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Australian Population Is Hitting 24 Million!22 Things You Should Know About It (Part 2)

25 Jan 2016 -

It is an absolute milestone for Australia’s population approaching  24 million in February 2016.  Social researcher Mark McCrindle  describes what life was like when the population was half this — and how we have changed in the 48 years since.

We will give in depth analysis as series reports.

 

Economy

 

11. StandardVariable Interest Rate and Inflation Rate

 Fact

 Standard variable interest rates were exactly the same in 1968 as today, at 5.4 per cent while inflation was slightly higher (2.6 %)   compared to today (1.5% ).

 Analysis

The data indicate that Australia is always in moderate-inflation sit-uation, which means there is no unfavorable affects to economic life. On the contrary, this level of inflation can promote the economic development.

 

12. Compensation

Fact

The male average hourly wage was $1.22 and the weekly full time wage was only $48.93 which in today’s dollars is $567. The current average weekly full time earning is $1,484.50 which is almost three times compared to the past.

Analysis

High level of compensation among the global talent market is why  Australia attracts people from all around the world.

 

13. Fluctuation in Exchange Rate

Fact

Back then, one Australian dollar bought $US1.11 compared to $US0.69 today.

Analysis

Decrease of exchange rate is good news to people who want to travel, study and even make investment in Australia since the cost is much lower. However, to people who earn Australia dollar the situation is just the opposite.


14. Government Tax Revenue

Fact

The maximum marginal tax rate was much higher at 68.4 per cent on $32,000 and over, while for the 2015-16 financial year it is 45 per cent on $180,000 and over. The taxfree threshold has also increased from $416 ($4,800 in today’s dollars) to $18,200 today.

Analysis

Decrease of maximum marginal tax rate means you pay less tax based on the same income level. Compare to high marginal tax rate which may lead to trend of leisure, lower marginal tax rate actually benefit economic development.

15. Corporate Tax 

Fact

The company tax rate was 40 % for private companies and 45 % for public companies while for the 2015-2016 year it is 30 % and 28.5 % for small businesses.

Analysis

Decrease of corporate tax is not necessarily bad thing for the govern-ment. Although government revenue declined in short-term, as a matter of fact, this policy encourages all companies to develop positively to get higher profit.  In long term, the government gets all benefits.

16. Economic Gain

Fact

While our population is twice as large, our economy is five times the  size it was in1968. Back then Australia’s GDP was $28,817 million ($334,072m in today’s dollars) while for the 2014-15 financial year the GDP was $1,619,195m.

Analysis

Except some basic industries and key industries, quite number of Aus-tralia GDP give the credit to success of its educationand real estate   industry. Take tuition as an example, domestic student should pay $62,648 tuition for two-year long courses while it is much higher for international students ($79,245).

17. Working Woman

Fact

Men are participating in the workforce much less (male participation   rate has droppedfrom 83.7 per cent to 70.8 per cent) while women    are participating much more(up from 37.7 per cent to 59.6 per cent).

Analysis

This change not only means there are more working opportunities for female, it also means that the social status of female increased.

 

Daily Life

 

18. Increase of Property Price

Fact

Homes cost five times more. The median Melbourne house price was around $19,800 (in today’sdollars this equates to $214,830) compared to the current Melbourne median house price which exceeds $730, 000.

19.  Cost of Daily Life

Fact

But milk, butter and potatoes cost less today.

20.  Stars

Fact

John Farnham’s Sadie the Cleaning Lady was the top song for five   weeks and 1968 was the year that Hugh Jackman and Kylie Minogue were born.

21. Postage Rate

Fact
The postage rate in 1968 was five cents for a standard letter compared to $1 today. Most suburbs had twice-daily delivery service compared to the current three-day deliverytimes. Although mails fade out of    our lives, we really miss the old good time.
 

22.Olympics

Fact

In the 1968 Olympics in Mexico City, Australia bagged five gold meda-ls (17 in total) compared to an AOC target of 13 gold medals (and 37 in total) for Rio in 2016.