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).
National fiscal policy response to the Great Recession
In October 2008, the Rudd government implemented a A$10 billion stimulus package with the support of the Senate crossbench. The package included:In February 2009, the Rudd government implemented a A$42 billion stimulus package again with the support of the Senate crossbench. The package included:Australia avoided recession and its growth figures were internationally very high, whilst unemployment remained comparatively low, despite net public sector debt remaining substantially low. It has been disputed as to whether fiscal policy actually helped Australia avoid recession however, with sources citing high NGDP growth, healthy trading partners, a responsible banking industry, no housing collapse, a booming population, and the Australian mining boom.