This report discussed about the key economic indicators to assess and analyse the economic condition of Australia. The key economic indicators that are considered for analysis were GDP, unemployment, inflation and trade. The report further made the analysis that the GDP growth rate of the country has declined over the years and the case is same for unemployment rate. However, fall in unemployment is good sign for a country but decline in GDP growth rate is not. On the other hand, it has been found that the trade factors have improved and the inflation rate has also grown in the last five years that is from 2015 to 2019. Therefore, increase in trade parameters namely terms of trade and current account are positive change for the economy of the country. Conversely, rise in inflation rate is not good indication but in case of Australia it is a positive change because the inflation is so low that it should rise by 2% or more for a smooth growth of the economy. The trend showed that inflation might rise in future but currently is not enough to drive an economy at a faster rate. Therefore, the analysis of the key economic indicators explained that the economy of Australia might face economic recession, increase in unemployment rate and currency depreciation in next one year.
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