Opinion: 2021 has left us more prosperous than ever (seriously)
At Christmas time, even we economists count our blessings. Despite all the doom and gloom of another pandemic year, it turns out we’re finishing 2021 in surprisingly rude economic health.
Did you know Australian household wealth rose by a whopping 20 per cent over the past 12 months? Despite the pandemic, and the recession, Australian household net wealth rose to its highest ever level in 2021. This is another remarkable economic achievement in 2021: our stunning jobs bounce-back. Emerging from the lockdowns, our employment-to-population ratio climbed to 63 per cent, which is the highest since records began.
is forecasting average growth for the calendar year of 5 per cent. The last time we had a year of growth that strong was way back in 1987.All in all, these six facts represent a rather positive set of economic conditions. Of course, these averages often hide pockets of very real struggle and disadvantage. But at least on average, the results on jobs, growth, farm output, startups and wages are pretty good.A big part of the answer is policy decisions.
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