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eco hsc exam prep > stats and examples > Flashcards

stats and examples Flashcards

1
Q

trade with asia

A

65% of two-way trade is with asia and our top partners are China, Japan and Korea

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2
Q

export trend over last decade

A

our exports have nearly doubled with our key exports being coal, iron ore, education and minerals

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3
Q

trade flow increase for emerging economies

A

increased from 7% to 19% between 1995 and 2015

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4
Q

trade in g/s as a share of GDP - global

A

o Between 1990 and 2018, trade in goods and services as a share of global output increased from 38.5% to 50%

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5
Q

gfc on global financial markets

A

Total activity on global capital markets fell by approximately US $1000 billion between 2008 and 2009 due to the GFC

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6
Q

forex turnover

A

daily turnover increased from $4 trillion in 2010 to $6.6 trillion

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7
Q

change in foreign investment

A

Easing capital controls and increasing financial deregulation has caused FDI to increase by 6x between 1995 and 2015

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8
Q

impact of 5g

A

The introduction of 5G networks is set to increase global GDP as it facilitates faster mobile connectivity and drives gains in productivity and efficiency

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9
Q

migration

A

According to the World Bank, 3% of the global population have migrated to work in different countries

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10
Q

general trend for world output and growth

A

Between 2004 and 2020, the general trend is for world output and trade to grow by about 4% annually in real terms over time

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11
Q

g7 impact on aus economy

A

Research by the RBA shows that 63% of changes in output in Australia have been due to changes in interest rate growth levels and inflation in G7 countries.

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12
Q

wto examples

A

o Trade Facilitation Act (2017) aims to improve the efficiency, effectiveness and fairness of agencies that oversee trade. Estimated economic benefit of between $68 billion and $1 trillion
o The Doha Round aimed to reduce agricultural subsidies employed by advanced economies to grant emerging economies greater global market access

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13
Q

imf examples

A

o After the GFC, the IMF injected US $250 billion into the global economy to promote liquidity, and suspended interest repayments on loans to help developing economies

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14
Q

world bank examples

A

o World Bank’s major goals include reducing the rate of extreme poverty to less than 30% by 2030 and reducing inequality by fostering income growth for the world’s bottom 40%

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15
Q

un examples

A

o Paris Climate Agreement was signed at the UN Climate Change Conference. Agreement to limit the increase of global temperatures to 2 degrees this century, preferably limited to 1.5. 191 parties have joined the Agreement
o Sustainable Development Goals include: decent work and economic growth; reduced inequalities; gender equality; quality education

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16
Q

oecd example

A

o In 2018, they released an OECD Pensions Outlook, which examines how pension systems are adapting to improve retirement outcomes

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17
Q

eu data

A

o EU accounts for 17% of the world market of exports
o For non-members, there are high rates of protection for agricultural goods. In 2016, the EU’s Common Agricultural Policy subsidies absorbed 38% of its budget

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18
Q

apec data

A

o APEC has a target of ‘free trade’ by 2020 under the Bogor Declaration
o Tariff levels within countries dropped from 20% to 13% between 1994 and 2018

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19
Q

nafta data

A

o Consumers have benefitted from lower prices, and US corporations have benefitted from lower costs.
o NAFTA accounts for 13% of global merchandise trade.
in 2020, NAFTA was replaced by USMCA

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20
Q

USMCA data

A

o The International Trade Commission found that, over the next six years, the agreement will increase GDP by 0.35% and increase jobs by 176,000

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21
Q

asean data

A

o Australia and NZ joined in 2010 through the ASEAN-Australia-New Zealand Free Trade Area, with ASEAN nations committing to eliminate tariffs on 96% of Australian exports to the region.

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22
Q

china tariffs

A

o Last year, China added anti-dumping tariff of up to 212% on Australian wine.

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23
Q

aus tariff levels

A

o In 2018, Australia’s tariff rates were at a record low of 2.23%

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24
Q

local content rules example

A

o 55% of content broadcast on Australian free-to-air television must be produced in Australia

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25
Q

emdg

A

o Austrade’s Export Market Development Grants (EMDG) reimburses up to 50% of eligible export promotion expenses above $5000 provided that the total expenses >$15,000

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26
Q

aus tariff trend

A

• Tariffs have decreased from 25% in 1980 to around 1.7% today

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27
Q

aus HDI + ranking

A

Australia is ranked 6th in the World for HDI with a HDI of 0.94.

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28
Q

wealth distribution

A

The Richest 1% own 44% of the world’s wealth - up from around 30% through the 1980s. The number of billionaires it took to equal the wealth of the world’s poorest 50% fell from 380 in 2009 to 26 in 2019.

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29
Q

income inequality

A

o According to the IMF, income inequality has increased by 0.45% per year over the past three decades

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30
Q

apple exploitation

A

In 2019, Apple was accused of labour violations in China. Apple denies most allegations but acknowledged that they exceeded the number of contract workers allowed by Chinese Law and agreed to compensate workers

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31
Q

global energy use

A

A report by the OECD predicts that by 2050, the world economy will be four times bigger than it is today and will use 80% more energy.

