Thursday, 26 September 2013

From the information gathered on oecd.org, I was able to see how Australia's economy has transformed from 2008 to 2013. All the data is given in US dollars ($). Australia's government spending has increased, in 2008 it was 149.2 billion dollars and in 2011 it was 176.1 billions dollars. This obviously lead to an increase in investment, and in 2011 the investment was of 274.1 billions of dollars. The real GDP, that is the actual output of a nation adjusted for changes in the price level from a base year, decreased significantly in 2008-2009, undergoing a change of 1.5%. Australia's GDP, which is what measures the value of a nation's output produced in a year, increased significantly during the years. in 2008 it was 848 billion dollars, whilst in 2012 it was 1041.2 billion dollars.The table below includes data on inflation rate in percentage change over previous period. 
Sadly for Australia, the government debt also increased during these years: from 2008 to 2013 it increased of 33.7%. 
AUSTRALIA
  Years 
  2008 2009 2010 2011 2012 2013
Government spending  149.2 162.5 167.7 176.1    
Investment 238.7 248.7 248.6 274.1    
Real GDP 2.4 1.5 2.6 2.4 3.6 2.6
GDP 848.0 899.4 937.1 986.7 1041.2  
Unemplyment rates       5.1 5.2 5.6
Household spending 458.8 495.0 502.7 531.8    
Inflation rate       3.3 1.8  
Government deficit/surplus  -0.7 -0.5 -5.2 -3.6 -3.3 -1.8
Government debt 13.9 19.5 23.6 27.1 32.4 33.7