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economics yr 12 > topic 3 stats > Flashcards

topic 3 stats Flashcards

1
Q

participation stats

A
  • peaked at 60-65% of population
  • decreasing rate generally below 64% –> rate = 0.1% per quarter
  • currently 66.7%
  • population increase of 176,900 between 2004-08 –> 36% int students
  • current 737K migrants ip from 427K before
  • COVID = Decrease from 66.5% to 64% in a month (500,000 workers or 85% laid off left labour force)
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2
Q

gig-economy

A
  • 1M aus drive
  • (90,000-112,000 Australian workers earning less than minimum wage
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3
Q

increase human capital

A
  • from 2013-22 percentage of population completing high school grew from 77.2% to 86.2%
  • 77% of postgraduate degree holders working full-time, compared with 44% without a non-school qualification
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4
Q

ageing population

A
  • older people make 16% of population
  • 4.2M
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5
Q

manufacturing to services

A
  • manufacturing industry fell by 4700 (0.5%) workers in last quarter
  • services is 85% of jobs
  • agriculture fell from 80% to 10%
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6
Q

under employment

A
  • in feb 2024 1.5M aus are working fewer hours than they would like to
  • on avg want 12 hrs more
  • current 7% (faster increase than U/E)
  • underutilisation = 10.7%
    RB: low 6% (decrease)
    GFC: spike 8%
    RRB: decrease 7%
    COIVD: increased to 20% (more than U/E)
    post covid: decreased to 6% (more than U/E)
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7
Q

u/e

A

resource boom (2000-08): fell from 8% to average 4.25%
GFC (2008): rose to 5.8% was supposed to reach 8.5% (250,000 jobs lost)
renewed resources boom: fell to 4.9%
slight global uncertainty: rose to 6.4% to 5.6%
COVID: rose to 7.5% expected to rise for 12%
post-COVID: decrease 3.6%
current: 4.1% rising

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8
Q

eg

A

resources boom: rose to 3-4%
GFC: fell to 1% (one negative quarter -2.5%)
renewed resources boom: rose to more than 3%
slight global uncertainty: fluctuating EG around 3.1%
COVID: overall -1.1% (2 negative quarters -0.3% and 7%)
post COVID: increased to 10%
current: slowing at 1.5%

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9
Q

inf

A

prior to 1990s: 17-18% peaked at 23.9% in 1951
resources boom: 3.2% per yr with peak 4.35% prior to GFC
GFC: slowed to 1%
renewed resources boom: 2.6% in 2010 and 3.6% in 2011
COVID: fell to -0.1% in 2020
post-COVID: peaked at 7.8% in 2022
current: slowed to 3.6%

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10
Q

productivity growth

A
  • averaging 1.2% in past 20 yrs
  • increased by 102 index points in 2020
  • fell -3.7% in 2022-23 (below long term average)
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11
Q

cash rate

A

resources boom: 7.25%
GFC: decreased 425 BP to 3%
renewed resources boom: increased by 175 BP to 4.75%
COVID: dropped to 0.1%
post-COVID: hiked rates by 425 BP bt 2022-23 to 4.35%
current: 4.35%

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12
Q

mortgage rates

A
  • increased by 320 basis points
  • 1,629,000 mortgage holders (31.4%) were ‘At Risk’ of ‘mortgage stress’
  • 48% of their incomes on mortgage
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13
Q

consumption/savings

A
  • grew steadily throughout the 1990s to more than 68% by 2000
  • avg saving rate = 1.2%
    resources boom: Consumption averaged 4.5%/S = 0%
    GFC: Consumption fell from 6% peak in 2007-08 to -0.1% in 2008-09/S=9%
    renewed resources: Consumption rose back to 5%
    COVID: consumption fell to a record low of -14%/savings to 20%
    post-COVID: Huge consumption increase to 12%/S decrease to 2%
    current: consumption has decreased to 0%/savings at 3.2%
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14
Q

productivity driven (1990-2000)

A
  • productvity groth averages 3.2%
  • capital deepening 1.5%
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15
Q

exports

A

RB: Global coal consumption grew by 50% and iron ore consumption grew up 80% –> china 34% of X and $90B (iron ore $50B)
GFC: stable at 20%
RRB: increased to 24% of GDP –> from $110B 2009/10 to $160B in 2011/12
COVID: exports rose by 26% to $593B –> 1.1% increase iron ore to 893M tonnes 2023
CURRENT: $670.9B and 25% of GDP –> coal $142B and iron ore $124B –> china (36 fell to 27% of X) –> BOGS at $23,866

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16
Q

investment

A

RB: increase form 12.8% 2000 to 16.5% of GDP 2007 –> averaged 5.5% productivity growth (nation averaged 3%)
RRB: $25B annual total $440B
CURRENT: mining investment dropped 60% since 2012 –> FDI in Australia rose from $432.9b to $4,59.8b.

