The Public Sector (HSC SSCE Economics): Flashcards
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Public sector definition
Public sector definition
Parts of economy owned/controlled by government
Government Business Enterprises (GBEs)
Government Business Enterprises (GBEs)
Commercial orgs owned by govt operating in competitive markets
Current public sector outlays (% of GDP)
Current public sector outlays (% of GDP)
Around 40% of GDP
Current public sector employment (% of workforce)
Current public sector employment (% of workforce)
Approximately 16% since 2000
Public sector employment peak (year & %)
Public sector employment peak (year & %)
25.5% in 1985
Transfer payments definition
Transfer payments definition
Payments redistributed to households (e.g., pensions, benefits)
Transfer payments as % of Commonwealth spending
Transfer payments as % of Commonwealth spending
Approximately one-third
Keynesian economics
Keynesian economics
Theory that govt spending can stimulate economic activity
Privatisation definition
Privatisation definition
Sale of govt-owned businesses to private sector
Means testing definition
Means testing definition
Restricting benefits to those below certain income/wealth levels