Australia: Recent Economic Developments

International Monetary Fund

No 1996/037, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews developments in the Australian economy during 1994–95. In 1994/95, real GDP grew by 4½ percent as growth in domestic demand accelerated sharply, rising by 6¾ percent, despite the impact of a severe drought on farm output. Business investment increased by 17½ percent with investment in plant and equipment rising by 21½ percent and that in nonresidential construction by 7¾ percent. Private consumption growth also rose strongly, by 5 percent, reflecting strong growth in employment and some acceleration in wage growth.

Keywords: ISCR; CR; real GDP; exchange rate; monetary policy; private sector; labor market; output gap; percent of GDP; interest rate; participation rate; trade balance; current account; Income; Wages; Competition; East Asia (search for similar items in EconPapers)
Pages: 98
Date: 1996-05-16
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