987, when the Australian government closed the mine, and since has been recovered as scrap, leaving only earthworks in places. Virgin Australia provides two weekly flights to Christmas Island Airport from Perth, Western Australia. A fortnightly freight flight provides fresh supplies to the island. Rental cars are available from the airport, however no franchised companies are represented. The road network covers most of the island and is of generally good quality, although four wheel drive vehicles are needed to reach some of the more distant parts of the rainforest or the more isolated beaches on the rough dirt roads.


Christmas Island - Key Economic Indicators

Exports and Imports

Christmas Island's exports are dominated by phosphate, a mineral used in fertilizer production, with a total value estimated at $5.03 million in 2022. Limited agricultural products and some scientific research activities may contribute a small portion of exports as well. Australia remains the primary trading partner for both exports and imports.

Infrastructure Development

Christmas Island has a limited road network, with the total length estimated to be around 130 kilometers as of 2024. Infrastructure development is primarily focused on maintaining existing roads, essential utilities, and the port due to the small population and high costs associated with remoteness.

Monetary Policy

Christmas Island uses the Australian dollar (AUD) as its currency. Monetary policy is set by the Reserve Bank of Australia (RBA) and applies to Christmas Island as well. As of May 2024, the benchmark interest rate is set at 8.25%.

Trade Agreements

Christmas Island benefits from trade agreements negotiated by Australia. These agreements, such as those with New Zealand and ASEAN countries, offer access to wider markets and potentially preferential treatment for exports.

Environmental Regulations

Christmas Island has strict environmental regulations due to its unique ecosystem and rich biodiversity, including a significant portion of endemic species. These regulations aim to protect the island's natural habitats and endangered species. Activities like phosphate mining and fishing are heavily regulated to minimize environmental impact. The Australian government recently committed $A39.1 million to create two new marine parks around Christmas Island and the Cocos (Keeling) Islands, further strengthening environmental protection efforts.

Tax system

Capital gains tax: Capital gains in Christmas Island are taxed at the same rate as regular income in Australia. The progressive tax rate for individuals ranges from 0% to 49%, depending on income level.
Corporate tax rate: Businesses on Christmas Island are subject to the Australian corporate tax rate, which is currently 27%.
Sales tax (GST): There is no Goods and Services Tax (GST) levied on Christmas Island, unlike mainland Australia. This can be a potential advantage for some businesses.
Property tax: Property tax is not levied on Christmas Island. Residents may be liable for property taxes if they own property elsewhere in Australia.
Payroll tax: Payroll tax, used to fund social security in Australia, is not applicable on Christmas Island. However, employers may be required to contribute to mandatory superannuation schemes for employees, similar to mainland Australia.
Tax deductions and credits: Residents of Christmas Island can benefit from the same tax deductions and credits available in Australia, including deductions for work-related expenses, charitable donations, and certain medical expenses.
Tax compliance: Tax compliance on Christmas Island is overseen by the Australian Taxation Office (ATO). The remoteness of the island may pose some challenges, but the ATO utilizes online systems and other measures to facilitate tax filing.
Tax burden: The overall tax burden for individuals and businesses on Christmas Island is generally considered lower than in mainland Australia due to the absence of GST and property tax. However, residents may still be liable for federal taxes in Australia depending on their income and circumstances.

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