Economy of Australia
The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).
Economic history of World War I
The cost of the war was £377 million, of which 70% was borrowed and the rest came from taxes. Overall, the war had a significantly negative impact on the Australia economy. Real aggregate Gross Domestic Product (GDP) declined by 9.5 percent over the period 1914 to 1920, while the mobilization of personnel resulted in a 6 percent decline in civilian employment. Meanwhile, although population growth continued during the war years, it was only half that of the prewar rate. Per capita incomes also declined sharply, failing by 16 percent.