Australia compare-to-oecd-economies

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2014 OECD ECONOMIC SURVEY OF AUSTRALIA

CHARTBOOK: BASIC STATISTICS This chartbook compares Australia to other OECD countries

LIVING STANDARDS, EQUALITY AND POPULATION

INCOME: Australia’s GDP per capita is above the OECD average

Australia • GDP per capita: USD 44 393

OECD average • GDP per capita: USD 37 235

POPULATION DEMOGRAPHICS: Australia has less elderly people and more youth than the OECD average

Australia • 14.4% are over 65 years old • 18.9% are under 15 years old

OECD average • 15.6% are over 65 years old • 18.2% are under 15 years old

LENGTH OF LIFE: Life expectancy in Australia is high compared to the OECD average

Australia • Life expectancy: 82.1 years-old

OECD average • Life expectancy: 80.2 years-

old

INEQUALITY: Australia has slightly higher inequality (as measured by the Gini index) than the OECD average

Australia • 0.32

OECD average • 0.31

WOMEN IN GOVERNMENT: In Australia, women represent a slightly higher share of parliament than in most OECD countries

Australia • 30% of women in Parliament

OECD average • 27% of women in Parliament

OUTPUT GROWTH AND THE BUSINESS CYCLE

OUTPUT GROWTH BEFORE THE GFC: Australia was above the OECD average

Australia • 3.68%

OECD average • 2.73%

OUTPUT GROWTH SINCE THE GFC: Australia has remained above the OECD average

Australia • 2.48%

OECD average • 0.84%

PROJECTED OUTPUT GROWTH : Australia is projected to remain above the OECD average

OECD average • 2.43%

Australia • 2.72%

THE OUTPUT GAP : Australia’s output is slightly below potential

Australia • -0.77%

OECD average • -2.31%

INFLATION AND INTEREST RATES

INFLATION : Consumer prices in Australia have been rising faster than in most OECD countries

Australia • 3.01%

SHORT-TERM INTEREST RATES: Australia’s rates are above the OECD average

OECD average • 0.99%

Australia • 2.69%

LONG-TERM INTEREST RATES: Australia’s rates are above than in most OECD countries

Australia • 3.84%

FISCAL BALANCES

NET DEBT: Australia’s general-government net financial debt is lower than the OECD average (as % of GDP)

Australia • 0.3% of GDP

OECD average • 69.9% of GDP

GROSS DEBT: Australia’s general-government gross financial debt is lower than in most OECD countries (as % of GDP)

Australia • 33.06% of GDP

FISCAL BALANCE : Australia’s general-government deficit is below the OECD average (as % of GDP)

OECD average • -5.69%

Australia • -1.10% of GDP

BUSINESS ENVIRONMENT

R&D: Australia spends below the OECD average on research and development (as % of GDP)

Australia • 2.2% of GDP

OECD average • 2.4% of GDP

PRODUCT MARKET REGULATION: Australia’s regulation is comparatively light

Australia • 1.29% of GDP

LABOUR MARKET

HOURS WORKED: those holding a job in Australia work less hours per year than the OECD average

Australia • 1 676 hours per year

OECD average • 1 771 hours per year

EMPLOYMENT: Australia’s employment rates for women and men are above the OECD average.

Australia • Women: 66.4% • Men: 77.6%

OECD average • Women: 57.4% • Men: 73.1%

UNEMPLOYMENT: Australia has a lower unemployment rate than the OECD average

Australia • 5.7%

OECD average • 7.8%

UNEMPLOYMENT: Australia has a lower youth unemployment rate than the OECD average

Australia • 12.2%

OECD average • 16.1%

EDUCATION, HEALTH CARE, PENSIONS

EDUCATION: the Australian PISA scores are above the OECD average

Australia • Reading: 512 • Math: 504 • Science: 521

OECD average • Reading: 496 • Math: 494 • Science: 501

EDUCATION: Australia spends above the OECD average on education (as % of GDP)

Australia • 4.1% of GDP

OECD average • 3.9% of GDP

HEALTH CARE: Australia spends slightly less on health care than the OECD average

Australia • 9.1% of GDP

OECD average • 9.2% of GDP

PENSIONS: Australia spends less than the OECD average on pensions (as % of GDP)

Australia • 5.7% of GDP

OECD average • 8.7% of GDP

ENVIRONMENT

ENVIRONMENT: Australia’s CO2 emissions per capita from fossil fuel combustion are higher than in most OECD countries

Australia • 18 tonnes of CO2

OECD average • 11 tonnes of CO2

List of country abbreviations

JPN Japan KOR Korea LUX Luxembourg MEX Mexico NLD Netherlands NZL New Zealand NOR Norway POL Poland PRT Portugal SVK Slovak Republic SVN Slovenia ESP Spain SWE Sweden CHE Switzerland TUR Turkey GBR United Kingdom USA United States OECD OECD average

AUS Australia AUT Austria BEL Belgium CAN Canada CHL Chile CZE Czech Republic DNK Denmark EST Estonia FIN Finland FRA France DEU Germany GRC Greece HUN Hungary ISL Iceland IRL Ireland ISR Israel ITA Italy JPN Japan

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OECD Economic Surveys: United States 2014

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