As opposed to many neighbouring Southeast Asian countries, the process towards independence was relatively peaceful and thus did not have significant negative impact on the economy and standard of living.From the early 1980s onwards, the Australian economy has undergone intermittent Mining has contributed to Australia's high level of economic growth, from the The Australian government stimulus package ($11.8 billion) helped to prevent a recession.While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.The following table shows the main economic indicators in 1980–2018. Australia's Economic Outlook in Six Charts.
Both business and household credit growth remain modest. Despite this, private consumption spending has been sluggish, weighed down by slow wage growth and an increase in taxes paid by households.Source: OECD Economic Outlook 106 database; and Australian Bureau of Statistics.The stance of monetary policy has become even more expansionary, with cuts to the key policy rate totalling 75 basis points since May 2019. In 2020 ACOSS released a new report revealing that poverty is growing in Australia, with an estimated 3.2 million people, or 13.6% of the population, living below the internationally accepted poverty line of 50% of a country's median income.
Meanwhile, household consumption grew further (0.4% vs 0.1%); and inventories rose AUD 118 million driven by mining and rebounding from a decrease of AUD 743 million. These include shifting the tax mix away from direct taxes and inefficient taxes like real-estate stamp duty to the goods and services tax (GST) and land taxation.The economy will grow at a stable rate. With Australian population growth running around 0.4% per quarter, and real GDP growing by 0.2%, per capita GDP went backwards during the quarter, falling 0.2%. It was the weakest growth rate since the third quarter of 2009, as bushfires, drought and the coronavirus pandemic hit the economy. High indebtedness of the household sector could exacerbate the transmission of an economic shock. In 2017, Australia was the 13th-largest national economy by nominal GDP, 20th-largest by PPP-adjustedGDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Exports were flat (vs 0.5% in Q3); while imports fell 0.5% (vs -0.3% in Q3). On the production side, most sectors grew except construction; wholesale trade; administrative support & services; and arts & recreation. Country. Australian Bureau of Statistics figures released today show Western Australia’s domestic economy was the only State to experience growth for the 2019-20 year, growing 1.1 per cent.
Thematic data tables from WDI.
The accuracy of official unemployment figures has been brought into question in the Australian media due to discrepancies between the methods of different research bodies (Roy Morgan versus the ABS), differing definitions of the term 'unemployed' and the ABS' practice of counting under-employed people as "employed".As of February 2020, the Australia labour force were employed in the following industries:According to the Australian Graduate Survey done by The Graduate Careers Survey 2014 explained, "However, GCA's Beyond Graduation Survey (BGS) indicates that the middle- and longer-term outlook is very positive, with the employment figures for 2010 graduates growing by 14 percentage points three years later. Reference
This cumulates to an overall value of US$2,554 billion.
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