Economics Topic 3 Statistics

1960s

• women joining workforce

• move to services

  • structural unemployment

• automation of labour and technology

• 12-8.5% unemployment

before 2000s

• 4.35% cash rate

Decade before GFC (Resources Boom)

• average economic growth 3.7%

• peak of economic growth 5.7%

• inflation 9%+

• unemployment 5%

• 7.35% cash rate

2000-2001

• introduction of GST

  • inflation 6% jump

• China joins WTO

• sticky unemployment fall

GFC

• no recession (one quarter of negative economic growth)

  • fiscal spending of $52 billion

• 1.5% economic growth

• 5% inflation

• projected 4.25-8% unemployment

  • only 5.8% unemployment due to $52 billion fiscal stimulus

• 3% cash rate

2010-2012 Renewed Resources Boom

• 2.6-3.6% inflation

2014-2019 global uncertainty

• economic growth consistently below 3%

• 6.5% unemployment

• Morrison government return to surplus

  • inappropriate fiscal stance

  • require expansionary monetary stance

  • low inflationary pressures

• income gini 0.328

• 1.5% cash rate

COVID 2020

• recession -0.3% to -7% economic growth

• 3.4% economic growth after recession

• overall -1.1% economic growth

• 1.6% inflation

• 7.5% unemployment

  • jobkeeper stopped from going to 15%

• 8.5% underemployment

  • hours cut rather than firing

• fiscal 200B+ spending

  • jobkeeper 90B+/year

  • $1500 fortnight

• 0.1% cash rate

COVID 2021

• 4.2% economic growth

• 2021-2022 7.8% inflation

• 3.5% unemployment

• +3.4 CA surplus

2022

• 2.7 economic growth

• net foreign debt 52.5% of GDP

• net foreign liabilities 36.9% of GDP

• 4.35% cash rate

2023

• 1.5% economic growth

• $250.3 B social and security welfare fiscal

• net foreign liabilities 32% down from peak 63% in 2016

2024

• 0.8 to 1.3% economic growth

• net foreign debt 55% of gdp

Current

• inflation 2.5%

• 14 million workers

• unemployment 4.1%

• underutilization 10.7%

• NAIRU fall to 4%

  • inflation fall

  • interest rate fall

• albanese revision of tax percentage to stage 3 tax cuts

  • 32.5-20%

  • 19%-16%

• minimum wage $24.95

• $0.65 USD : $1 AUD

• -3.1% CAD

• 52% net foreign debt

• 3.85% cash rate

2018

• stage 3 tax cuts

  • $ 300B for stage 3 in 7 years

  • stage 2/3 benefit top 10% of earners

Debt

• almost $10 trillion across sectors in economy

• $3.7 trillion household debt

  • average household debt $276 000

  • $3.3 trillion mortgage debt with average mortgage $625 000

• $16.2 billion assets across economy