Australia GDP

By: Michael Glanville

Items that reflect GDP

  • Iron Ore
  • Bauxite
  • Diamonds
  • Coal
  • Silver
  • Gold
  • Copper
  • Farming
  • Mining
  • Tourism

Australia Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption

This article talks about the economy of Australia and how it compares to other countries. Their rank globally is 5th with their economic score being an 80, which is very good. It attracts many tourists because of the many sights to see. Government debt has been rising since the global financial crisis but remains substantially lower than in most other advanced economies.

http://www.heritage.org/index/country/australia

Australian Economy Snapshot

This article talks about basically the same things. Their economy is very good compared to others and many people go there to witness the many attractions they have. Their economic growth is on the rise and their unemployment rate is very low, especially compared to the US.

http://www.rba.gov.au/snapshots/economy-snapshot/

Business Cycle

Expansion because their economy is on the rise and nearing a peak.

Capital Deepening

Right now the economy in Australia is very good. I don't think they need to increase the amount of capital per worker right now. If everything is running well with how things are now then there is really no reason to change what they are doing. If the economy starts to become a contraction on the business cycle then I would consider it but as of now I would stay away.

Savings and Investment

With Australia's economy I would think about savings and investment. The economy is running well right now so it would be smart to put money away and give more funds to the businesses. This way, if the economy started to drop, there will still be money there and businesses can stay in business because of the money they acquired while the economy was on the rise.

Technological Progress

This is something every country should be looking towards. The efficiency will be up with less workers. The only problem with this is it could lead to a rise in unemployment rate. So if a country becomes to technologically dependent, then it will make the economy worse with all the people unemployed. The government needs to make sure there is always jobs for people to have regardless of the technological progress.