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32
Q

financial contagion - GFC

A

Advanced economies contracted by 3.4% and the world economy experienced a recession

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33
Q

shenzhen growth

A

Between 1981 and 1993, Shenzhen maintained an average annual growth rate of 40%.

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34
Q

china export volumes before and after

A

Prior to the implementation of the Open Door Policy, China was ranked 32nd in the world in terms of export volume. By 1989, it had reached the 13th rank.

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35
Q

china tariff levels

A

. Between 2001 and 2010, China’s average tariff rate fell from 14.1% to 3.7%.

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36
Q

china exports 2000s

A

Over that decade, GDP nearly doubled, exports increased by 590% and imports increased by 570%.

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37
Q

china net exports as a share of GDP

A

Between 2002 and 2007, net exports as a share of GDP rose from 2.1% to 7.7%.

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38
Q

fdi into china

A

between 2001 and 2002, FDI into China increased by 30%.

39
Q

biggest economy

A

In 2014, China overtook the US to become the largest economy in the world in terms of GDP at PPP.

40
Q

china average growth rate 1978-2005

A

Between 1978 and 2005, China maintained an average annual growth rate of 9.5%

41
Q

china growth 2001-2010

A

2001 and 2010, growth averaged 10.5%,

42
Q

china post 2016 growth

A

Since 2016, their growth rate has averaged 6.5% and the IMF has projected that by 2024 it will have fallen to 5.5%.

43
Q

china % global gdp and population

A

According to the IMF, China produces 17.1% of global GDP and contains 20% of the global population.

44
Q

china pop below poverty line

A

In 1990, two thirds of China’s population lived below the poverty line, as defined by the World Bank. By 2016, that number had fallen to 0.5%.

45
Q

china hdi

A

China’s HDI value rose from 0.52 in 1990 to 0.74 in 2018. They are the only country to have moved from the low human development category to the high human development category since the UN began collecting and analysing HDI data in 1990.

46
Q

china per capita incomes

A

Per capita incomes have risen from 6500 yuan in the early 1980s to 57,800 yuan in 2015.

47
Q

china life expectancy

A

Between 1978 and 2016, life expectancy increased from 63.2 to 76.7.

48
Q

china environment - oecd report

A

A 2007 OECD report concluded that unless pollution levels were controlled, by 2020, pollution would cause 600,000 premature deaths and 20 million cases of respiratory illness every year.

49
Q

china environment loss to gdp

A

It’s estimated that 7% of GDP is lost every year to pollution.

50
Q

china % emissions

A

In 2019, China was the world’s largest emitter of greenhouse gases with approximately 27% of global emissions.

51
Q

china urban rural incomes

A

In 1978, urban incomes were 2.5x higher than rural incomes, by 2012 they were 3x higher

52
Q

china gini coefficient

A

Gini coefficient has risen from 0.3 in the early 1980s to 0.385 in 2016, however the Standardised World Income Inequality database estimates that the actual figure could be as high as 0.5

53
Q

china emission

A

emissions grew by 4% in the first half of 2019.

54
Q

trade as % gdp

A

Trade as a percentage of GDP increased from 12% in the 1980s to 22% in 2018

55
Q

fdi in aus

A

Over the last decade, FDI into Australia and investment overseas by Australians has doubled

56
Q

cas

A

In 2019, Australia delivered its first Current Account Surplus in 44 years. The driving force is a string of consecutive trade surpluses, due to strong commodity prices. since 2013 Australians have owned more of foreign companies that overseas investors have owned of ours. Record low interest rates globally have reduced repayments on our debt. Australia’s net foreign liabilities have been declining for the past decade to be at their lowest as a share of GDP since the early 2000s.

57
Q

aus protection trends

A

Between 1995 and 2018, the average tariff level decreased from 9% to 0.8%. In that time, the volume of exports increased by 8.6% which increased Australia’s GDP by around $4 billion. In 1994, Australia became a member of the WTO, and since then we have joined numerous bilateral and multilateral FTAs.

58
Q

jaepa stats

A

The 38.5% tariff on Australian beef will be halved over fifteen years, and the the 15% tariff on Australian wine will be eliminated by April 2021. Between 2015-16 and 2018-19, Australia’s merchandise trade with Japan rose from $40 billion to around $60 billion

59
Q

chafta stats

A

China is Australia’s top export destination accounting for 30% of all exports, as well as our 9th largest source of investment. Exports to China nearly doubled from $87 billion in 2015 to $169 billion in 2019. However, its success has been hindered by the Chinese Government’s introduction of tariffs against Australian exporters over 2020 and 2021.

60
Q

aus AD

A

The main industries that contribute to growth in Australia include health and education, finance mining and construction. Around 70% of our GDP is service based.

61
Q

trend in unemployment

A

Unemployment increased due to COVID, peaking above 7% and resulted in a fall in the participation rate. Higher unemployment was experienced from the mid 1970s onward due to microeconomic reforms and structural changes within the Australian economy. Casualisation of the workforce has resulted in rising unemployment. Between 2007 and 2021, underemployment increased 5.5% to 7.9%. Prior to COVID, unemployment was steadily declining.

