Economic growth has been resilient, exports and investment will support the economy and wage growth and price inflation will gradually pick up

Australia has made some progress replacing coal with natural gas and renewables in electricity generation yet remains one of the most carbon-intensive OECD countries and one of the few where greenhouse gas emissions (excluding land use and forestry) have risen in the past decade. The country will fall short of its 2030 emissions target without a major effort to move to a low-carbon model, according to a new OECD report.

This country fact-sheet presents key figures from "Under Pressure: The Squeezed Middle Class". This report analyses the trends of middle-income households in areas such as employment, consumption, wealth and debt, as well as perceptions and social attitudes. It also includes recommendations for protecting middle-class living standards and financial security in the face of economic challenges.

About 36% of Australian jobs face a significant or high risk of automation. While this is less than the OECD average (46%), it means that a sizeable share of adults will need to upskill or retrain to meet the needs of future jobs.

This document describes the key findings for Australia from the OECD Skills Strategy 2019.

Australia's tax-to-GDP ratio was 27.8% in 2016* (latest available data), below the OECD average (34.2%) by 6.4 percentage points, and above the LAC and Africa (21)* averages (22.8% and 18.2%, respectively).

Australia has one of the highest rates of obesity: nearly one in three adults are obese. As a result, Australians live on average 2.7 years less due to overweight. The impact on the economy is large: overweight accounts for 8.6% of health expenditure; and lowers labour market outputs by the equivalent of 371 thousand full time workers per year. Combined, this means that overweight reduces Australia’s GDP by 3.1%.

This country note explains how Australia taxes energy use. The note shows the distribution of effective energy tax rates across all domestic energy use. It also details the country-specific assumptions made when calculating effective energy tax rates and matching tax rates to the corresponding energy base.

Australia spends 9.3% of its GDP on health, slightly higher than the OECD average, and is projected to reach 13% by 2030. Australia also has more nurses (11.7 per 1000 people, compared to an OECD average of 8.8) and slightly more doctors (3.7 doctors versus an OECD average of 3.5) serving the population than in many OECD countries. These resources have contributed to good health outcomes.

Key findings for Australia from the report "Pensions at a Glance 2019"

The tax-to-GDP ratio in Australia increased by 0.9 percentage points from 27.6% in 2016 to 28.5% in 2017 (latest year available). The corresponding figures for the OECD average were a decrease of 0.2 percentage points from 34.4% to 34.2% over the same period.

This note presents selected findings based on the set of well-being indicators published in How's Life? 2020.

The tax wedge for the average single worker in Australia decreased by 1.0 percentage point from 28.9 in 2018 to 27.9 in 2019. The OECD average tax wedge in 2019 was 36.0 (2018, 36.1). In 2019 Australia had the 30th lowest tax wedge among the 36 OECD member countries, occupying the same position in 2018.

Unemployment Rate in Australia increased to 5.20 percent in March from 5.10 percent in February of 2020. Unemployment Rate in Australia averaged 6.80 percent from 1978 until 2020, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. In Australia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. This page provides - Australia Unemployment Rate at 5.8% in December - actual values, historical data, forecast, chart, statistics, economic calendar and news.

CPI Transportation in Australia decreased to 106.50 points in the first quarter of 2020 from 108.60 points in the fourth quarter of 2019. CPI Transportation in Australia averaged 64.91 points from 1972 until 2020, reaching an all time high of 108.60 points in the fourth quarter of 2019 and a record low of 11.30 points in the third quarter of 1972. This page provides - Australia Cpi Transportation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The number of employed persons in Australia increased to 13017.61 Thousand in March of 2020 from 13015.12 Thousand in February of 2020. Employed Persons in Australia averaged 8997.74 Thousand from 1978 until 2020, reaching an all time high of 13017.61 Thousand in March of 2020 and a record low of 5997.64 Thousand in February of 1978. In Australia, employed persons are individuals with a minimum required age who work during a certain time for a business. This page provides - Australia Employed Persons - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Government Debt in Australia decreased to 424164 AUD Million in February from 430211 AUD Million in January of 2020. Government Debt in Australia averaged 181251.67 AUD Million from 2007 until 2020, reaching an all time high of 430211 AUD Million in January of 2020 and a record low of -50019 AUD Million in May of 2008. This page provides - Australia Government Net Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

