Stats
Current unemployment rate
3.5%
Capital and financial account
records the borrowing, lending, sales and purchased of assets between Aus and the rest of the world
WTO
World Trade Organisation
Monetary policy
Macroeconomic policy that aims to influence the cost and supply of money in an economy
ASEAN
ASEAN Free Trade Agreement (AFTA) - 10 Southeastern Asiab economies
Current cash rate
2.35%
Phillips curve
A graphical representation of the theory that the economy faces a trade-ff between low levels of inflation and low levels of unemployment
RBA
Reserve Bank of Australia
Macroeconomic policies
policies that affect the economy as a whole with the aim of minimising fluctuations in the business cycle
AANZFTA
ASEAN-Australia-New Zealand Free Trade Area
Current economic growth
3.6%
Purchasing power parity
ASX
Australian Securities Exchange
Microeconomic policies
polices that are aimed at individual industries - seeking to increase aggregate supply by improving efficiency and production
AUSFTA
Australia-United States Free Trade Agreement
Current inflation rate
6.1%
Stagflation
occurs when the rate of inflation and the rate of unemployment rise simultaneously
TWI
Trade weighted index
Fiscal policy
G7
Group of 7 - US, UK, France, Germany, Italy, Canada and Japan
37.5%
Local content rules
specify that goods must contain a minimum percentage of locally made parts to qualify for trade protection assistance
IMF
International Monetary Fund
Budget
The tool of the government for the exercise of fiscal policy
Group of 20 - US, UK, France, Germany, Italy, Canada, Japan, EU, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey