Our strong economy is boosting incomes ...
Since the December quarter 2007, Australia's GDP has risen 6½ per cent in real terms, while real GDP in the euro area and Japan are yet to return to pre‑crisis levels.
During the GFC, Australia was one of only three advanced economies not to enter recession.
Australia's economy is expected to continue to strengthen over the medium term, driven by the resources boom, which will have flow‑on effects for the rest of the economy.
Ahead of the pack
The global financial crisis (GFC) arrested the growth of many of the world's economies; disrupting production and employment, and exposing government budgets.
In this context, the strength of the Australian economy stands out in contrast to the economic performance of the major advanced economies.
Underlying economic strength despite recent events
Despite the ongoing uncertainty following the GFC and recent natural disasters, the Australian economy has remained solid. The Government's strong and timely stimulus packages helped support growth and protect jobs and businesses.
Australia's GDP is significantly higher than its pre‑GFC level, while a number of other advanced economies are struggling to make up lost ground.
The recent natural disasters dampened growth this year, but the Australian economy is forecast to grow above trend in 2011‑12 and 2012‑13.
Level of real GDP — Australia and selected advanced economies
Source: ABS cat. no. 5206.0, national statistical agencies, Thomson Reuters and Treasury.