Australian economy - June 2020

Prior to the pandemic, Australia had experience an un-precedent run in economic growth for...

• 27 years

• 11 years

Economic growth is generally measured by a rise in

Despite a slowing economy, unemployment was relatively low around

• 4.8%

• 7.2%

Following the lockdown, the Reserve Bank now predicts unemployment in Australia will rise to around

• 10%

• 30%

Young people in their 20s have been hit hardest by the economic impact of the lockdown because

• many work in hospitality and retail

• young people are more likely to be employed as a casual

• most don't have enough savings to rely on

• All of the above

To stimulate the economy state and federal govts have

• increased taxes

• increased spending on infrastructure projects

The federal government's Job Keeper payment aimed to ...

• keep people spending in the economy

• encourage people to save their money

Interest rates are now at a record low

• 0.25%

• 1%

Low interest rates aim to encourage households and businesses to

• spend more and invest

• save their money

Which country is Australia's biggest trading partner?

• China

• The U.S.

• Japan

• New Zealand