The bottomline is that our global economy is still in the throes of a recession.
In fact, we are now in the same economic slump that Australia endured in 2008.
This is the second recession we have experienced since the global financial crisis, and it is far from over.
A decade on from the Great Recession, we have recovered faster than our global counterparts, but the global recovery has not been a complete success.
I will go further.
While we are still in a recession, we’re not even close to being in one yet.
Australia has not had a recession since the start of the decade, and the country has recorded a decline in employment since the recession ended.
We are still struggling with a high level of unemployment, as well as a significant rise in household debt.
This debt, which is now more than $US3,000 per capita, is the equivalent of about a quarter of the Australian household debt burden.
In other words, our economy is not doing very well.
But this is no excuse to throw money at the problem.
While our debt and deficit are higher than they were before the global crisis, we still have a much bigger debt problem to tackle than before.
The economy has improved in many ways.
While Australia has continued to experience a recession and job losses, the jobless rate has actually been falling, as the recovery has been sharper and the economy has continued its recovery.
And while we have managed to keep the economy’s growth rate at about 5.5 per cent over the past year, we’ve also managed to create a net gain of about 300,000 jobs, with almost a third of these jobs in the mining and energy sectors.
While there has been a slight slowdown in some sectors of the economy, like the mining sector, there has also been a lot of positive momentum in many other sectors, such as the services sector.
So while the unemployment rate is now falling, it is still well below the pre-crisis peak.
It’s also important to remember that the global recession was caused by a massive overhang of credit in the global economy.
While this was partly to blame for the recession itself, it was also the main reason that governments were unable to stimulate their economies in the face of the global economic crisis.
With global growth at about 4.5-5 per the year, it has been difficult to create jobs.
While some countries are seeing a slight bounce back, most countries are still suffering from the severe recession they were in.
Now that the world has recovered from the global downturn, it’s time to take a fresh look at our economy.
One of the key ways that Australia can regain a healthy growth rate is to focus on infrastructure, including transport, telecommunications, water, housing and energy.
To create jobs, it will also be vital to boost productivity.
It’s not just about cutting spending, but rather how we invest in infrastructure and innovation.
Investment in infrastructure is key to achieving economic growth and maintaining a stable domestic debt-to-GDP ratio.
Australia’s infrastructure investment has fallen well short of the investment that other countries have been able to achieve in the past decade, with an average annual return on investment (AROI) of less than 10 per cent.
By contrast, Australia’s average AROI has risen to about 20 per cent, a rate which is well above the OECD average of around 8 per cent and above the average of the other advanced economies.
That said, Australia has managed to maintain a relatively strong AROi.
The country’s GDP is a net export-based economy and it’s an export-led economy.
Australia is the largest economy in the world, and has a large trade surplus.
So it is possible to maintain high levels of investment in infrastructure, and have a robust economy.
If we continue to invest in our infrastructure, it can only help the country achieve growth.
As a result of this, I believe that a combination of measures to stimulate investment and job creation will help the Australian economy to return to a sustainable level of growth.
That’s why I have committed $US200 billion over five years to create 25,000 infrastructure jobs and create an additional 500,000 high-paying jobs in this country.
Given the scale of the task ahead, we must continue to focus our attention on infrastructure and take the necessary actions to create high-skilled jobs and high-quality jobs in these sectors.
Australia needs to make sure that its economy has a strong infrastructure, so it can attract and retain the talent it needs to drive economic growth.
We must also invest in the future.
We need to invest, but not spend too much.
Today, the Federal Government announced a new set of policies that will help create jobs in Australia, including: increasing the number of apprenticeships for new apprentices; increasing the minimum wage for new trainees; and increasing the maximum hours of work for new apprentice