GDP and Beyond: Understanding Economic Growth in Australia

What drives a nation's economy forward? In this episode, we take a deep dive into the concept of economic growth, focusing on Gross Domestic Product (GDP) as the key measure of progress. You'll learn how GDP is calculated through the production, income, and expenditure approaches, and why adjusting for inflation with real GDP is crucial. We explore the dynamics of aggregate demand—from household spending to net exports—and the supply-side factors like labour, capital, and productivity. Plus, we break down the business cycle, explaining the phases of economic upswing and downturn. This episode is your guide to understanding the engine behind economic performance.

Source: https://www.rba.gov.au/education/resources/explainers/