Thread: Australia now world's 12th-largest economy

Australia's economy has overtaken Spain's to become the 12th-largest in the world, according to the Government's analysis of new International Monetary Fund (IMF) data.

Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.

"Since the Government came to office, Australia has moved up three places from 15th-largest economy to now be the 12th-largest economy in the world," Mr Swan said.

"Since 2007, Australia's economy has surpassed the economies of South Korea, Mexico and now Spain.

"These are three very different economies from three very different parts of the world, further highlighting the exceptional performance of our economy."

Australia now world's 12th-largest economy - ABC News (Australian Broadcasting Corporation)

Originally Posted by Looper

Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.

Swan failed to mention that Australian's are now one of the most heavily taxed populations and Australia is one of the most expensive places to live.

The 'remarkable achievement' is also largely based on buying heavy machinery from other industrialised nations and digging stuff out of the ground, oh and that other advanced industry - farming.

Should we also be in awe of Saudi arabia's remarkable achievement given their low population size, or Brunei?

^ Right. Counting money earned by flogging off your natural capital as income is a bit odd. And what's going on with the housing boom there?

^ Indeed. I'm surprised the refugee boats are taking sri lankans to australia frankly- should be the other way around.

Aust economy bigger than Sth Korea though? I find that hard to believe.

No need to be in awe guys- just stay jealous.

Originally Posted by Loy Toy

one of the most heavily taxed populations and Australia is one of the most expensive places to live.

Spot on mate thats why i'm getting out in november.
You forgot to mention one of the most over governed as well.

Originally Posted by sabang

^ Indeed. I'm surprised the refugee boats are taking sri lankans to australia frankly- should be the other way around.

Aust economy bigger than Sth Korea though? I find that hard to believe.

South Korea is interesting example of achievements, I can think of a few international global brands from Korea. With Australia I struggled to come up with one and that was only because of jokes about how bad it is - vegemite. Hardly hi tech in comparison with samsung....

nothing to do with Spain being in a tail spin then

Aus economy bigger than Sth Korea's !!!!
Well slap me down under and bite my testicles.
Did the Poms sneak into the top 50?

Originally Posted by ChookRaffle Jones

Aus economy bigger than Sth Korea's !!!!
Well slap me down under and bite my testicles.
Did the Poms sneak into the top 50?

i wonder why australians continually reference back to the poms? shoulder, chip on?

World GDP - IndexQ.org

Australia 12th

UK 6th

Originally Posted by ChookRaffle Jones

Did the Poms sneak into the top 50?

The UK has been in decline over the last 200 or so years. Always a problem when you give away 90% of everything that's been invented to the rest of the world.

Originally Posted by Loy Toy

Originally Posted by Looper

Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.

Swan failed to mention that Australian's are now one of the most heavily taxed populations and Australia is one of the most expensive places to live.

...joining the likes of Norway and Switzerland - arguably the most advanced and comfortable places in the world is hardly something to lament. As implied, the question is whether Australia is merely just failing more slowly than Spain...

Originally Posted by Loy Toy

Swan failed to mention that Australian's are now one of the most heavily taxed populations and Australia is one of the most expensive places to live.

Interesting to look at the min wage rates in various countries
Perhaps the Australians are getting hammered with high tax from that ?
Still.........


AUSTRALIA $15.96

USA $7.25 = a little less in A$

BRITAIN £6.07 = about A$ 9

Originally Posted by CaptainNemo

Originally Posted by Loy Toy

Originally Posted by Looper

Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.

Swan failed to mention that Australian's are now one of the most heavily taxed populations and Australia is one of the most expensive places to live.

...joining the likes of Norway and Switzerland - arguably the most advanced and comfortable places in the world is hardly something to lament. As implied, the question is whether Australia is merely just failing more slowly than Spain...

I think you will find Switzerland is anything but heavily taxed, hence the reason it is known in most parts of the world as a 'tax haven'.

The Poms, err I mean the 'mother country', lost it's world power status after WWII.
Owed a shitload to Uncle Sam and could't afford to keep the
empire going any longer. Economy been on a steady decline ever since.
Sadly, their cricket team is going great guns these days.

I think it would be fair to say that just like our IRB ranking (2nd) this owes more to other nations failing than ours succeeding.

Originally Posted by Looper

Australia's economy has overtaken Spain's to become the 12th-largest in the world, according to the Government's analysis of new International Monetary Fund (IMF) data.

Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.

"Since the Government came to office, Australia has moved up three places from 15th-largest economy to now be the 12th-largest economy in the world," Mr Swan said.

"Since 2007, Australia's economy has surpassed the economies of South Korea, Mexico and now Spain.

"These are three very different economies from three very different parts of the world, further highlighting the exceptional performance of our economy."

Australia now world's 12th-largest economy - ABC News (Australian Broadcasting Corporation)

It depends on how you calculate it. I have my doubts that its bigger, from a raw output standpoint then S Korea

Originally Posted by ChookRaffle Jones

Aus economy bigger than Sth Korea's !!!!
Well slap me down under and bite my testicles.
Did the Poms sneak into the top 50?

The year is not over yet. It is too early to collect any data and make a point about the size of the economy.

I wasn't aware that S Korea only had a population of 48 million but thats still more then double of Aussy's 22 million.

World fact book still has it at 19

$926.2 billion (2011 est.)
country comparison to the world: 19

South Korea


$1.574 trillion (2011 est.)
country comparison to the world: 13

Thats a big jump. I don't believe it and I don't think you can make claims like this until the year is over

Originally Posted by blue

Originally Posted by Loy Toy

Swan failed to mention that Australian's are now one of the most heavily taxed populations and Australia is one of the most expensive places to live.

Interesting to look at the min wage rates in various countries
Perhaps the Australians are getting hammered with high tax from that ?
Still.........


AUSTRALIA $15.96

USA $7.25 = a little less in A$

BRITAIN £6.07 = about A$ 9

GERMANY $0.00

SINGAPORE $0.00

Minimum wage laws are bullshit. The free market can set a minimum wage.

Not that I think Australia has as much financial shenanigans as Iceland did, but recessions and financial shocks tend to catch some economies with their pants down.

Iceland was 12th on this same list before 2008



The financial crisis had serious consequences for the Icelandic economy. The national currency fell sharply in value, foreign currency transactions were virtually suspended for weeks, and the market capitalisation of the Icelandic stock exchange dropped by more than 90%.

Is there any other western nation besides Australia that is doing well these days- I can only think of Canada?

Over priced, over taxed, over regulated and over rated.

Originally Posted by sabang

Is there any other western nation besides Australia that is doing well these days- I can only think of Canada?

the common theme being huge natural resources, large land mass, low population.