Australia: Staff Report for the 2002 Article IV Consultation
IMF Staff Country Reports, September 18, 2002
Source details
- Canonical URL
- Australia: Staff Report for the 2002 Article IV Consultation
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Bibliographic details
- Published: September 18, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451801989.002
Growth performance and context
- Despite the synchronized slowdown in the rest of the world in 2001, the Australian economy continued to grow strongly.
- Real GDP has risen at an average annual rate of 3¾ percent since end-2000.
- The report highlights uncertainty about the depth and duration of the global slowdown as a key external risk.
Drivers of the 2001–2002 performance
- Absence of major imbalances in the economy.
- An aggressive easing of monetary policy.
- Fiscal policy stimulus.
- A competitive exchange rate.
Inflation and labor market
- Underlying inflation pressures were muted.
- Monetary policy was highly supportive of growth given muted inflation and external uncertainty.
- Subject tags include: Budget planning and preparation; Employment; Fiscal policy; Fiscal stance; Income; Labor; National accounts; Personal income.
Keywords and emphasis
- CR, Employment, fiscal policy stimulus, Fiscal stance, Global, Income, income support, ISCR, monetary policy, Personal income, rate, staff appraisal, underlying inflation, unemployment rate, wage cost inflation.
International Monetary Fund. "Australia: Staff Report for the 2002 Article IV Consultation", September 18, 2002.