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).
Colin Barnett
Barnett was the sole state premier opposed to Labor Prime Minister Kevin Rudd's key Health reform policy deal at the April 2010 COAG meeting. Barnett at the time led the only Liberal State Government in Australia, while all others states were led by Labor Governments. The reasoning for Barnett's strong opposition towards the reform was because it would require the State Governments to forfeit a proportion of their GST revenue. The Rudd Government's proposal was that 30 per cent of the GST revenue pool was to be dedicated towards the Commonwealth's contribution for hospital services, which had a disproportionate impact on those States receiving a less than per capita share of the GST pool (for Western Australia, this would have resulted in an estimated 64 per cent of GST revenue being forfeit). Barnett had already been angered that Western Australia was given a decreased 7.1 percent amount of the GST revenue (lower than last year's revenue amount of 8.1 percent) while Western Australia is a state that will be heavily relied upon for the nation's economic growth due to its booming resource sector. Western Australia therefore would be heavily dependent on GST revenue to fund major resource sector projects although they would not be supported by GST revenue, thus becoming extensive expenditure for the state.