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.
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
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.