At a time when many governments are looking to encourage private investment in infrastructure to bridge the infrastructure financing gap, this paper compares the experience of pension funds in Canada and Australia, looking at infrastructure policies, the pension system, investment strategies, asset allocation and governance of pension funds.

Standard & Poor's credit rating for Australia stands at AAA with negative outlook. Moody's credit rating for Australia was last set at Aaa with stable outlook. Fitch's credit rating for Australia was last reported at AAA with stable outlook. DBRS's credit rating for Australia is AAA with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Australia thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Australia as reported by major credit rating agencies.

Capacity Utilization in Australia decreased to 75.05 percent in March from 81.13 percent in February of 2020. Capacity Utilization in Australia averaged 81.10 percent from 1997 until 2020, reaching an all time high of 84.62 percent in October of 2007 and a record low of 75.05 percent in March of 2020. This page provides - Australia Capacity Utilization - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Exports to Australia in Turkey increased to 57.10 USD Million in March from 43.89 USD Million in February of 2020. Exports to Australia in Turkey averaged 49.52 USD Million from 2014 until 2020, reaching an all time high of 168.03 USD Million in February of 2016 and a record low of 30.51 USD Million in January of 2016. This page includes a chart with historical data for Turkey Exports to Australia.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

The Australian economy is robust and faces a solid short-term outlook, but it must continue adapting to ensure that its privileged place in the Asia-Pacific region contributes to long-term sustainable growth, according to the OECD’s latest Economic Survey of Australia.

Australia’s productivity growth has decelerated markedly around the turn of the century. Part of the decline is probably temporary, but raising multifactor productivity is key to ensure that living standards continue to grow strongly, especially if the currently strong terms of trade weaken over time.

Further structural reform is required to raise productivity growth through a better climate for business and stronger R&D outcomes.

Innovation is key to boosting Australia’s productivity and inclusiveness.

R&D activity can play a central role in raising productivity.

Company: Pear Visa Immigration Services Private Limited
Experience: 2 to 9
Salary: 44.00 to 83.00
location: Australia, Canada
Ref: 24196666
Summary: Should able to fulfill job duties of Accountant & ready to relocate CAN or AUS on PR

Imports in Australia decreased to 31815 AUD Million in March from 32993 AUD Million in February of 2020. Imports in Australia averaged 12243.77 AUD Million from 1971 until 2020, reaching an all time high of 36144 AUD Million in October of 2019 and a record low of 393 AUD Million in May of 1972. Australia imports mainly machinery and transport equipment (40 percent of total imports), of which road vehicles account for 12 percent, industrial machinery for 6 percent, electrical machinery for 5 percent and telecommunications and sound recording for 5 percent.The country also imports: petroleum (11 percent); manufactured goods (12 percent); chemicals and related products (10 percent); and food and live animals (5 percent). Main import partners are China (23 percent of total imports), the US (11 percent), Japan (7 percent), South Korea, Thailand and Germany (5 percent each) and Malaysia (4 percent). This page provides the latest reported value for - Australia Imports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Core consumer prices in Australia increased 1.80 percent in March of 2020 over the same month in the previous year. Core Inflation Rate in Australia averaged 3.59 percent from 1983 until 2020, reaching an all time high of 10.70 percent in the first quarter of 1983 and a record low of 1.50 percent in the fourth quarter of 2016. In Australia, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items. This page provides - Australia Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The government’s current review of the federal system, focusing on both spending and tax responsibilities, is welcome, as is the “whole of government” approach to the process.

