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1. Unemployment 5.1% - (Canada 7.5, EUROZONE Avg 9.3, UK 8.7, USA 8.3, Japan 4.1, NZ 6.6, China 4.1, India 9.4, Brazil 4.7. South Africa 25%, Singapore 1.9, South Korea 3.7)
2. CPI - 2.15% well below expectation, a 12 year low. 2.15%.
3. GDP Growth 4.3% - The Australian economy is now around 7 per cent larger than it was prior to GFC Mark 1. By way of comparison, most developed countries have gone backward.
4. RBA Official Interest Cash Rate - 3.5% - compared to 6.75% when Howard was voted out. Lowest RBA Interest Rate was Apr 2009 at 3% post 2008 GFC.
5. Current Govt Net Debt - 8.9%
6. Total Public Debt - 27% GDP (Canada 81%, EURO 97%, France 99%, Germany 84%, Japan 205%, UK 91%, USA 95%)
7. Trade Surplus $22.4 billion last financial year – easily the biggest surplus in raw terms for the past 40 years of records compiled by the ABS
8. Sovereign Rating - Australia one of just 15 countries to hold the top AAA Rating from all Agencies
9. Currency - AUD/USD 1.04, AUD/UK 0.68 AUD/Euro 0.82 - The floating of AUD is the single most important economic reform introduced by Labor. It acts as a shock absorber to external economic conditions
10. Australia is in Asia, the growth engine averaging 6% and part of the Asian Century. It's middle and aspiration class is expected to hit 800 millions by 2020. Double of USA+Europe.
11. NBN - One of the most advanced high speed Internet enabled network in the world. Australia's first national wide, open access FTTP broadband network with minimum 93% coverage, capable of achieving 1 gigabit per second broadband speeds.
12. Australia is the richest country in the world according to Credit Suisse Research Institute's most recent Global Wealth Report, the median wealth of Australians now is well over $200,000, ahead of Switzerland, 4 times USA.
13. Under Coalition spending grew by average of 3.7% per annum, under the current Labor spending growth is averaging 1.5%
14. More people at work today than any time in our Nation's history. In Jan 2012, 46,300 new jobs created for the month of which 12,300 full-time jobs and the Unemployment rate is now 5.1% from previous 5.2%
15. Australia net debt is expected to peak only at 8.9% in 2016 (MYEFO) - READ MORE
16. THE Gillard government's reforms to financial advice will boost the retirement savings of Australian workers by $130 billion over 15 years
17. Retail turnover up 0.3% in January. (0.1% fall in December.) from ABS
18. Our economy is up by 7.4 per cent on pre-GFC levels. Canada +3.5% USA & Germany +1%, UK -2.75%, Japan -3% Italy - 4.5% READ MORE
19. Australia's GDP in 2011 was $1.444 trillion. Will be above $1.5 trillion next year
20. Since 2007 the ratio of net debt to GDP of the leading western economies has grown from 52% to 82%”(a swing of 30%). In Australia, minus 3.8% to 8.9%(a swing of 13%)
21. The 10 year government bond yield is now around 4.0% having recent hit an all time low of 3.65% - it was above 6% in late 2007 when the Coalition was in office
22. The size of government – taken as government spending – will fall from 26.0% of GDP in 2009-10 during GFC to 23.6% of GDP in 2012-13. The Howard government’s average government spending to GDP ratio was 24.2% of GDP.
23. The Tax to GDP ratio will rise from a 30 year low of 20.0% of GDP in 2010-11 and will reach 22.3% of GDP in 2012-13.The Tax to GDP ratio in the last Howard year was 23.7% and the average Tax to GDP ratio under Howard was 23.4% of GDP.
