Oecd Oecd Development Economic Growth - 1335 Words

OECD Development Economic Growth IN Australia ABSTRACT: Organization for Economic Co-operation (OECD) was established in 1961. The Organization for Economic Co-operation and Development (OECD) is one of the biggest reliable sources of economic, statistical and social data. OECD works with government to share experience of different situation and seek solutions to common problems that the country can overcome the barrier. They research and analyze the country economy, social, environmental changes and gather all data from various sources as much can compare those data for future trends as can predict. Australia has been an active member with OECD since 1971 and ranking of†¦show more content†¦Australian economy is booming and faces a main short –term outlook. Australia has a three speed or multi-speed economy that means three different sources makes build the economy strong. Western Australia holds the nation strongest economy growth compared to other states in Australia. â€Å"Australia long period of uninterrupted economic growth makes it the Iron Man among the OECD countries† said OECD secretary General Angel Gurria . the table is given below the economic comparison chart with different countries . Figure: 2 The table illustrates that Australia is fastest growing economic compare to others countries. Unemployment rate is lesser than AA countries. In addition, inflation rate is higher than more countries but still lower than 3%. However Australia current account balance is expected to deteriorate. It probably can impact number of factors such as growing investment, mining, imports , trade and interest rate on external borrowing. OECD thinks Australia needs to improve Australia’s tax system and macroeconomic polices. The average income worker in Australia confront a tax burden in terms of their income 27.4% tax wedge in 2013 compared to OECD average of 35.9%. Here is given below the overview charts for Australia: †¢ Between 2000 and 2013, the tax burden single average income decreased of 3.6 percentages from 31.0%. †¢ The corresponding figures for OECD was reduced by 0.8 % from 2000 to 2013 but also increased 0.8% between