Joined: Wed Jan 30 2008, 10:05AM Location: Queensland Posts: 215
How well has the Australian economy survived through the Global Financial Crisis, and why.
Many have said that Australia was in an excellent financial position before the crisis, with massive financial reserves. The majority who say this are Liberal supporters pushing the point of how well the Liberal economic policies created such reserves for just such an occasion.
I wonder how accurate this all is. Something to check up on at some stage.
A report from www.heritage.org shows Australia in position 3 out of the 2010 Index of Economic Freedom. (You can read the full report in the link to see what this really means).
The top four countries were all in Asia: 1: Hong Kong 2: Singapore 3: Australia 4: New Zealand
Ireland was position 5, USA position 8 and United Kingdom 11
A couple of comparisons from that report show the following:
Australia has a high income tax rate and a moderately high corporate tax rate. The top income tax rate is 45 percent (plus a Medicare levy of 1.5 percent). The corporate tax rate is a flat 30 percent. Other taxes include a 10% goods and services tax (GST). In the most recent year, overall tax revenue as a percentage of GDP was 30.6 percent
.
The U.K. has a high income tax rate and a moderate corporate tax rate. The top income tax rate is 40 percent (plus a National Insurance levy). The top corporate tax rate is 28 percent. Other taxes include a 17.5% value-added tax (VAT). In the most recent year, overall tax revenue as a percentage of GDP was 37.9 percent.
