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4.5 Role of the state in the macroeconomy

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Question 11

Figure 1: Australia Commonwealth government net debt as a percentage of GDP

YearNet debt (% of GDP)
200612.4
20088.2
201015.6
201221.1
201426.8
201631.4
201829.8
202038.5
202244.2
202439.5

Figure 2: Australia Commonwealth fiscal balance (AUD $ billion)

(Note: negative values represent a deficit, positive values represent a surplus)

YearFiscal Balance (AUD $ billion)
2006+14.8
2008+19.7
2010-54.5
2012-43.4
2014-18.8
2016-10.1
2018-4.2
2020-85.3
2022-32.0
2024+9.3

With reference to Figures 1 and 2 and your own economic knowledge, examine the relationship between Australia's Commonwealth government net debt as a percentage of GDP and the Commonwealth fiscal balance.

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4.5 Role of the state in the macroeconomy Questions

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  2. /Economics
  3. /4.5 Role of the state in the macroeconomy