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)

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Originally Posted by Looper

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

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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. :)

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Originally Posted by Loy Toy

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

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

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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.

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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 :mid:

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

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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?

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

World GDP - IndexQ.org

Australia 12th

UK 6th

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Originally Posted by ChookRaffle Jones

Did the Poms sneak into the top 50?

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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.

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Originally Posted by Marmite the Dog

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Originally Posted by ChookRaffle Jones

Did the Poms sneak into the top 50?

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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.

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I'd say WW1 fooked the UK and the baton was handed over to the US. The price you pay for saving yhe rest of the world. what sacrifices were made! :)

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Originally Posted by Loy Toy

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Originally Posted by Looper

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

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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.

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...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...

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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.

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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

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Originally Posted by CaptainNemo

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Originally Posted by Loy Toy

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Originally Posted by Looper

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

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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.

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...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...

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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.

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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)

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

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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?

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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

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Originally Posted by blue

Quote:

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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.

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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

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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%.
https://teakdoor.com/images/imported/2012/10/843.jpg

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.

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Originally Posted by sabang

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

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

^ yeh, but Australia has sunshine n beaches too. :)

More bad news for the rest of 'em-

Australians are the world's wealthiest

Australians have a median wealth per adult of $US193,653 ($A189,225) the Credit Suisse global wealth report showed, the highest of 216 countries surveyed.
With plentiful land, sparse population, natural resources and high home prices, Australia's proportion of individuals with wealth above $100,000 is the most of any country and eight times the world average, the report said.

Read more: Australians are the world's wealthiest


Overpaid, overtaxed- and over there.

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Originally Posted by draco888

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Originally Posted by sabang

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

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

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Their housing bubbles havn't popped yet either. They will pop the old fashioned way.. A tic up in interest rates.

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Originally Posted by sabang

^ yeh, but Australia has sunshine n beaches too. :)

More bad news for the rest of 'em-

Australians are the world's wealthiest

Australians have a median wealth per adult of $US193,653 ($A189,225) the Credit Suisse global wealth report showed, the highest of 216 countries surveyed.
With plentiful land, sparse population, natural resources and high home prices, Australia's proportion of individuals with wealth above $100,000 is the most of any country and eight times the world average, the report said.

Read more: Australians are the world's wealthiest


Overpaid, overtaxed- and over there.

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Wealth or debt ?

Australia’s mortgage performance is likely to remain stable in 2012, despite signs that household debt to income has reached sensitive levels amid declining property prices. That’s one of the key take-away messages from a market briefing hosted by Standard & Poor’s Ratings Services in Melbourne on March 27, 2012. The briefing also heard from Standard & Poor’s credit analyst Vera Chaplin, who provided an overview of the housing market’s key risks, including weaker economic growth in China and falling property prices.
Data shows that Australian household debt to household income has risen significantly over the past few decades, from about 50% to almost 160%.

Oh is that all ? :rofl:

Not to piss all over Australia but I think this is evidence of a top. Australia's top is in. Its downhill from here.

Australia and Canada look like the US in 2006. Australia slightly worse then canada

https://teakdoor.com/images/imported/2012/10/881.jpg

The elephants Madani sees include a sharp run-up in house prices compared to income: the average Canadian home now costs five times the average income, well above the multiple of three that is considered affordable. There’s also a sharp rise in home ownership rates, which at about 68 per cent of Canadians mirrors closely the 69 per cent at the top of the U.S. bubble. Madani also points to continued overbuilding and Canada’s still healthy construction industry. New building permits reached $6.8 billion in December, a 4.5-year high.
Australia seems to perform better on some of Madani’s measures and worse on others. On the whole, Australian houses relative to incomes are more expensive than Canada’s, although Vancouver is more expensive than any single Australian city.
Australia’s home ownership rate (around 70%) is also high, although it has been relatively stable for decades. And new home construction rates in Australia are also not particularly high, outside of Victoria, and are outright depressed in New South Wales. Back to Macleans:


This is a scary one...
https://teakdoor.com/images/imported/2012/10/882.jpg

The housing boom has helped prop up Canada’s construction industry, which now represents 7.4 per cent of the labour force, higher than it was in the U.S. at the height of its boom. Add in other housing-related industries, such as real estate agents, mortgage brokers and insurance companies, and the sector represents a staggering 27 per cent of the Canadian workforce. In the U.S., those same numbers peaked at 23.5 per cent. “We are far more dependent directly and indirectly on this current housing boom than they were in the U.S.,” says Rabidoux. “How in the world are you going to orchestrate a soft landing?”

As a comparison, Australia’s construction industry accounted for 9.2% of Australia’s labour force in 2010 according to the ABS – higher than Canada or the USA at its peak. Moreover, ‘housing-related industries’ – namely construction, rental, hiring and real estate services, and financial and insurance services – accounted for 14.5% of total Australian employment in 2010, which is slightly above Canada, where 13.6% of workers were employed in those same industries at the end of 2011 according to Statistics Canada.

The Australian government is quite unique (for the credit card west) in how low a debt ratio it has. Obviously, fail wants to see fail elsewhere. FAIL.

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Originally Posted by davearn

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

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Absolutly,, Australia, has been going down hill at a rapid rate and has been for the last 30 years. You cant blame a given government, they are all tared with the same brush, I cant for the life of me follow what their direction is.
Very hard to live the good life, all you do is work to pay bank loans and whats over the government take in tax or indirect tax in one way or another.
The streets in many places, especialy after dark, are no go zones, the police are powerless to control the ever growing trouble.
Australia the lucky country, bull shit.