9. Taxation
The total tax take in 2012-13 was 22.2% of GDP, down from a high of 24.2% between 2004 and 2006. Income tax was down to 16.2%, from the 1999-2000 peak of 17.6%.
10. Borrowings
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Australia's general government net borrowings were just 13.74% of GDP when Labor left office. In the OECD only the four small Scandinavian countries and Estonia have lower debt.
The IMF projected net debt under Labor would have risen next year to 14.54%, then declined steadily to 10.1% in 2018.
11. Deficit
The final general government underlying deficit for 2012‑13 was $18.8 billion, just 1.2 per cent of GDP, one of the lowest in the developed world.
This is quite a turnaround from last year's deficit of $43.4 billion, or 2.9% of GDP.
12. Credit ratings
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Since November 2011 Australia has had triple A sovereign debt ratings with all three agencies, Fitch, Moody's and Standard and Poors.
13. Productivity
Labour productivity has boomed recently, rising for ten consecutive quarters to an all-time high of 104.6 index points.
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About the Author
Alan Austin is an Australian freelance journalist currently based in Nîmes in the South of France. His special interests are overseas development, Indigenous affairs and the interface between the religious communities and secular government. As a freelance writer, Alan has worked for many media outlets over the years and been published in most Australian newspapers. He worked for eight years with ABC Radio and Television’s religious broadcasts unit and seven years with World Vision. His most recent part-time appointment was with the Uniting Church magazine Crosslight.
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