Australia: 2024 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, December 23, 2024
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- Australia: 2024 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: December 23, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400297120.002
Recent economic performance
- GDP growth slowed to 1.0 percent (y/y) in Q2 2024 from 1.9 percent a year prior.
- Private consumption growth dropped to 0.5 percent (y/y) in Q2 2024.
- Growth in private business investment eased to 1.6 percent (y/y).
- Economic activity was bolstered by public demand and infrastructure projects.
Short-term outlook and projections
- Growth is projected to pick up gradually, from 1.2 percent in 2024 to 2.1 percent in 2025.
- Real income growth from rising wages and tax cuts may boost private consumption.
- Public demand is expected to remain strong.
Policy analysis and recommendations
- Australia's continued commitment to multilateral solutions, including the rules-based international trading system, is commended.
- Green industrial policy initiatives should be confined to narrow objectives—where externalities or market failures prevent effective market solutions—and be consistent with the country’s international obligations to avoid undue distortions both domestically and internationally.
- Australia's voluntary participation in reviewing transnational corruption is a positive signal that could inspire improvements in global governance.
Key metadata and identifiers
- Pages: 110
- Volume: 2024
- Issue: 360
- Series: Country Report No. 2024/360
- DOI: https://doi.org/10.5089/9798400297120.002
- Stock No: 1AUSEA2024003
- ISBN: 9798400297120
- ISSN: 1934-7685
International Monetary Fund. Australia: 2024 Article IV Consultation-Press Release; and Staff Report
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