Briefly, in this repository you will find our analysis on:
- Australia's GDP
- Australia's Demographic Data
- Australia's Financials
- Australia in comparison to countries in the same economic arena
The questions we wanted to answer are:
- How does Australia's GDP look like when compared to other countries in the same economic arena?
Ans: Australia's GDP looks fairly good when compared to other global markets. This is particularly noticed when you look at 2007-2008 (Global Financial Crisis) and 2020 (Covid). Here, you don't see as much changes to Australia's economy as you see for other countries in the same economic arena (see graph below) suggesting a resilient market to economic stressors .
- What does Australia's demographic data look like?
Ans: Overall, Australia's population is growing. This is an important factor as population growth plays a key role in the progression and success of a country's economy. Further, another positive trend within the Australian demographic data is the steady growth in the total number of employed females. However, whilst the total number of employed females is increasing, more needs to be done to ensure an equivalent number of employed males and females.
- What does Australia's financials look like?
Ans: Very similar story to the graphs above - Australia's Gross Income and Total Income seems to be on a steady rise. Whilst this is a good sign, the influence of inflation on Gross Income and Total Income needs to be factored in before any interpretation is extrapolated.
- How do we compare to the rest of the world in different sectors of the world economy?
Ans: Australia seems to be doing slighly well or even above the average when compared to countries with similar economic landscapes. For instance, the rate at which our GDP is growing is good but not as great as China or India. This, however, could partly be driven by the sheer size of China's and India's population - a key factor in driving a country's economy. When looking into Exported Goods, China clearly leads all countries followed by the United States of America. Here, Australia isn't doing as great as the other countries, and could be something to be focussed on to further improve Australia's economy and GDP. Lastly, inflation seems to effect India the most, this partly could be due to the Rupee being relatively weak to other currencies (e.g., US Dollar, Australian Dollar, Chinese Yen).
