Australia: 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion

International Monetary Fund

No 2009/248, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2009 Article IV Consultation highlights that following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia’s economic growth well below trend. The turmoil sparked by the collapse of Lehman Brothers in September 2008 had an immediate impact on Australian markets. Executive Directors have commended the authorities for their timely policy response, which has effectively cushioned the impact of the global financial crisis on the Australian economy. Directors have also welcomed the Reserve Bank of Australia’s early reductions in the policy rate.

Keywords: ISCR; CR; authority; reserve bank of Australia; liability positions vis; rate; vis nonresident; commodity export; short-term debt; social security fund; General government; equity price; resilient banking sector; Currencies; Commodity prices; Current account deficits; Global; Australia and New Zealand (search for similar items in EconPapers)
Pages: 50
Date: 2009-08-07
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Citations: View citations in EconPapers (6)

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