Australia
Australia

Author: International Monetary

Publisher: International Monetary Fund

Published: 2023-02

Total Pages: 87

ISBN-13:

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A strong post-pandemic recovery and favorable terms of trade have led Australia to a stronger cyclical position than most advanced economies. Tight labor markets reflect the strength of the recovery with labor and skills shortages, although wage growth has remained more subdued than in many other advanced economies. Inflation has risen to significantly above target, prompting decisive monetary policy tightening. Financial conditions have since tightened, and housing prices started declining from their peak.

Australia
Australia

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2003-10-29

Total Pages: 51

ISBN-13: 1451802056

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Australia's economy has continued to perform remarkably well, despite encountering major adverse shocks. Fiscal policy, with an objective of maintaining a balanced budget, will help support the economy. Maintaining a sound and stable macroeconomic environment is essential. Reforms of the personal income tax system are critical elements. A comprehensive reform of the complex system of income support payments would provide stronger incentives for labor force participation. Maintenance of competitive product markets will contribute to faster innovation and productivity and income growth. The financial system is sound.