24. Australia has the strongest economy in the developed world and it is expected to outperform all comers for at least the next two years, according to the International Monetary Fund.The Treasurer, Wayne Swan, says this update is consistent with the reasons he has given for bringing the budget back to surplus. Read more:
25. Over 44,000 jobs created in March with unemployment rate steady at 5.2% for 8 months running Encouragingly, seasonally adjusted full-time employment rose by 15,800 in March 2012, while part-time employment increased by 28,200.The labour force participation rate also increased in March, by 0.2 percentage points to 65.4 per cent
26. New Car Sales - Australia new vehicle sales hit 22 months high in March - Sales of new motor vehicles in Australia climbed to their highest level in 22 months in March, data showed on Tuesday, a sign consumers still had the confidence to splash out on big ticket items. Government figures showed new vehicle sales rose 4 per cent in March to 89,694 - READ MORE
27. Currency Deal - RBA signs $30b currency swap pact with China. The Reserve Bank said it had signed a bilateral local currency swap agreement with the People's Bank of China (PBC).The central bank said the agreement allows for the exchange of local currencies between the two central banks of as much as $30 billion or 200 billion yuan. It is for an initial period of three years and can be activated by either party. READ MORE
28. Funding costs of banks are easing, says RBA - THE Reserve Bank has indicated wholesale funding costs of the banks were beginning to ease, despite the banking sector's claims that elevated costs were continuing to crimp their profit margins. READ MORE
29. Government Gross debt is predominantly the amount of Commonwealth Government Securities (CGS) on issue. To maintain a liquid and efficient bond market that supports the three‑ and ten‑year futures market and the requirements of the new global bank liquidity standards, the panel agreed that the CGS market should be maintained around its current size — that is, around 12 to 14 per cent of GDP over time." READ MORE - Currently, around $215 billion at the moment and is likely to rise to $240 billion in the next year or so. Whomever forms government, it is likely to rise to around $350 billion in the early 2020s. (The Kouk - READ MORE )
30. RBA - cuts cash rate by a whooping 0.5% to 3.75%. Record low RBA cash rate is 3% in April 2009 post GFC.This Cash Rate is lower than it was at any time under the Liberal government. Four of the lowest interest rate 3%, 3.25% 3.5% and 3.75% all happened under Labor. The lowest ever achieved by the Howard Govt was 4.25% in Dec 2001
READ MORE
31. CPI - increases 0.1% in the March quarter 2012; 1.6% for the year. well below expectation, Underlying CPI at a 12 year low. 2.15%
32. Boom without inflation - More remarkably, it means Australia is managing to do something we've never done before have a mining boom that doesn't end in an inflationary puff. Mining booms boost national incomes and put strain on the economy's relatively fixed supply of resources, including workers and capital. More money chasing the same supply of goods is a recipe for inflation.
READ MORE
33. We are into 11 years of real wages growth!
34. IMF in full flight praising Australia's BISONs - It welcomes Aust commitment to return to a budget surplus by 2012/13 to rebuild fiscal buffers. Aust has more policy flexibility with the lowest public net % debt-to-GDP, floating exchange rate. Aust economy is expected to grow 3% in 2012 and 3.5% in 2013
READ MORE
35. Comparison of Public debt as % of GDP & Public Debt Per Person:
AUS. 22.6%. $12,469
NZ 31.8%. $10,677
UK. 84.6%. $32,207
US. 76.3%. $37,952
CAN. 81.6%. $39,883
FRA. 92.5%. $35,648
GER. 77.8%. $28,728
JAP. 204.9%. $87,600 READ MORE
36. Fiscal Policy - The Government at the moment is part way through delivering the most dramatic bottom-line turnaround in fiscal policy since at least the 1960s. It is cutting real government spending for the first time since the 1980s. READ MORE
37. More From TheKouk:
* Under the 12 years of the Howard govt, Govt spending rose by 101%; tax receipts rose 141%.
* Budget day facts: Australia's GDP will be approx $1.56 trillion in 2012-13... that's $1,560,000,000,000
* Budget Day Facts: Govt will collect about $350 billion in tax in 2012-13 or 22.1% of GDP. This is less tax than all Costello Budgets
* The RBA paid $18.3 billion in dividends to Govt in the Costello Budgets. Since 2010-11, zero.
* The average RBA dividend to the Govt during Costello Budgets was 0.2% of GDP. I bet Swannie would love such a windfall now!
* Number of Australians employed rose above 11.5 million for the first time ever..Just saying ( TheKouk on Twitter )