{
  "title": "Australia: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 6, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/australia-staff-report-for-the-2011-article-iv-consultation-25278",
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  "summary": "In this study, Australia’s economic performance from the onset of the global financial crisis is discussed. A healthy banking system, flexible exchange rate, and robust demand for commodities from Asia are important for good performance.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Discusses Australia’s economic performance from the onset of the global financial crisis.\n- Attributes favorable performance to a healthy banking system, a flexible exchange rate, and robust demand for commodities from Asia.\n- Notes that recent global market volatility has increased uncertainty about the economic outlook and tilted risks downward.\n- Emphasizes the importance of tax and structural reforms.\n- Uses the Australian Prudential Regulation Authority’s plans to undertake stress tests incorporating disruptions to funding markets."
    },
    {
      "heading": "Key findings",
      "content": "- A healthy banking system contributed to resilience during the global financial crisis.\n- A flexible exchange rate supported macroeconomic adjustment.\n- Robust demand for commodities from Asia underpins Australia’s favorable economic prospects.\n- Recent global market volatility has increased uncertainty and tilted risks downward.\n- Tax and structural reforms are important to sustain performance."
    },
    {
      "heading": "Stress tests and financial sector analysis",
      "content": "- Stress tests incorporate Australian Prudential Regulation Authority plans.\n- Stress scenarios include disruptions to funding markets."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subjects: Banking, Current account deficits, External debt, Housing prices, Income, International trade, National accounts, Prices, Public debt, Terms of trade\n- Keywords: Asia and Pacific, commodity export, commonwealth budget, cost, CR, demand, economy, economy benefit, exchange rate, GDP, Global, headline consumer price index, Housing prices, IMF's view, Income, ISCR, mining investment, Pacific Islands, speed economy, Terms of trade\n\n---\n\n Content in this bundle\n\n- Australia: 2011 Article IV Consultation; IMF Country Report No.11/300; September 19, 2011\n  - Australia: 2011 Article IV Consultation; IMF Country Report No.11/300; September 19, 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Australia: 2011 Article IV Consultation; IMF Country Report No.11/300; September 19, 2011 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 6, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463921941.002",
    "Discusses Australia’s economic performance from the onset of the global financial crisis.",
    "Attributes favorable performance to a healthy banking system, a flexible exchange rate, and robust demand for commodities from Asia.",
    "Notes that recent global market volatility has increased uncertainty about the economic outlook and tilted risks downward.",
    "Emphasizes the importance of tax and structural reforms.",
    "Uses the Australian Prudential Regulation Authority’s plans to undertake stress tests incorporating disruptions to funding markets.",
    "A healthy banking system contributed to resilience during the global financial crisis.",
    "A flexible exchange rate supported macroeconomic adjustment.",
    "Robust demand for commodities from Asia underpins Australia’s favorable economic prospects.",
    "Recent global market volatility has increased uncertainty and tilted risks downward.",
    "Tax and structural reforms are important to sustain performance.",
    "Stress tests incorporate Australian Prudential Regulation Authority plans.",
    "Stress scenarios include disruptions to funding markets.",
    "Subjects: Banking, Current account deficits, External debt, Housing prices, Income, International trade, National accounts, Prices, Public debt, Terms of trade",
    "Keywords: Asia and Pacific, commodity export, commonwealth budget, cost, CR, demand, economy, economy benefit, exchange rate, GDP, Global, headline consumer price index, Housing prices, IMF's view, Income, ISCR, mining investment, Pacific Islands, speed economy, Terms of trade",
    "**Australia: 2011 Article IV Consultation; IMF Country Report No.11/300; September 19, 2011**"
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