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17
Q

fiscal discretionary spending

A
  • $52B kevin rudd
  • Jobkeeper $1500 fortnight
  • Jobseeker from $690 to $720 –> 3.5M AUS wages subsidies
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18
Q

wage growth

A
  • averages 4.5% (1990s to 2000)
    RB: averaged 4%
    GFC: decreased to 2.9%
    RRB: rose to 3.8%
    COVID: fell frmo 2.5% 2019 to 1.3%
    post-COVID: 3.5% increasing
    current: 4.2% (inf expt)
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19
Q

disposable income growth

A

GFC: decrease growth to 0%
RRB: growth increase to 6%
COVID: growth increased from 2% in 2019 to 7%
post-covid: decreased to -4%
current: growth to 0%

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20
Q

exchange rate

A

RB: increased from 0.51USD in 2001 to 0.96USD in 2008
GFC: Fx rate to 0.64 in october 2008
RRB: similar level as the RB at 0.92
uncertainty (US QE): 1.1
COVID: fell to 0.58 in 2020
post-covid: rose to 0.74 in 2022
current: decreased to 0.65

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21
Q

budgets

A

COVID: 2020 = -$135B from -85B
2022-23: +$21.9 billion compared with an estimated -$1.5 billion in the 2023–24 Budget

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22
Q

government automatic stabilisers

A
  • corporate tax 30% if more than $50M, 25% in below
  • tax free threshold of $18,200 highest at 37%
  • Welfare will increase by $19.60 a fortnight for singles and $29.40 for couples every two weeks
  • current welfare: $227B and 34% of government expenditure
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23
Q

government reform/spending

A
  • min wage $23.23 increased from $16.87 2014
  • retirement age 67
  • removal of 2.5% wage cap + $10,000 bonus
  • increase eligibility of CCS income up to $80,000 = 90% subsidy
  • jobtrainer fund = support 450,000 young people to find jobs
  • stage 3 tax cuts increasing tax free threshold to $19,200 –> lowest bracket cut from19-16% –> second lowest 32.5-30% –> 30% bracket increased from $120k to $135k –> 37% bracket increased $10k to $190K
  • 2015 pull of $500M subsidies (auto) –> 8000 jobs lost
  • $65 billion of investment in renewable
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24
Q

food and grain price increase due to ukraine russia war

A

12-13%

25
Q

US QE

A

printed $85B a month for 3 yrs totalling $4T after HFC

26
Q

household spending/saving and prices post covid

A
  • household spenidng 3.3% increase
  • food prices increase 7.9%
  • discretionary/non-essential consumption was 0.6% in 2023 lower than 2022
  • Household savings decreased to 4.3% from 12.6% of income (2022-23)
27
Q

wealth

A
  • Australia’s highest 10% grew much faster than the lowest 60%, from $2.8 million to $5.2 million ( 84% increase)
  • 2.8% increase or $419B in 2023
  • 1:13 gap
28
Q

companies affected by inf

A
  • 57% of companies experiences increases in COP during 2022 however only 42% of those passed costs onto consumers and only 6% of those passed the full cost to consumers
  • 1131 businesses went bust in March 2024 –> highest bankruptcy rate in 25yrs
  • COVID’s low of -11% of profit margin growth to a peak fo 12%,
  • debt increased from 30% to 42% 2023
29
Q

imports

A
  • $530B (intermediate goods are more than 50% of imports)
30
Q

KFA

A
  • KFA deficit which is increasing from 2022’s -$44B to it’s current -$31.1 perfect
31
Q

government expenditure

A

2001-02: welfare $112.5B
2021-22: welfare $212.4B
2019-20: expenditure $501
2020-21: expenditure $670

