Australia's Economic Heartbeat

Heart with chart
Team Name: 
The Tell-Tale Hearts

The most important economic and social indicators for Australia are scattered across government websites. We have curated the most important data to make it easy for people to browse and visualise this information.

We have transformed data from five government agencies to show how a cross-government application could display the most important data to keep its citizens up to date with economic and social developments. Hopefully it can inspire cross-government, multi-disciplinary collaboration  

Data transformations

Using a range of measures, we aggregate and transform economic data to form a 0-100 index we call Australia's Economic Heartbeat. The methodology for some of the series used is given below:

Unemployment: The current non-accelerating inflation rate of unemployment is 5% (IGR, 2015). An unemployment rate less than 5% is unsustainable. As such we transform the unemployment rate as 100 – 6*abs(5-unemployment) where abs is the absolute value.

Inflation: Given the aim of the RBA is to keep inflation between 2-3% over the long run we set the index to 100 when inflation is the band, and apply a quadratic loss function as inflation deviates either side of the band.  

Further details are contained in the following link :

http://imgur.com/nHchKyF

Datasets Used: 
+++ABS.Stat Other Australian Bureau of statistics data (e.g. Distribution of household income http://www.abs.gov.au/ausstats/abs@.nsf/mf/6523.0) +++ Reserve Bank of Australia - Commodity prices, inflation expectation (http://www.rba.gov.au/statistics/tables/index.html) +++ ACNC +++ IPGOD +++ Australian Prudential Regulator (Financial sector profits http://www.apra.gov.au/statistics/Pages/default.aspx) +++ IPGOD - Patent applications

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