This research paper summarises the performance of the economy during each Government from Fraser through to Rudd/Gillard (up to March 2013) by providing period averages across a range of economic indicators. Though this approach has its limitations, it provides a useful overview and means of comparing the different Governments. The paper updates previous papers released by the Parliamentary Library.
From the Fraser through to the Rudd/Gillard Governments, there has been significant movement across a range of economic indicators. This is to be expected over a period which has seen a mining boom, two major recessions and the Global Financial Crisis. Some of the leading indicators that stand out are:
- high unemployment under the Hawke/Keating Government
- low inflation under the Howard Government that continued under the Rudd/Gillard Government
- lower economic growth under the Rudd/Gillard Government compared to the Hawke/Keating and Howard Governments
- high Commonwealth net debt (as a percentage of Gross Domestic Product) under the Hawke/Keating Government
- a low household savings ratio under the Howard Government compared to other Governments and
- an average positive underlying cash balance for the Howard Government, with negative average underlying cash balances for the Fraser, Hawke/Keating and Rudd/Gillard Governments.
Authored by Alicia Hall, Alan Payne, Elouise Roberts and Guy Woods.