Crisis, what crisis? Australia’s economy is doing well compared with many in the world

.Crisis, what crisis? Australia’s economy is doing well compared with many in the world
Annual economic growth is now 1.55%, inflation is 3.40%, the jobless rate is 4.06%, and youth unemployment is 9.5%. These follow Treasury posting a healthy surplus last financial year of A$22.1B and all three global credit agencies affirming that Australia warrants triple A ratings.

Within the OECD, there are four exclusive clubs. The first is the group of nations with overall jobless rates below 4.5% and youth unemployment below 10%. This club has ten proud members: Australia, the Czech Republic, Iceland, Israel, Japan, the Netherlands, Mexico, South Korea, Switzerland and the USA.

The second clique is those with inflation below 4% and positive wage growth. This group boasts 18 economies, including most of those in the above list, plus several more.

The third club comprises the stable growth economies, which recorded increases in gross domestic product (GDP) in every quarter of 2023 and positive annual growth for the year. There are just eight of these: Belgium, Mexico, Slovakia, South Korea, Spain, Costa Rica, the USA and Australia.

The fourth, even more select, is the clique of just five well-financed economies that have AAA credit ratings with all three global agencies and delivered budget surpluses in 2023: Denmark, Norway, Sweden, Switzerland and Australia.

https://michaelwest.com.au/labor-economic-performance-gdp/