Page 63

THe Last Sentry at the Gate 1

AUSTRALIA 2015 Economic Resilience – real GDP growth 1992 - 2014 Note: Colour circles represent the number of years in recession. Source: International Monetary Fund, World Economic Outlook Database, October 2014; Austrade AUSTRALIA Canada USA UK France Switzerland Germany Netherlands Euro Area Japan Italy China Vietnam India South Korea Indonesia Malaysia Taiwan UAE Hong Kong Brazil Singapore Thailand Over two decades of uninterrupted annual economic growth, the Australian economy remained resilient, sustained by sound macro-economic policies, strong institutions and continued demand for hard and soft commodities from Asia. Australia is the only developed economy to have recorded no annual recessions during the past 23 years, placing it alongside high growth economies such as China and India. IMF staff estimates and projections. Projections are based on staff assessment of current policies. For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (Australia, Canada and USA) are adjusted to exclude unfunded pension liabilities of government employees’ defined benefit pension plans. Source: International Monetary Fund, Fiscal Monitor October 2014, Statistical Tables 8 and 16; Austrade. General government net debt in 2015 (as a percentage of GDP) Greece Japan Portugal Italy Ireland France Belgium UK USA Spain Germany South Africa Mexico Canada Netherlands South Korea Brazil New Zealand Switzerland Turkey AUSTRALIA Denmark Peru Australian Government debt is one of the world’s lowest. In its October 2014 fiscal monitor, the International Monetary Fund estimated that the Australian government’s net debt would be 16.6% of GDP in 2015, well below the 74.1% forecast for advanced economies. Actually it’s only 14% of GDP, less than the 40% under Bob Menzies’ Government. The low public sector debt reinforces Australia’s healthy financial position and sound economic credentials, and underpins its strong ratings. The Last Sentry at the Gate: Clive Palmer & the 44th Parliament of Australia 41


THe Last Sentry at the Gate 1
To see the actual publication please follow the link above