Voter Rights Party
I've taught & studied economics for 28 years.
130 sources used, including, World Economic Outlook Database, World Bank Open Data, Australian Bureau Statistics, Australian Trading Economics publication, federal govt budget reports, & wikipedia research.
One of the largest mixed market economies in the world
2nd wealthiest nation in terms of wealth per adult, after Switzerland.
Total wealth - AUD$8.9 trillion (June 2016)
8th highest total estimated value of natural resources, valued US$19.9 trillion in 2016.
14th largest national economy by nominal GDP (domestic monetary market value, goods & services)
20th largest by PPP-adjusted GDP (international monetary market value, goods & services)
25th-largest goods exporter
20th-largest goods importer
GDP of AUD$1.69 trillion (2017)
GDP by sector; our economy is dominated by our Service sector; 61.1% of GDP & employing 75.6% of jobs 2016; Services 61.1%, Construction 8.1%, Mining: 6.9%, Manufacturing: 6.0%, Agriculture: 2.2% (2016)
Work Force by Occupation: Services 75.6%; Construction 9.1%, Manufacturing 7.5%, Wholesale Trade 3.2%, Agriculture 2.7%, Mining 1.9% (2016)
GDP per capita $56,135 (nominal)
Average Gross Weekly Salary $1605 (full time adult) $1179 (all jobs) May 2017
Work Force 12.5 million; Unemployment 5.6%, 735,000; Participation rate 65.7% (March 2018) Not include aged & disability pensioners, non working students, prisoners, & homeless, we know 3.2 - 3.4 million citizens drugged, non-participation rate 34.3%
Inflation Rate 1.8% annually
Govt Revenues $461 billion
Govt Expenses $484 billion (2017); $23 billion federal budget deficit (1.9% of GDP)
Public Debt 42.3% of GDP (Oct 2017) is Aust govt debt, amount owed by Aust federal govt.
April 2017, the gross Aust govt debt $567 billion, increase from $420 billion (2016), from $59.6 billion (2004).
Net federal debt estimated $326 billion in 2016-17 federal budget - 60% is owed to foreigners.
Public Debt to GDP ratio listed by CIA’s World Factbook & IMF. Net debt figure is the cumulative total of all govt borrowings less repayments denominated in a country's home currency.
Exports $388 billion (2017); primary products 60.1%
Imports $376 billion (2017); manufactured products 59.9%; overall current account trade deficit end Dec 2017 $14 billion deficit
Net foreign debt liability position increased 2% by $19.6 billion to $1.10 Trillion, Dec 2017.
Total Gross External Debt AUS$1.94 Trillion (Feb 2018)
Gross External Debt is the total debt a country owes to foreign creditors (foreign debt), together with internal debt owed to domestic lenders. Debtors include the govt, corporations & citizens of our country. Debt includes money owed to private commercial banks, other govts, & international financial institutions, International Monetary Fund (IMF) & World Bank.
Net international investment position liability $986 billion Dec 2017, a 3% increase $27.8 billion from Sept 2017.
$40 billion in interest given to domestic & foreign banks & corporations, annually, to service govt & external debt.
Taxation; Aust has a vertical fiscal imbalance; in the top 5 pronounced VFI's in the world: states & territories collect only 18% of all govt revenues yet have 50% of govt expenditure. Our (Voter Rights Party) new tax system will fix these imbalances.
Australia's large companies include; Wesfarmers, Woolworths, Rio Tinto Group, BHP Billiton, Commonwealth & NAB Banks, Westpac, ANZ, Macquarie Group, Telstra & Caltex Aust.
Poverty; 2017 ACOSS report revealed growing poverty in Aust, estimated 2.9 million people or 13.3% of all people living below the internationally accepted poverty line. Also estimated 731,000 children are in poverty, & 17.5% children under age 15 in poverty.
Homelessness: Every Census since 2006 proves increases in Homelessness. In 2011; 105,237 people homeless on census night, 1 in 200 Australians represented 17% increase from the 2006 census, from 45 per 10,000 to 49 per 10,000.
Homeless people increased more than 14,000 - 14% - in the five years to 2016, (ABS census). 116,000 homeless on 2016 census night; 50 homeless people per 10,000.
2006 – 2011 Increased 17% 105,237
2011 – 2016 Increased 14% 116,000
Historical implications of homelessness
Australia is a mess economically. Those politicians have created massive disparities between rich & poor in Australia. We obviously have more than enough existing & natural resources wealth for all adults to be working or receive international standards in basic income, & to be housed.
Govt & external debt is massive, & increasing, & created by liberal & labor progressively since 2nd world war. No excuses for the deaths, poverty, & homelessness that has occurred in this country over the past century to today. Study our economic vision for Australia, & view it as definite economic strategies to eradicate govt & external debt & improve income living standards for all citizens.