This review particularly recommends shifting away from income taxation to indirect taxation, for instance by raising more revenue from the Goods and Services Tax.

Household Saving Rate in Australia decreased to 3.60 percent in the fourth quarter of 2019 from 4.80 percent in the third quarter of 2019. Personal Savings in Australia averaged 9.44 percent from 1959 until 2019, reaching an all time high of 20.30 percent in the second quarter of 1974 and a record low of -1.70 percent in the fourth quarter of 2002. In Australia, Households Savings correspond to the ratio of household income saved to household net disposable income during a certain period of time. This page provides - Australia Households Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Loans to Private Sector in Australia increased to 1019.15 AUD Billion in March from 984.70 AUD Billion in February of 2020. Loans to Private Sector in Australia averaged 378.24 AUD Billion from 1976 until 2020, reaching an all time high of 1019.15 AUD Billion in March of 2020 and a record low of 20.21 AUD Billion in September of 1976. This page provides - Australia Loans to Private Sector - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Australia is the 12 least corrupt nation out of 175 countries, according to the 2019 Corruption Perceptions Index reported by Transparency International. Corruption Rank in Australia averaged 10.12 from 1995 until 2019, reaching an all time high of 13 in 2000 and a record low of 7 in 1995. The Corruption Perceptions Index ranks countries and territories based on how corrupt their public sector is perceived to be. A country or territory's rank indicates its position relative to the other countries and territories in the index. This page provides the latest reported value for - Australia Corruption Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Corporate Profits in Australia decreased to 94066 AUD Million in the fourth quarter of 2019 from 97430 AUD Million in the third quarter of 2019. Corporate Profits in Australia averaged 46897.81 AUD Million from 1994 until 2019, reaching an all time high of 98032 AUD Million in the second quarter of 2019 and a record low of 12032 AUD Million in the first quarter of 1995. In Australia, corporate profits refers to the net operating profit or loss before income tax and extraordinary items and is net of capital profits or losses arising from the sale of businesses' own capital goods and dividends received. This page provides the latest reported value for - Australia Corporate Profits - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude Oil Production in Australia decreased to 349 BBL/D/1K in January from 391 BBL/D/1K in December of 2019. Crude Oil Production in Australia averaged 463.41 BBL/D/1K from 1994 until 2020, reaching an all time high of 781 BBL/D/1K in February of 2000 and a record low of 238 BBL/D/1K in May of 2018. This page provides the latest reported value for - Australia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Wages High Skilled in Australia decreased to 6120 AUD/Month in 2018 from 6250 AUD/Month in 2015. Wages High Skilled in Australia averaged 6185 AUD/Month from 2015 until 2018, reaching an all time high of 6250 AUD/Month in 2015 and a record low of 6120 AUD/Month in 2018. High Skilled Wages refer to highest estimate of wage of workers doing high-skilled jobs, calculated from sample of wages collected by WageIndicator surveys.

