Economic Objectives

Economic Growth

100

The most common way to measure Economic Growth

GDP

200

GDP which takes the effect of inflation into account

Real GDP

300

non paid work

Not counted in GDP

400

Cutting down a pristine forest to make timber furniture

a limitation of GDP

500

Australia's current annual GDP

3.3 %

• ^{The Australian economy rose .8% in seasonally adjusted chain volume measures (March Qtrly ( means Dec,Jan,Feb)}
• ^{Through the year GDP rose 3.3.1% ( Mar 22 - Mar 22)} 

Full Employment

100

The type of unemployment when eg. A person who lost their job during the 1991 recession

Cyclical Unemployment

200

Sam is working part time but would prefer to work full time 

Underemployment

300

Which is currently higher in Australia Unemployment or Underemployment

Underemployment

400

Australia's current Unemployment rate

3.9% May 22

_{Seasonally adjusted estimates for May 2022:}

• _{unemployment rate remained at 3.9%.}
• _{participation rate increased to 66.7%.}
• _{employment increased to 13,510,900.}
• _{employment to population ratio increased to 64.1%.}
• _{underemployment rate decreased to 5.7%.}
• _{monthly hours worked increased by 17 million hou}rs.

500

Approx % of Australia's youth unemployment 

youth unemployment rate remained at 8.8%. 2022

youth unemployment rate was 2.8 pts lower than March 2020.

Inflation

100

What is the current annual inflation rate in Australia

5.1%^.

• _{The Consumer Price Index (CPI) rose 2.1% this quarter.}
• _{Over the twelve months to the March 2022 quarter, the CPI rose 5.1%.}
• _{The most significant price rises were New dwelling purchase by owner-occupiers (+5.7%) and Automotive fuel (+11.0%).}

200

A three letter index number that measures Inflation

CPI- Consumer Price Index

300

What is the target rate of Inflation in Australia and who decides this?

2- 3% - RBA

400

Would high inflation in Australia affect its international competitiveness? 

yes- makes our exports more expensive

500

The type of inflation that is below the target rate of 2-3%

Deflation 

Equitable Standard of living

100

Did Australian wages rise or fall over the past year 

Rose (by a little bit) 

_{In March quarter 2022 the seasonally adjusted WPI:}

• _{Rose 0.7% this quarter and 2.4% over the year.}
• _{The private sector rose 0.7% and the public sector rose 0.6%.}

_{Estimates for average weekly ordinary time earnings for full-time adults (seasonally adjusted):}

• _{Increased by 2.1% to $1,748.40 annually to November 2021.}
• _{Males: $2,025.20 (public), and $1,812.30 (private).}
• _{Females: $1,799.30 (public), and $1,504.80 (private).}

200

A fair final distribution of personal income so that all can access basic goods and services is what economic objective?

Equitable distribution of income and wealth

300

Using information and indicators to determine whether citizens in an economy feel comfortable, safe and satisfied with their standard of living

Happiness Index

400

The average earning of the top 20% in Australia is how many times more than the bottom 20% of income earners 

12 times and for Wealth it is 92 times 

500

The overall well being of individuals according to their material living standards and a range of other considerations eg. education levels

Quality of life

External Stabilty

100

When a country buys more imports ( value)  than compared to its exports ( value)  

trade imbalance ( deficit)

200

The summary of a nation's payments to and receipts from the rest of the world over a year

The Balance of payments

300

Did export prices rise or fall in the last quarter?

Rose

_{2022 Export price index rose 18.0% this quarter and 46.7% through the year.}

_{2022 Import price index rose 5.1% this quarter and 19.3% through the year.}

^{2021- Export price index rose 11.2% this quarter and 8.6% through the year.} 

400

What would happen to the amount of foreign debt that would have to be paid back overseas if the AUD depreciated

It would mean Australia would have to pay back more $$

500

Which country is affecting Australia's potential GDP growth from international trade?

 China