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What is GDP (Read 3083 times)

MOTR Gold Member Offline Australian Politics Posts: 6646	Re: What is GDP Reply #15 - Apr 13^th, 2013 at 6:38am Like all recessions, the recession of the early 80s put significant strains on the budget. Irrespective of discretionary spending, you are heading towards a deficit. Indeed treasury has estimated that without the stimulus package that Abbott twice voted against, the Australan government would be $20 billion further in debt.
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Mnemonic

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Re: What is GDP
Reply #16 - Apr 13^th, 2013 at 2:14pm

woof woof wrote on Apr 4^th, 2013 at 8:31pm:

So GDP is not government income??

I don't mean to be rude, but I'm surprised that you would say GDP was government revenue. Yes, they're related but they are far from the same thing.

The government draws its revenue from taxes like GST and income tax. Every time you buy something, you are paying tax. Every time you get paid for a job, you are paying tax (provided your income is above a certain threshold). GDP represents the monetary value of the entire economy and it affects how much revenue the government can get from taxes. The higher the GDP, the higher the taxes the government could potentially draw from economic activity (buying, working).

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Makka Gold Member Offline Australian Politics Posts: 803 Gender:	Re: What is GDP Reply #17 - Apr 13^th, 2013 at 3:35pm GDP = income of the economy GDP is not tax revenue therefore the $100K income and $7K lend is stupid Tax = income of the government = $376B (2012) Labor debt = $300B
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