Australia: 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, August 7, 2009
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- Australia: 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: August 7, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802207.002
Summary and Key Findings
- Following a prolonged expansion—reflecting sound macroeconomic policies and favorable terms of trade—global events 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 commended the authorities for their timely policy response, which has effectively cushioned the impact of the global financial crisis on the Australian economy.
- Directors welcomed the Reserve Bank of Australia’s early reductions in the policy rate.
Economic Impact and Policy Response
- Immediate market impact: Lehman Brothers collapse in September 2008 directly affected Australian markets.
- Policy response: Authorities implemented timely measures that cushioned the economy from the global financial crisis.
- Monetary policy: Reserve Bank of Australia’s early reductions in the policy rate were explicitly welcomed by Directors.
Subject Areas and Keywords
- Subject: Balance of payments, Banking, Commodity prices, Currencies, Current account deficits, External debt, Money, Prices, Public debt
- Keywords: Australia and New Zealand, authority, commodity export, Commodity prices, CR, Currencies, Current account deficits, equity price, General government, Global, ISCR, liability positions vis, rate, reserve bank of Australia, resilient banking sector, short-term debt, social security fund, vis nonresident