Data on volumes and prices of consumption and investment are used to compare Australian real GDP for 1990 with the other OECD countries. Australian consumption patterns, including leisure, a n d price structure are very different from most other countries and especially from Japan's. The Australian bundle of consumption, investment and leisure is revealed preferred to that of Japan and a number of other countries which are conventionally ranked above Australia in comparisons of real GDP per capita at international prices. Introduction and summary Economic commentators regularly bemoan the decline in Australian productivity and living standards relative to our trading partners, especially Japan and other industrialised nations of the OECD. A recent report by the Industry Commission (1991) is fairl
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