Economics Topic 3 Statistics

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8 Terms

1
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Decade before GFC

  • average economic growth 3.7%

  • peak of 5.7%

2
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GFC

  • no recession (one quarter of negative economic growth)

    • fiscal spending of $52 billion

  • 1.5% economic growth

3
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2014-2019 global uncertainty

  • economic growth consistently below 3%

  • Morrison government return to surplus

    • inappropriate fiscal stance

    • require expansionary monetary stance

4
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COVID 2020

  • recession -0.3% to -7% economic growth

  • 3.4% economic growth after recession

  • overall -1.1% economic growth

  • fiscal 200B+ spending

    • jobkeeper 90B+/year

    • $1500 fortnight

5
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COVID 2021

  • 4.2 economic growth

6
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2022

  • 2.7 economic growth

7
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2023

  • 1.5% economic growth

8
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2024

  • 0.8 to 1.3% economic growth