Transcription of HOW TRADE BENEFITS AUSTRALIA - dfat.gov.au
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HOW TRADE BENEFITS AUSTRALIA - dfat.gov.au
STATISTICS SECTION, OFFICE OF ECONOMIC ANALYSIS. INVESTMENT & ECONOMIC DIVISION. HOW TRADE BENEFITS AUSTRALIA . 1. TRADE promotes economic growth and raises household incomes AUSTRALIA 's TRADE liberalisation has boosted AUSTRALIA 's real GDP by per cent compared to where it otherwise would have been and lifted the real income of australian households by over $8,400 in 2016. 2. TRADE creates and supports australian jobs Independent economic modelling estimates that AUSTRALIA 's free TRADE agreements with China, Japan and South Korea alone may create some 7,900 jobs in 2016 and over 14,500 jobs by 2020. 1 in 5 jobs in the australian economy involve TRADE -related activities. 3. TRADE makes products cheaper for australian households and businesses Real prices for consumer products such as clothing, footwear, motor vehicles, household appliances and audio visual equipment have fallen over the past decade. In 2016-17, compared to a decade earlier: Garments were over 8 per cent cheaper;. Small electrical appliances (including coffee machines, food processors and irons) were 7 per cent cheaper.
How trade benefits Australia –September 2018 Page 2 › Trade gives Australian businesses access to a potential market many times the size of Australia: » Australia [s GDP, at US$1.4 trillion represented only 1.7 per cent of the global total of US$79.9 trillion
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