Current Macroeconomic Conditions Of Australia

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Current macroeconomic conditions in Australia

It is said that the Australian economy was picking up in the March quarter in 2015, although the growth rate of the economy is still below the average over the past year. And there were some early indications that the strength of growing in the June quarter was not as strong as in the March quarter ( 2015). Different kinds of macroeconomic indicators construct a picture of current macroeconomic conditions in Australia. There are a great number of macroeconomic indicators, three of the most important indicators will be focused as following, such as gross domestic product, consumer price index and labor force.

Macroeconomic indicators
Gross Domestic Product
Firstly, GDP is a central concept in macroeconomics in Australia. “GDP is the market value of all final good and services produced in a country during a period of time.” (Hubbard et al. 2015). GDP includes consumption, investment, government purchases and net exports. And it is a measurement of a nation’s overall economic activity. The gross domestic product is usually used to measure the economic health of a country, and also the country’s standard of living (Investopedia 2015). Referring to the table below which is the data set gathered from the ABS, there are both increase in trend term and seasonally adjusted term from March quarter to June quarter in 2015. A rise in GDP indicates that there is an additional value in the economic market. It can also
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