Here’s one for the econo-nerds. The Maddison Project last week released a detailed database of real per capita GDP for a large variety of countries dating back, in some cases, to 1280AD.
The below charts plot Australia’s per capita GDP growth against a variety of countries, with the base year set at 1900.
First, below is Australia’s real per capita GDP against other developed English-speaking countries (loosely dubbed the “anglosphere”):
Since 1900, Australia’s real per capita GDP has grown in the middle of the anglosphere sample – above New Zealand and the United Kingdom, but below the United States and Canada. Note also Australia’s surging GDP per capita growth between 1850 and 1890 – a period that included the gold rush – and the subsequent crash following the 1890s depression.
Next, Australia’s long-run GDP per capita growth is compared against a sample of Western European nations:
According to the Madison Project, the growth in Australian per capita GDP has underperformed most Western European nations. Note, also, the huge hits to growth experienced in the wake of the first and second world wars.
Data on Asian GDP per capita growth is more limited. Nevertheless, the below chart plots Australia’s growth against Japan’s:
As you can see, Australian real per capita GDP growth has outperformed Japan’s since 1900, with Japanese growth taking a noticeable hit over the past five years.
