Look beyond election negativity to numbers driving a positive future

After a negative election campaign, it’s time to examine some positive financial figures that will shape Australians’ wealth.

Back in early 2020, when a weird-sounding illness called “novel coronavirus” was starting to spread through Asia, I developed an unhealthy addiction.

Every day – sometimes several times a day – I would check global numbers to see which countries were being affected most, and whether it would potentially disrupt my travel plans (as it soon did spectacularly).

As the pandemic intensified, my Covid numbers addiction continued, watching Australia drop from one of the world’s 20 worst-affected nations to outside the top 100 amid our strict lockdowns.

So I was surprised last week to see Australia is back up to number 17 globally in terms of total Covid case numbers – with seven million infections since 2020.

However, dig a little deeper and Australia’s relatively strong Covid performance remains. For Covid deaths we are 72nd, with about 8000 lives tragically lost. In the US more than one million people have died of Covid.

As for deaths per one million people, we sit 146th globally at just over 300, and many of the countries below us are poor nations with questionable Covid reporting.

Vaccinations have prevented many more deaths, and most Australians can feel proud to have helped protect their communities. The numbers tell a positive story.

And now, after the mind-numbing negativity of the election campaign, we can look to other key numbers with optimism – even as surging living costs put pressure on many household budgets.

3.9 per cent – unemployment rate

Last week’s announcement of official unemployment at its lowest level since 1974 was a great number and effectively means that anyone who wants a job can get one – if they are prepared to move where necessary.

It means higher tax revenue for the government, more people able to help themselves, and is a brilliant platform for Australia’s future finances.

Australia’s stockmarket has been stronger than its global peers. Picture: James Gourley

0.35% – official interest rate

The Reserve Bank rate rise in May from 0.1 per cent to 0.35 per cent will hit many households, as will likely future rises this year, but it’s worth remembering just how low rates still are.

Eleven years ago the RBA’s cash rate was 4.25 per cent, and it was 7.25 per cent three years before that. The good news for borrowers is it’s unlikely to rise to anywhere near that level again, because home loan sizes are now much larger and unable to handle high rates.

1.8% – share market’s 12-month gain

It’s been a tough year for many investors amid worries about the global economy, surging interest rates and Russia’s invasion of Ukraine.

However, Aussie shares are still above where they were a year ago, and our stockmarket has been one of the strongest performers globally. This could continue as our big banks and resource giants do well when interest rates and commodity prices are rising.

70 – Aussie-US dollar exchange rate

Despite the Russian war and pandemic, the Australian dollar – which often plunges during global uncertainty – is holding up well near US70c.

It’s a long way above the US50c level it hit during the terrorism-hit 2001, and gives us breathing space if our economy struggles again because a lower dollar will boost export prices and help Aussie businesses.

Australia faces some worrying numbers too, like national debt nearing $1 trillion and inflation at 5.1 per cent, but if we can attack those figures like we have other challenges in recent years, the future looks bright.