What was Australia's budget deficit and national debt as a percent of GDP prior to the...
What was Australia's budget deficit and national debt as a percent of GDP prior to the financial crisis and how has it changed since (due to economic weakness as well as any stimulus)? Does this seem to pose a problem?
Please explain thoroughly.
Homework Answers
The 2017 Australia's Federal budget deficit was forecast to be $29.3 billion or 1.6% of GDP . This was Australia's eleventh consecutive budget deficit. National debt in Australia as per cent of GDP on an average was 23.71 % from 1989 to 2018.However in 2017 it reached a high of 40.70 percent. But in 2007 ,ie prior to the financial crisis national debt was very low at 9.70 per cent .
Yes, Australia's rising national debt seem to pose a problem.As a result of growing national debt there will be lower national savings and income.Due to high interest payment, there will be rise in tax and , reduction in spending . A very big risk of fiscal crisis will be faced by the economy.There will be less ability of the government to respond to the problems in the economy.
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What was Australia's budget
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please help with a detailed, fully explained answer
for Question 2. thank you
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2. Budget balances and the national debt The following table lists federal outlays, revenues, and GDP for the U.S. economy during several years. Revenues (Billions of dollars) 2,025 Outlays (Billions of dollars) GDP (Billions of dollars) Year 2000 1,789 9,817 2001 1,991 10,128 1,853 10,470 2002 2003 1,863 2,011 2,160 2,293 1,783 10,961 2004 1,880 11,686 Plot the data for revenues and outlays as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple...
10. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for a hypothetical economy during several years. Year Expenditures (Billions of dollars) 1,653 GDP (Billions of dollars) 8,747 1998 2000 Revenues (Billions of dollars) 1,722 2,025 1,853 1,880 2,407 1,789 2002 2,011 9,817 10,470 11,686 13,178 2004 2,293 2,655 2006 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple...
,
CBO expects higher long-term deficits The Congressional Budget Office (CBO) says the national debt is on an upward path and will hit 122 percent of GD f the govemment decided to slow the growth of debl by cutting transter payments and raising taxes by the same an Cutting transfer payments and raising taxes by the same amount- A. increases the budget deficit increases aggregate demand, and increases real GDP O B. decreases the budget defict, decreases aggregate demand, and...
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6. Monetizing the deficit One of the major objections to government budget deficits is that they may be inflationary. In addition, some worry that the Federal Reserve may monetize part of the deficit by buying some of the newly issued debt, potentially causing even more inflation. In general, a tax cut increases both real GDP and the price level, since it causes aggregate demand to increase. The following graph shows the demand and supply of bank reserves. Show the initial...
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please help with a detailed, fully explained answer
for Question 2. thank you
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