IMF Staff Country Reports

This 2005 Article IV Consultation highlights that Australia has implemented wide-ranging structural reforms and strengthened the frameworks for monetary and fiscal policies over the past two decades. As a result, Australia’s economic expansion is now in its 14th year, with growth averaging 3¾ percent owing to a combination of strong job creation and high productivity growth. Growth is expected to rise from 2¼ percent in 2005 to about 3½ percent in the medium term, although this will require continued strong growth in productivity.