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Australia had faced eight quarters of declining economic growth. The new prime minister, Paul Keating, placed emphasis on expanding ties to Asia as a means of securing Australia's economic future and tied this to a cultural agenda of reducing ties to traditional allies.
ABC News report, featuring Paul Keating, on the first day of trading with a floating Australian dollar. Annual percentage growth in real (chain volume) GDP per capita since 1961 Real GDP per capita development in Australia and New Zealand. From the early 1980s onwards, the Australian economy has undergone intermittent economic liberalisation.
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In May 2020, Chinese Premier Li Keqiang announced that, for the first time in history, the central government would not set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs ...
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The Housing Affordability in Australia - Good house is hard to find report stated that "the average house price in the capital cities is now equivalent to over eight years of average earnings; up from three in the 1950s to the early 1980s. [7] Some factors that may have contributed to the increase in property prices include:
Housing economists point to five main reasons that the market will not crash anytime soon: low inventory, lack of new-construction housing, large amounts of new buyers, strict lending standards ...
Australia's recession affected New Zealand's economy as Australia was New Zealand's biggest export market. [ 2 ] [ 3 ] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy.