Australia 8th-richest nation: IMF

[Ali G. 37]

Australia 8th-richest: IMF

TIM COLEBATCH

April 23, 2010

AUSTRALIA has vaulted back into the top 10 of the developed world's rich list, the International Monetary Fund estimates, because it survived the global financial crisis while others went under.

New IMF estimates of global output rank Australia the eighth-richest of 33 countries it classifies as forming the developed world. It is the highest ranking Australia has held since IMF estimates began in 1980. The 1982-83 recession kicked us out of the top 10, and since then we have made it back only fleetingly.

British economic historian Angus Maddison estimates that 100 years ago Australia was the world's richest country, living off lucrative exports of gold, wool and beef.

But as the gold ran out and manufacturing became the main driver of global wealth, Australia sank to 17th in 1991.

It had climbed back to 12th by 2008, when the financial crisis began. In 2009 Australia was the fastest-growing developed country. Its growth was just 1.3 per cent, but 30 of the other 32 went backwards - and we overtook Austria, Canada, Iceland and Ireland.

The IMF projects that by 2013 we will climb to seventh, overtaking the Netherlands. But the top six include Luxembourg, Singapore and Hong Kong, where GDP is swollen by multinationals attributing their income to countries with low tax rates.

Those three aside, Norway is the developed world's richest country, thanks to its oil and gas exports, followed by the United States, Switzerland, the Netherlands and Australia.

But in the long term most Western countries can be seen as riding bunched close together. It is not clear yet whether Australia is breaking away from the pack.

This year, the IMF estimates, Australia will be operating closer to full capacity than any other developed country.

It urged the government to consider ''reforms to entitlement spending, increases in consumption and fuel taxes, and elimination of distortions that lower private saving, foster leverage and boost investment in real estate.''

[Ali G. 37]

Not too shabby for 22 million people. The other difference there is that everyone has access to the wealth. Not just the top 10 per cent.

[Obama 2012 1,714]

Not too shabby for 22 million people. The other difference there is that everyone has access to the wealth. Not just the top 10 per cent.

From everything I've seen the income disparities in Australia aren't as bad as they are here, but they are still bad... From all the gathering from the Australian government and private sources, it would seem the top 20% have the majority of the income there. So I hardly call that 'everyone.'

[Ali G. 37]

From everything I've seen the income disparities in Australia aren't as bad as they are here, but they are still bad... From all the gathering from the Australian government and private sources, it would seem the top 20% have the majority of the income there. So I hardly call that 'everyone.'

The median salary per person is over $51K there. About $53K for government workers, thus the better service. Whereas, it's about $50K here per household.

[JohnSmith2007 353]

Not too shabby for 22 million people. The other difference there is that everyone has access to the wealth. Not just the top 10 per cent.

Thats a load of tripe. Everyone has access to wealth here. All it takes is effort. Name one thing that Aus does that enables general access to "wealth" that the US doesn't have.

[The_Dude 1,142]

Not too shabby for 22 million people. The other difference there is that everyone has access to the wealth. Not just the top 10 per cent.

The real mystery here is, how did the crims pull off this mastermind theft?

[Obama 2012 1,714]

The median salary per person is over $51K there. About $53K for government workers, thus the better service. Whereas, it's about $50K here per household.

Let me translate this for you:

$51k in Australia = $46,900 in the United States.

$53k in Australia = $48,800 in the United States

So who really has the higher median income level?

Also who has the higher cost of living as well...

[Ali G. 37]

Hey, I'm earning a decent salary here and have very liberal work hours. So for me the deal is quite sweet. I was able to obtain an ivy league equivalent education for next to nothing and have family and cousins that have done extremely well for themselves.

When I say various people on here that are blue collar workers and cheering on Repub policies, I have to laugh. No names in particular but I know they are not earning anywhere near what their equivalents would earn in AUS or even Canada. Are actually happy with their $20 an hour salary. Last time I earned $20 an hour was when I was 18. Someone doing their same job in AUS is probably earning well over $45 an hour, living in a house worth over $500K, probably has a few fishing boats and gets a good 6 weeks of pad leave. But nope, they prefer the US one up from a trailer park lifestyle.

