Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

International Monetary Fund

No 2015/274, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2015 Article IV Consultation highlights that the Australia’s economy is now facing a large transition as the mining investment boom winds down and the terms of trade has fallen back. Growth has been below trend for two years. Annualized GDP growth was about 2.2 percent in the first half of 2015, with particularly weak final domestic demand, and declining public and private investment. Capacity utilization and a soft labor market point to a sizeable output gap. Nominal wage growth is weak, contributing to low inflation. The FY2015/16 Budget projects a return to surplus in 2019–20.

Keywords: ISCR; CR; financial market volatility; market expectation; price; consumer confidence; liability positions vis-à-vis nonresident; iron ore price; consumer confidence confidence indicator; house price inflation; Housing prices; Housing; Income; Capital adequacy requirements; Inflation; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 65
Date: 2015-09-30
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