Economic context, Prime Minister Malcolm Turnbull


By Donna Welles.



A transition of power has taken place this week in Australia as a new Prime Minister has been installed. Allow us to examine Australia’s economy in the greater context of New Zealand and the United Kingdom using the following indicators, (1) GDP, (2) Population, and (3) Unemployment. 

Regionally, GDP in Australia expanded to $1.5t USD in 2014 and New Zealand’s to $188b. In 2000, Australia’s GDP was $415b and New Zealand’s was $53b. Populations in both countries grew from 2000 to 2014. Australia’s population was 19.2m; it is now 23.5m. New Zealand’s population was 3.9m; it is now 4.5m. The United Kingdom’s population was 59m; it is now 65m.

Largest City population data in each of these countries has grown in recent years. London now has 10.2m people, whereas in 2000 it had 8.6m. Sydney now has 4.5m people, whereas in 2000 it had 4.0m. Auckland now has 1.3m people, whereas in 2000 it had 1.0m.

Unemployment data in the group has remained low since at least 2000. Australia has reported unemployment data of 5% and 6% from 2000-2012. . The United Kingdom has the highest rate of the group, 8% in 2013. New Zealand’s unemployment rates have been stable throughout that time, 6% in 2000 and 5% in 2012.

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