{
  "title": "Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia",
  "publication": "IMF Staff Country Reports, September 30, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/australia-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43320",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Economic transition and outlook",
      "content": "- The economy is facing a large transition as the mining investment boom winds down and the terms of trade has fallen back.\n- Growth has been below trend for two years.\n- Annualized GDP growth was about 2.2 percent in the first half of 2015.\n- The FY2015/16 Budget projects a return to surplus in 2019–20."
    },
    {
      "heading": "Domestic demand, investment, and output gap",
      "content": "- Final domestic demand was particularly weak in the first half of 2015.\n- Public and private investment were declining.\n- Capacity utilization and a soft labor market point to a sizeable output gap."
    },
    {
      "heading": "Labor market, wages, and inflation",
      "content": "- Nominal wage growth is weak.\n- Weak nominal wage growth is contributing to low inflation."
    },
    {
      "heading": "Subject areas and keywords highlighted",
      "content": "- Subject: Banking; Capital adequacy requirements; Financial regulation and supervision; Housing; Housing prices; Income; Inflation; National accounts; Prices.\n- Keywords include: Asia and Pacific; Capital adequacy requirements; consumer confidence; consumer confidence confidence indicator; CR; financial market volatility; Global; house price inflation; Housing; Housing prices; Income; Inflation; iron ore price; ISCR; liability positions vis-à-vis nonresident; market expectation; price.\n\nInternational Monetary Fund. \"Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia\", September 30, 2015.\n\n---\n\n Content in this bundle\n\n- cr15274\n  - cr15274 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15274 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 30, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513543239.002",
    "The economy is 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.",
    "The FY2015/16 Budget projects a return to surplus in 2019–20.",
    "Final domestic demand was particularly weak in the first half of 2015.",
    "Public and private investment were declining.",
    "Capacity utilization and a soft labor market point to a sizeable output gap.",
    "Nominal wage growth is weak.",
    "Weak nominal wage growth is contributing to low inflation.",
    "Subject: Banking; Capital adequacy requirements; Financial regulation and supervision; Housing; Housing prices; Income; Inflation; National accounts; Prices.",
    "Keywords include: Asia and Pacific; Capital adequacy requirements; consumer confidence; consumer confidence confidence indicator; CR; financial market volatility; Global; house price inflation; Housing; Housing prices; Income; Inflation; iron ore price; ISCR; liability positions vis-à-vis nonresident; market expectation; price.",
    "**_cr15274**"
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