Let me translate this for you:

$51k in Australia = $46,900 in the United States.

$53k in Australia = $48,800 in the United States

So who really has the higher median income level?

Also who has the higher cost of living as well...

Actually, I already quote it in USD. In comparison, the household median for Texas is $50K. Whereas, they are earning $51K per person.

Thats a load of tripe. Everyone has access to wealth here. All it takes is effort. Name one thing that Aus does that enables general access to "wealth" that the US doesn't have.

Is that why you have 60 million living in poverty? Maybe you can enlighten us how someone on minimum wage gets ahead.

[mawilson 2,133]

In comparison, the household median for Texas is $50K. Whereas, they are earning $51K per person.

No income tax in Texas and you can buy a 10,000 sq ft mansion for the price of a studio in Melbourne.

[Ali G. 37]

The real mystery here is, how did the crims pull off this mastermind theft?

1. Pay taxes and no pro 13 horseshit.

2. Illegals cannot even sneeze, certainly not on tax payer money.

3. Ensure everyone working gets a fair (livable) wage.

4. Provide means tested wealth, for as long as it takes to get back on their feet.

It's really not that hard. Just do the total opposite to what libertarians and Rush suggests.

Edited April 22, 2010 by Ali G.

[Ali G. 37]

I have to fast-track my move to get in on the action.

Australia set to shine, says IMF's global forecast

PETER MARTIN ECONOMICS CORRESPONDENT

April 22, 2010

The IMF is projecting a global economic recovery but warns that leading economies could come under pressure as fiscal woes mount.

THE International Monetary Fund has declared the global recession over, saying Australia has the best prospects in the developed world.

The extraordinary endorsement in the fund's World Economic Outlook released overnight in Washington sets up the Treasurer, Wayne Swan, for something of a hero's welcome as he attends back-to-back meetings of the fund, the World Bank and Group of 20 leading industrial nations this week.

For the first time the fund predicts a return to relatively normal worldwide growth this year of 4.25 per cent, up from 3.25 per cent in its previous forecasts released in October.

It says that last year the global economy shrank 0.5 per cent.

The International Monetary Fund singles out Australia as the developed nation furthest ahead of the pack, saying: ''Australia and the newly industrialised Asian economies are off to a strong start and will likely stay in the lead.''

Australia's economy is expected to grow by 3 per cent this year and 3.5 per cent the next, well ahead of the US at 3.1 and 2.6, Britain at 1.3 and 2.5 and Japan on 1.9 and 2 per cent. Mainland Europe will grow at just 1 per cent and 1.5 per cent.

Australia's unemployment rate is set to fall towards 5 per cent next year, way below the 8 per cent expected in the US and in Britain, and the 10 per cent expected in mainland Europe.

Prepared after consultation with the Australian Treasury, the forecasts suggest the federal government will sharply revise its growth forecasts upwards in next month's budget.

En route to the US, Mr Swan said the report was ''a testament to the success of economic stimulus together with the resilience of the Australian people''.

The IMF says Australia's growth this year will be led by domestic spending, ''both public and private'', with the pick-up in commodity prices expected to boost investment in the resources sector.

Edited April 22, 2010 by Ali G.

[luckytxn 2,263]

Cool. So that makes Texas the 6 or 7 th richest nation in the world and we are a way better place to live. Life is good.

[The_Dude 1,142]

Cool. So that makes Texas the 6 or 7 th richest nation in the world and we are a way better place to live. Life is good.

It's a better place to live if you like crappy beaches, desert, and crappy football teams.

[Kevin and 10]

At first I thought it said Australia 8th racist nation: IMF

[Ban Hammer 12,830]

It's a better place to live if you like crappy beaches, desert, and crappy football teams.

like cali has a better claim?