32
Q

working age population

A
  • post covid: only grew 8,300 per month in 2020-21 (COVID lockdown)
  • usually 28,000 per month growth
33
Q

income inequailty

A
  • 1:6 gap
34
Q

budget revenue

A
  • post covid increase $923.8B in 2022-23
35
Q

aus net liability

A
  • $730.3b net liability current
36
Q

aus CA

A
  • fell by $7.9 billion to a deficit of $0.2 billion 2023
  • CAS is +1.5% of GDP 2023
37
Q

australia’s CAD

A
  • was a problem in 1600s prior to structural change now CAD due to high productivity
  • btw -3 to -6% of GDP –> cad for 40 yrs
  • -6.4% before GFC but rose because of GFC
  • CAD is ok (one of 10 countries with AAA average rating from S&P, moodys and fitch)
  • S&P downgraded to AA in 2020
38
Q

TWI

A
  • 17 major currencies (account for 90% of AUS trade)
  • chinese renminibi = 24.5% (decreased from 37%)
  • japanese yen = 13.2
  • euro = 8.8
  • US = 8.7
39
Q

aus int. comp.

A

in 2020 16th in world

40
Q

aus post-mining boom

A
  • winding down $600M investment projects over past yrs
41
Q

greece ext. stab

A

2008-15 = 250% of GDP was debt
- bond rates from IMF with 30% interest

42
Q

george soros

A

england raised interest rates by 15%

43
Q

types of income

A
  • wages/salaries (55%)
  • rent, profit & interest/dividends - from land/entreprenuership/capital (28%)
  • welfare payments (11%)
  • other transfers (6%)
44
Q

income redistribution

A
  • for the benefits richest 20% of households get, 13 times to poorest (20% of households)
  • highest ratio in the OECD
  • debt relief for students –> $3B to 3million students
45
Q

fair work commission

A

approved a 5% increase in the min wage to $23.23
- increase affects 1.8M people
- $882.74 (for 38 hour week).​

46
Q

income inequality

A
  • wealthiest 20% households in 2022 have 70% of total household income average net wroth of $3.5M per h
  • poorest 20% households hold less than 1% of income with net worth of $37,000 per house
47
Q

policy areas for income ineq

A
  • $300 tax cuts (worsens ineq –> benefits top 10% of earners) –> about to take away tax bracket (decrease vertical equity) –> overall from 36% to 30%
  • super tax breaks –> 15% on tax instead of 45% income –> progressive super taxing
  • negative gearing –> tax off investment properties (rich ppl buy properties and inflate prices)
48
Q

gini coeff

A
  • in 2003-04 income = 0.306
  • in 2007-08 income = 0.336
  • current australia is 23rd country in OECD 37 –> 0.325 income
  • in 1990 wealth = 0.43
  • in 2022-23 wealth = 0.584
  • AUS progressive tax lowered gini coeff by 30%
49
Q

wealth inequality

A
  • during COVID (2020) billionaires grew wealth over 50%
  • more than 80% of households have wealth less than average
50
Q

Persistent and recurrent poverty

A

3% of households or 700,000 people who have remained in bottom 2 deciles for over 30 yrs
- relative poverty Australia fell from 13.2% in 2007 to 9.8% in 2016

51
Q

sources of wealth

A
  • property/real estate = 57%
  • super = 18% (avg $213,000)
  • average household asset $1.2M
52
Q

income by age

A
  • highest is btw 45-54 ($1600 weekly)
  • lowest btw 15-19 ($707)
  • older households avg 4x wealth than younger
53
Q

income by education

A
  • postgraduate degree holders (avg $1600 week)
  • without post school degree (avg $850)
54
Q

gender and occupation

A
  • in 1985 women earn 82% of male earnings
  • in 2021 women earn 87%
55
Q

ethnicity

A
  • 30% of australians were born overseas
  • migrants through skilled migration program labour force participation = 85% vs other migrants = 67%
  • migrants from non-english speaking countries vs migrants from english speaking countries = $8000 less annually and 8% more under employment
  • higher
56
Q

family structure

A
  • 40% of single person are in bottom quintile $360,000 net worth
  • single parent lowest earners $98,000 net worth
  • highest earners are couples with no dependant children $1M annual net worth
57
Q

in 2023-24 budget

A
  • 91 women on jobseeker will receive $176.9
  • $11B to subsidise childcare workers wages
  • stage 3 tax cuts
58
Q
A
59
Q
A

economics yr 12 (12 decks)

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