# Fight Finance

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Calculate Australia’s GDP over the 2016 calendar year using the below table:

 Australian Gross Domestic Product Components A\$ billion, 2016 Calendar Year from 1 Jan 2016 to 31 Dec 2016 inclusive Consumption Investment Government spending Exports Imports 971 421 320 328 344

Source: ABS 5206.0 Australian National Accounts: National Income, Expenditure and Product. Table 3. Expenditure on Gross Domestic Product (GDP), Current prices.

Australia’s GDP was:

Question 841  gross domestic product, government spending, no explanation

The government spends money on:

• Goods and services such as defence, police, schools, hospitals and roads; and
• Transfer payments (also called welfare) such as the pension, dole, disability support and student support.

When calculating GDP, the ‘government spending’ component is supposed to include:

Question 850  gross domestic product, gross domestic product per capita, no explanation

Below is a table showing some countries’ GDP, population and GDP per capita.

 Countries' GDP and Population GDP Population GDP per capita USD million millions of people USD United States 18,036,648 325 55,492 China 11,158,457 1,383 8,066 Japan 4,383,076 127 34,586 Germany 3,363,600 83 40,623 Norway 500,519 5 95,027

Source: "GDP and its breakdown at current prices in US Dollars" United Nations Statistics Division. December 2016.

Using this data only, which one of these countries’ citizens have the highest living standards?

Which form of production is included in the Gross Domestic Product (GDP) reported by the government statistics agency?