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Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). [35] As of June 2021, the country's GDP was estimated at $1.98 trillion. [36]
The median gross household income in 2017-2018 is A$1,701 per week or A$88,695 per year. As of 30 June 2018 (end of fiscal year), one Australia dollar is equivalent of 0.7406 U.S. dollar. Using this exchange rate, the median gross household income in Australia is US$65,687 in 2017–18. [16]
Average wages can differ from median wages; for example, the Social Security Administration estimated that the 2020 average wage in the United States was $53,383, while the 2020 median wage was $34,612. [1]
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The 2024 Australian federal budget was delivered on budget night at 7:30pm on Tuesday, 14 May 2024 by Treasurer Jim Chalmers. [2] The budget will dictate how the Australian Government will allocate an estimated A$715 billion across the federal government, and to state and territory governments. [ 1 ]
The low and middle income tax offset (LMITO) is a separate and temporary tax rebate introduced by the Morrison government in July 2019 and is available for the 2018–19, 2019–20, 2020–21 and 2021–22 income years only.
The 2021 Australian federal budget was the federal budget to fund government services and operations for the 2021–22 financial year. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 11 May 2021.
State or territory GSP per capita (A$, 2021–22) GSP per capita growth (2021–22) GSP per capita as a ratio to national Western Australia: 136,577 1.96% 1.632 Northern Territory