Economic Growth And Quality Of Life

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Economic Growth and Quality of Life Economic Growth refers to a nation’s outputs of goods and services over time. It is measured in terms of Gross Domestic Product (GDP) which is a valuation of a country’s total production in a year. In 2007-08, Australia had a GDP growth rate of 3.7%. By 2012, this growth rate had dropped to 3.1% despite the 20 years of continual economic growth in Australia averaging 3.5% up until 2012. Recent economic growth has been largely supported during the global resources boom where there was strong demand and increasing commodity prices of Australia’s mineral resources such as iron ore, coal, aluminium, copper and zinc. However, even though Australia has a very dynamic and developed economy there are still limitations to economic growth. These limitations include the Global Financial Crisis of 2009, but also include more long term factors such as the need for environmental sustainability action plans to be incorporated into government policy and the changing population structure which is undergoing an upwards shift in the ageing population as the number of younger people declines and the number of older people increases. This will have a significant impact on government expenditure in the provisions of income support, health and aged care services. In March 2015, Greg Jericho published an article called Weak, weak growth and six things about the state of Australia’s economy that outlined how in the past 6 out of 10 quarters the Australian
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