04 January 2010

Last decade for Australian economy brought wealth and jobs

Commentators in Australia say there are plenty of reasons to celebrate the first decade of the 21 century with the country moving into its 19th year of uninterrupted growth.

Analysis of statistics show that from a financial point of view it is undoubted that Australians are better off than a decade ago, with average earnings rising 58 per cent and jobs created for more than two million.

The past decade has seen the Australian economy burst through the trillion-dollar mark, with average earnings for individuals rising from $40,000 to more than $62,000.

The population grew by three million people thanks to Australia immigration and an increase in birthrate following the Government’s Baby Bonus Scheme. Indeed, Australia’s estimated population on New Year's Eve 2009 was 22,098, 260.

Jobs were also created for more than 2 million, and as result the jobless rate fell from 6.6 per cent to 5.7 per cent in November, although for much of the latter half of the decade the jobless rate was even lower at around 4 or 5 per cent.

Australia did feel some effects of the global financial crisis with the shrinking of retirement nest eggs, although the share market did bounce back last year to enable more than half of losses being recouped.

Accumulated wealth in shares and bank deposits also rebounded and an average Australian’s nest egg now sits at nearly $46,000. Household debt also reached record highs but it was more than offset by wealth held in houses and other assets.

 

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