Economic growth is projected to pick up to 3% by 2018. The decline in resource-sector investment will tail off and the non-resource sector will be supported by a steady increase in household consumption and investment as wages and employment rise. Further falls in unemployment will help reduce inequality and are not expected to generate strong inflationary pressures.
Australians are well-known for being a sports-mad people. Some 43% of the adult population attended at least one sporting event in 2009-10 and national pride is often rooted in the latest successes of its national sports teams and international sports stars. Beating the All Blacks in rugby union (a rare event these days) or the English in cricket (a more even match) will significantly lift the national mood. After Australia II won the America’s Cup sailing race in 1983, Prime Minister Bob Hawke famously declared an effective public holiday: “Any boss who sacks a worker for not turning up today is a bum.”
Australia is known as the “lucky country” with its sunny climes, beautiful beaches and relaxed lifestyle. But did you know that it is also a “happy” country, at least according to well-being measures?
Each G20 presidency faces its own challenges. A presidency must respond to global economic conditions, it must build on previous work, and it must seize opportunities to progress with reforms where members can reach consensus.
The Australian G20 presidency has made a critical and decisive contribution to reinforcing the effectiveness and impact of the Group of 20 (G20). Under Australia’s chairmanship, the work of the G20 has gained in coherence and strength, which should reinforce our joint efforts to boost and sustain future growth. Our organisation is proud to have contributed significantly to these achievements.
Over the past few years we have witnessed some challenging times. When Australia took the reins of the G20 presidency nearly a year ago, the global economy was still recovering from one of the most severe recessions of modern times.
Australia has established itself as a G20 force in Asia-Pacific, and is now embarking on a new wave of engagement in the Asian Century.
Australia is not a founding member of the OECD, which was created in 1961. Rather, its decision to seek membership was only taken after ten years of intermittent debate.
The Australian economy has been one of the OECD’s best performing economies, though it now faces some major challenges.
Mari Kiviniemi, Finland's Minister of Public Administration & Local Government©Finnish government
The global economic crisis is affecting families and communities across the planet. With regions bearing the brunt of the crisis, affecting businesses, jobs and people generally, regional policies are very much part of the solution.
Australia Snapshot 2013
Find key economic figures and trends for Australia from OECD Yearbook 2013
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