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).
Stanley Bruce
As early as 1927 economic indicators were signalling the onset of a recession in Australia. By 1929, the evidence was unavoidable that recession was becoming depression as a resulting of rapidly deteriorating international conditions. In that year, prices for Australian exports fell by nearly a third and GDP had fallen by 10%, with no attendant fall in the cost of living. Australia's debt now stood at £631 million the interest payments on which were equivalent to nearly half of Australia's export receipts, a situation difficult to sustain even in a positive economic climate. Investors and banks recognised the risk and Australia's credit access was rapidly drying up. Bruce's grand economic development plans had increased the national debt significantly yet had delivered only marginal economic expansion in the short term.