According to a comparison drawing on data up to 2008, Australia and Canada show similarities and differences in key economic indicators used to assess wealth.
Based on the provided information from a 2009 RBA Bulletin publication:
Comparing Economic Indicators
The reference points to several ways to compare the economic standing of Australia and Canada:
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GDP Per Capita (Purchasing Power Parity): Australia and Canada were noted as having similar levels of GDP per capita when measured based on purchasing power parity (PPP). PPP adjusts for differences in the cost of living between countries, often considered a better measure of the actual living standards than nominal GDP.
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Nominal GDP Per Capita (2008): Looking at nominal (current price) figures for 2008, the publication stated nominal GDP per capita was around US$7,000 for Australia and US$9,000 for Canada. Based on these specific nominal figures from the source, Canada had a higher nominal GDP per capita than Australia in 2008.
Country Nominal GDP Per Capita (c. 2008, according to source) Australia ~US$ 7,000 Canada ~US$ 9,000 -
Growth in Real GDP Per Capita (Since 1990): The publication also indicated that since 1990, Australia's growth in real GDP per capita (adjusted for inflation) had been a little higher than Canada's. This suggests Australia's economy, on a per-person basis, had grown at a slightly faster pace over that period.
In summary, while the two countries had similar levels of GDP per capita on a purchasing power parity basis according to the source, Canada's nominal GDP per capita was higher in 2008. Australia, however, had experienced slightly stronger growth in real GDP per capita since 1990.
Reference: Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's. Australia and Canada - Comparing Notes on Recent Experiences www.rba.gov.au › publications › bulletin › jun › pdf
