The social impact of the global financial crisis in Australia
Bibliographic Data
| ID | 11228084 |
|---|---|
| Authors | Peter Saunders (0000-0003-1368-1696, corresponding author), Melissa Wong (0000-0002-3040-2954) |
| Year | 2011 |
| Volume | 46 |
| Issue | 3 |
| Pages | 291-309 |
| Publication date | 2011-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Australian Journal of Social Issues (JOURNAL) |
| Journal identifiers | ISSN: 0157-6321 • E-ISSN: 1839-4655 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/j.1839-4655.2011.tb00220.x |
| OpenAlex | W1488581546 |
| Language | EN |
| Citations received | 5 |
| References cited | 7 |
The Australian economy has weathered the storm that followed the global financial crisis (GFC) better than most other OECD countries. The reasons for this are complex, although the fiscal stimulus measures introduced by the federal government in 2008 and 2009 boosted domestic consumption and investment and helped to sustain economic growth. However, even with these measures, concerns have been raised over the social impact of the financial crisis, with a number of studies suggesting that those with lowest incomes and/or reliant on welfare services for support were most adversely affected. This paper presents new estimates of the social impact of the GFC using data from two national surveys, conducted in 2006 and 2010 – before and after the crisis hit Australia. The impact is assessed using a range of different approaches, including people's own perceptions of the impact, changes in their subjective wellbeing, reported changes in financial stress and changes in deprivation and economic exclusion. The results suggest that the social impact of the crisis has been small, although some evidence suggests that those already facing the most severe levels of social disadvantage were most adversely affected. In this sense, the GFC may have led to greater inequality in living standards, at least in some dimensions
Development economics · Disadvantage · Economic policy · Economics · Financial crisis · Macroeconomics · Market economy · Political science · Project commissioning · Publishing · Recession · Social Welfare · Stimulus (psychology · Welfare · Employment and Welfare Studies · Housing, Finance, and Neoliberalism · Psychology · Social Issues and Policies
Access to Philanthropic and Commercial Income Among Nonprofit Community Service Organisations
Analysing policy success and failure in Australia
Introduction to the themed section
Positive and negative impacts of job loss on family life
Estimating the impact of the Global Financial Crisis on poverty and deprivation
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,33 |
| Citation span | 2011 - 2024 (14) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |