The average worker in Australia faced a tax burden on labour income (tax wedge) of 27.4% in 2013 compared with the OECD average of 35.9%. Australia was ranked 27 of the 34 OECD member countries in this respect.
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Analysis for Australia from OECD trade facilitation indicators that identify areas where countries can improve border procedures, reduce trade costs, boost trade flows and reap greater benefits from international trade.
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This note presents key findings for Australia from Society at a Glance 2014 - OECD Social indicators. This 2014 publication also provides a special chapter on: the crisis and its aftermath: a “stress test” for societies and for social policies.
Australia has recently seen a slowdown in growth, with declining resource-sector investment, weak commodity prices and hesitant investment elsewhere in the economy, although the exchange-rate depreciation is helping the economy to adjust.
Although the recovery is strengthening in advanced economies, the growth engine of the world economy is still not firing on all 4 cylinders: high unemployment and widespread underemployment hold back demand; investment is below its long-term trend - so is international trade; and credit to the private sector has been flat in several countries of the G20.
Australia has weathered the global economic crisis relatively well and enjoyed robust growth in per capita income, fostered by favourable terms of trade and high employment rates. However, productivity gains have slowed in recent years and the level remains below that of leading OECD countries.
Mr. Angel Gurría, Secretary-General of the OECD, was in Sydney from 21 to 23 February 2014 to attend the G20 Finance Ministers and Central Bank Governors meetings. While in Sydney, the Secretary-General launched the 2014 OECD Going for Growth report, alongside Mr. Joseph Benedict "Joe" Hockey, Treasurer of Australia.
The Local Job Creation series focuses on the role of employment and training agencies in contributing to job creation and productivity. It explores how OECD countries are implementing labour market and skills policy and putting measures in place at the local level to stimulate quality employment, inclusion and growth.
Employment and Skills Strategies in Australia focuses on the role of local employment and training agencies in contributing to job creation and productivity. It looks at the role of Local Employment Coordinators, introduced by the Department of Employment to work in 20 "priority employment areas" which were identified as needing extra assistance following the global financial crisis. This report is part of a comparative OECD review of local job creation policies, which explores how countries are putting measures in place at the local level to stimulate quality employment, social inclusion and growth.
Slower growth in key markets like China and India is reducing momentum across the Australian economy, cutting into employment opportunities and putting more pressure on the government to ensure that public policy delivers optimal results for growth and job creation.