Positive and negatives of economic growth by Amy Shergold

Higher Level of Saving

2024-04-02 00:02:03 UTC

The introduction of compulsory superannuation in 1991 led to households accumlating retirement savings with rising incomes and returns on Super Balances.

poverty reduction - reuben wood

2024-04-02 00:02:54 UTC

A growing economy can help lift people out of poverty by providing them with opportunities for employment, entrepreneurship, and economic mobility. As incomes rise and access to resources improves, poverty rates tend to decline.

Improvement in Government Budget

2024-04-02 00:02:59 UTC

Australians on social security are set to receive more money in their pockets when payments are indexed. Those on the age pension, disability support pension and carer payment will pocket an extra $19.60 for singles and $29.40 for couples combined each fortnight, come 20 March.

enviromental sustainability go down - also reuben wood

2024-04-02 00:04:00 UTC

Economic growth often comes at the expense of environmental sustainability. Increased production and consumption can lead to resource depletion, pollution, deforestation, habitat destruction, and climate change. These environmental impacts can have long-term consequences for ecosystems, biodiversity, and human health.

More money available to spend on consumer goods

2024-04-02 00:05:17 UTC

Australia has a high HDI (humand development index) as there are a surplus of goods and serrvices available which broadens consumer choice improvinf quality of life. 🎀🪞🩰🦢🕯️

Increased national welleing

2024-04-02 00:05:32 UTC

Growth promotes higher funding towarads nececities such as healthcare, education, food, and housing. This increased funding can currently assist in funding developement of new properies and give more assistance to home owners purchasing property to combat against the nation wide housing problem. Currently there are 122,000 homeless across Australia, 21% of which were between 25-34.

Increase of Living Standards (but if population is growing faster, due to high birth rates or incrased migration, living standards won't increase)

2024-04-02 00:05:34 UTC

Australia HDI: 0.951 (ranked 5th)

Structural Unemployment

2024-04-02 00:09:47 UTC

Due to technological and structural changes in production, it will lead to structural unemployment just as in India with the unemployment in agriculture, As most workers in the agriculture sector in India (to help improve India's Economic growth) do not have adequate skills to take over jobs in another sector. More than 75% of the non-agricultural jobs are in urban areas which hold around 35% of the population.

External Stability - Joebert Recta

2024-04-02 00:10:39 UTC

Consumers and firms have more money available to spend --> Increased imports, increased debits in BOGS --> Worsens current account balance --> worsens current account balance --> threatens external stability