62
Q

youth u/e

A

In 2019, the unemployment rate for people aged 15-19 was 7% higher than the national unemployment rate

63
Q

inflation trend

A

Inflation remained below 3% in both CPI and underlying terms for most of the 1990s. Australia’s inflation rate averaged 2.7% between 1994 and 2020, slightly above the OECD average of 2%.

64
Q

covid inflation

A

CPI fell by -1.9% in the June Quarter 2020 and by -0.3% over the year to June 2020 quarter. Mainly due to a fall in world oil prices and price falls for spending in categories affected by the lockdowns due to COVID.

65
Q

recent budget deficits

A

The 2020-21 budget had an estimated deficit of around $167 billion, and the 2021-22 budget had a deficit of around $106.6 billion.

66
Q

changes to tax system aus

A

research from ANU on the 2019 budget found that new tax policies may “make the tax system marginally more regressive, favouring high income earners over lower income earners.”

67
Q

sale of gov bonds

A

In July 2020, the Government sold $15 billion worth of bonds, and then another $14 billion worth in April 2021. According to the ABC, 68.1% of investors were based in Australia.

68
Q

impact of national competition policy

A

Studies undertaken by the Productivity Commission concluded that National Competition Policy had a substantial impact on productivity growth and helped to underpin the strong period of economic growth that Australia enjoyed in the 1990s and early 2000s.

69
Q

awards

A

In 1990, more than 80% of workers were covered by an award, but this has declined to less than 20% today.

70
Q

min wage

A

The current minimum wage is $20.33 an hour or $772.60 per week.

71
Q

eco growth between june 2020 and june 2021

A

between june 2020 and june 2021, real gdp was up 9.6%

72
Q

latest gdp per capita

A

9.4% in the year to june 2021

73
Q

gdp per annum

A

over the two year period between June quarter 2019 and 2021, GDP has increased at a rate of 0.1% per annum

74
Q

household consumption

A

household consumption rose 15.4% in june 2021 compared to june 2020 - this followed a 13.2% decline in year to june 2020

75
Q

business investment

A

business investment fell by 5% in the year to June 2020, but has increased by 6.2% in the last twelve months

76
Q

export volumes

A

export volumes in the june 2021 quarter were 2.6% lower than in june 2020 and also 13.6% lower than in june 2019

primarily due to lower overseas demand

77
Q

import volumes

A

imports rose 16.8% over the year to June 2020 after falling 20% the year prior

78
Q

unemployment data

A

4.5% as of August 2021
cyclical high of 7.4% in July 2020
pre pandemic level was 5.0%

79
Q

underemployment data

A

underemployment rate has risen from 7.4% in May 2021 to 9.3% in August 2021, and previously peaked at 13.6% in April 2020

80
Q

cpi stats

A

CPI increased 3.8% in the year to june 2021, however underlying inflation is only 1.7%

81
Q

wage price index

A

in the 12 months to June 2021, the wage price index was 1.7% above the level of one year earlier

82
Q

current account surplus

A

in the 2020/21 financial year, the CAS was $68 billion which was 3.3% of GDP

this was an increase from the $35.9 billion surplus recorded in the previous financial year

83
Q

terms of trade

A

terms of trade index moved from 99.4 to 123.3 in the year to june 2021

84
Q

australia’s foreign debt

A

in the year to june 2021, Australia’s net foreign debt increased 4.7% to be 1,186 billion

foreign debt is now at 57.4% of nominal annual GDP, up from 57.1% the year prior

85
Q

government deficit

A

in 2021/22, the expected deficit is 106.6 billion (5% of GDP), which follows an expected deficit of 161 billion (7.8% GDP) in 2020/21

86
Q

geopolitic tensions with China

A

banning of Huewai

exacerbated by AUKUS

87
Q

change in exports to China

A

exports to China have fallen by $5.4 billion in the last year

88
Q

protections that China has added and results

A

barley - 80.5% -> aus diversifying to Mexico, Saudi Arabia
Wine -> 212% tariffs -> wine x to china down 98%
disincentivising tourism and students - chinese tourists spend 3x more than other tourists

89
Q

recent CAS data

A 
CAS of 18.3Bn in July 
iron ore peaked at around $230 USD
WA had largest surplus
trade surplus of 15Bn
exports up 4% - coal 13%, LNG 16% and ag 11%
imports down 1%
90
Q

effective unemployment

A

8.4%

91
Q

labour force underutilisation rate

A

13.9%

92
Q

Paul Bloxham - conflict between eco growth and inflation

A

HSBC chief economist Paul Bloxham argues that due to the collapse in population growth, the rate at which the economy can expand without causing inflation has fallen to between 1.3% and 1.6%

93
Q

covid disaster payment reach

A

Minister for government services, Linda Reynolds stated that in July 2021 more than $827 million in COVID-19 disaster payments had been paid to more than 680,000 individuals

eco hsc exam prep (10 decks)

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