Industrial Production in Australia increased 3.80 percent in the fourth quarter of 2019 over the same quarter in the previous year. Industrial Production in Australia averaged 2.38 percent from 1975 until 2019, reaching an all time high of 12.70 percent in the fourth quarter of 1987 and a record low of -7.70 percent in the first quarter of 1983. In Australia, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities. This page provides the latest reported value for - Australia Industrial Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Employment in Australia increased by 5900 in March of 2020. Employment Change in Australia averaged 13907.52 Persons from 1978 until 2020, reaching an all time high of 99200 Persons in November of 1985 and a record low of -74800 Persons in November of 1992. In Australia, employment change refers to the absolute change in the number of persons who work for pay or profit, or perform unpaid family work. Estimates include both full-time and part-time employment. This page provides the latest reported value for - Australia Employment Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Industrial Production in Australia increased 1.50 percent in December of 2019 over the previous month. Industrial Production Mom in Australia averaged 0.57 percent from 1974 until 2019, reaching an all time high of 5.10 percent in the fourth quarter of 1987 and a record low of -7 percent in the first quarter of 1975. In Australia, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities. This page provides the latest reported value for - Australia Industrial Production MoM - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Car Production in Australia decreased to 1 Units in November from 1825 Units in October of 2017. Car Production in Australia averaged 20911.40 Units from 2004 until 2017, reaching an all time high of 39306 Units in November of 2004 and a record low of 1 Units in November of 2017. This page provides - Australia Car Production- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Business Confidence in Australia decreased to -66 points in March from -4 points in February of 2020. Business Confidence in Australia averaged 5.48 points from 1997 until 2020, reaching an all time high of 21 points in April of 2002 and a record low of -66 points in March of 2020. The NAB monthly survey of business confidence is based on a telephone survey of around 600 small, medium and large size non-agricultural companies. The Survey measures the expectations of business conditions for the upcoming month and is a simple average of trading, profitability and employment indices, reported by respondents for their company. The indices are calculated by taking the difference between the percentage of respondents nominating good or very good, or a rise and those nominating poor or very poor, or a fall. This page provides - Australia Business Confidence - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Australia recorded a Government Budget deficit equal to 0.20 percent of the country's Gross Domestic Product in 2019. Government Budget in Australia averaged -0.77 percent of GDP from 1971 until 2019, reaching an all time high of 2.20 percent of GDP in 1971 and a record low of -4.20 percent of GDP in 2010. Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus. This page provides - Australia Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Private Sector Credit in Australia remained unchanged at 0.40 percent in February from 0.40 percent in January of 2020. Private Sector Credit in Australia averaged 0.85 percent from 1976 until 2020, reaching an all time high of 3 percent in July of 1986 and a record low of -0.50 percent in July of 2019. In Australia, private sector credit refers to the month-over-month change of credit extended to the economy's private sector for housing, personal and business expenditures. It includes securitisations. This page provides the latest reported value for - Australia Private Sector Credit - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Youth Unemployment Rate in Australia decreased to 11.60 percent in March from 12.10 percent in February of 2020. Youth Unemployment Rate in Australia averaged 13.37 percent from 1978 until 2020, reaching an all time high of 20.10 percent in October of 1992 and a record low of 7.60 percent in August of 2008. This page provides - Australia Youth Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Import Prices in Australia decreased to 113.10 points in the first quarter of 2020 from 114.30 points in the fourth quarter of 2019. Import Prices in Australia averaged 93.66 points from 1981 until 2020, reaching an all time high of 116.30 points in the second quarter of 2001 and a record low of 51.50 points in the third quarter of 1981. In Australia, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates. This page provides the latest reported value for - Australia Import Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Households Debt in Australia decreased to 119.50 percent of GDP in the fourth quarter of 2019 from 119.80 percent of GDP in the third quarter of 2019. Households Debt To GDP in Australia averaged 73.02 percent of GDP from 1977 until 2019, reaching an all time high of 121.70 percent of GDP in the third quarter of 2016 and a record low of 34.20 percent of GDP in the fourth quarter of 1977. This page provides - Australia Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Exports to Australia CMLV in Russia increased to 17.90 USD Million in February from 6.30 USD Million in January of 2020. Exports to Australia CMLV in Russia averaged 43.76 USD Million from 2006 until 2020, reaching an all time high of 141 USD Million in December of 2018 and a record low of 0.50 USD Million in January of 2007. Russia accounts for Exports to Australia using cumulative values for each year (CMLV). This page includes a chart with historical data for Russia Exports to Australia.

Producer Prices in Australia increased 1.30 percent in March of 2020 over the same month in the previous year. Producer Prices Change in Australia averaged 2.24 percent from 1999 until 2020, reaching an all time high of 6.30 percent in the fourth quarter of 2008 and a record low of -1.50 percent in the fourth quarter of 2009. In Australia, Producer Prices Change measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period. This page provides the latest reported value for - Australia Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.