Editing Economy of Australia (section)

===2008 financial crisis===
{{Main|Great Recession|Great Recession in Oceania#Australia|2008 financial crisis}}
{{further|Rudd Government (2007–10)}}
The Australian government stimulus package ($11.8&nbsp;billion) helped to prevent a recession.<ref>{{cite journal|last1=Junankar|first1=P.|title=Australia: The Miracle Economy|journal=IZA Discussion Papers 7505, Institute for the Study of Labor |year=2013}}</ref>

The [[World Bank]] expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012.<ref>{{cite web|url=http://blogs.crikey.com.au/thestump/2011/01/13/world-bank-expects-australian-gdp-growth-of-3-2-in-2011-and-3-8-in-2012/|title=World Bank expects Australian GDP growth of 3.2% in 2011 and 3.8% in 2012 &#124; The Stump|publisher=Blogs.crikey.com.au|date=13 January 2011|access-date=24 July 2012|archive-date=6 January 2012|archive-url=https://web.archive.org/web/20120106083849/http://blogs.crikey.com.au/thestump/2011/01/13/world-bank-expects-australian-gdp-growth-of-3-2-in-2011-and-3-8-in-2012|url-status=dead}}</ref> The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-17270827|publisher=BBC News|title=Australia's economy expands 0.4% in the fourth-quarter|date=7 March 2012}}</ref><ref>{{cite web|url=http://au.ibtimes.com/articles/349011/20120606/australia-posts-1-3-gdp-aussie-dollar.htm|title=Australia Posts 1.3% GDP; Aussie Dollar Soars|work=International Business Times|date=6 June 2012|access-date=24 July 2012|url-status=dead|archive-url=https://web.archive.org/web/20120608081833/http://au.ibtimes.com/articles/349011/20120606/australia-posts-1-3-gdp-aussie-dollar.htm|archive-date=8 June 2012}}</ref> The growth rate was reported to be 4.3% year-on-year.<ref>{{cite news|url=http://www.theaustralian.com.au/business/economics/gdp-growth-stronger-than-expected/story-e6frg926-1226385990494|first=Adam|last=Creighton|title=GDP growth surges 1.3pc for first quarter|date=6 June 2012|work=The Australian}}</ref>

The [[International Monetary Fund]] in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years; the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013",<ref name="aap-Apr2012-imf">{{cite web|agency=Australian Associated Press|url=http://www.sbs.com.au/news/article/1643247/Australian-economy-to-outperform-the-world-IMF|title=Australian economy to outperform the world: IMF|website=[[Special Broadcasting Service]]|date=18 April 2012|access-date=24 July 2012|archive-url=https://web.archive.org/web/20120423083438/http://www.sbs.com.au/news/article/1643247/Australian-economy-to-outperform-the-world-IMF|archive-date=2012-04-23}}</ref> the [[National Australia Bank]] in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%.,<ref>{{cite web|url=http://au.ibtimes.com/articles/326290/20120411/nab-cuts-growth-forecast-australia-2-9.htm|title=NAB Cuts Australia's Growth Forecast to 2.9%|work=International Business Times|date=11 April 2012|access-date=24 July 2012|url-status=dead|archive-url=https://web.archive.org/web/20120413191710/http://au.ibtimes.com/articles/326290/20120411/nab-cuts-growth-forecast-australia-2-9.htm|archive-date=13 April 2012}}</ref> and [[JPMorgan Chase|JP Morgan]] in May 2012 cut its growth forecast to 2.7% in calendar 2012 from a previous forecast of 3.0%, also its forecast for growth in 2013 to 3.0% from 3.3%.<ref>{{cite news|url=https://www.wsj.com/article/BT-CO-20120524-718299|work=The Wall Street Journal|title=JP Morgan Cuts Australian 2012 GDP Forecast To 2.7% Vs 3.0%|date=24 May 2012|access-date=13 March 2017|archive-date=1 April 2019|archive-url=https://web.archive.org/web/20190401083237/https://www.wsj.com/articles/BT-CO-20120524-718299|url-status=dead}}</ref> [[Deutsche Bank]] in August 2012, and [[Société Générale]] in October 2012, warned that there is risk of recession in Australia in 2013.<ref>{{cite news|url=https://www.wsj.com/articles/SB10000872396390444443504577602690621428420?mod=googlenews_wsj|work=The Wall Street Journal|first=James|last=Glynn|title=Deutsche Bank Warns of Australian Recession Risk|date=21 August 2012}}</ref><ref>{{cite web|url=http://www.businessinsider.com/dylan-grice-australia-2012-10|title=Dylan Price predicts an Australian recession in 2013|work=Business Insider}}</ref>

While Australia's overall national economy grew, some non-mining states and Australia's non-mining economy experienced a recession.<ref>{{cite news|url=http://theconversation.com/national-economy-grows-but-some-non-mining-states-in-recession-12670|title=National economy grows but some non-mining states in recession|work=The Conversation|access-date=22 March 2013}}</ref><ref>{{cite news|url=http://www.couriermail.com.au/business/mining-punches-through-recession/story-fn7kjcme-1226320756339|archive-url=https://web.archive.org/web/20120416091909/http://www.couriermail.com.au/business/mining-punches-through-recession/story-fn7kjcme-1226320756339|archive-date=16 April 2012|title=Mining punches through recession|work=Courier Mail|author=Syvret, Paul|date=7 April 2012}}</ref><ref>{{cite news|url=http://www.abc.net.au/news/2012-04-23/non-mining-states-27going-backwards27/3967622|title=Non-mining states going backwards|publisher=ABC|access-date=22 March 2013}}</ref>