{
  "title": "Australia: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia",
  "publication": "IMF Staff Country Reports, February 21, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/02/13/australia-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46612",
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  "summary": "This Article IV Consultation highlights that Australia experienced only a minor downturn after the end of the mining investment and commodity price boom but, as elsewhere, the adjustment and rebalancing has been slow, with below-target inflation and low wage growth amid economic slack.",
  "sections": [
    {
      "heading": "Executive summary and economic outlook",
      "content": "- Australia experienced only a minor downturn after the end of the mining investment and commodity price boom, but the adjustment and rebalancing has been slow.\n- The economy faces below-target inflation and low wage growth amid economic slack.\n- Baseline forecasts entail a soft landing in the housing market, but a stronger market correction remains a risk.\n- Near-term risks to growth are to the downside, mirroring the global risk picture; the impact of shocks could be amplified by high household debt.\n- IMF staff welcomes the authorities’ continued commitment to working actively with international partners to promote the global multilateral trading system.\n- Macroeconomic policy support should remain in place until full employment and inflation in the target range are firmly within reach."
    },
    {
      "heading": "Macro-financial vulnerabilities",
      "content": "- High household debt and low housing affordability have become major concerns after a recent housing boom.\n- The baseline assumes a soft landing in housing, but a stronger market correction is identified as a significant risk that could interact with household leverage."
    },
    {
      "heading": "Policy priorities and structural agenda",
      "content": "- The structural policy agenda appropriately targets:\n  - innovation,\n  - infrastructure gaps,\n  - tax reform,\n  - energy policy.\n- Progress has been limited in some areas.\n- Policy recommendation: maintain macroeconomic policy support until labor market and inflation outcomes meet targets."
    },
    {
      "heading": "Key subject areas and keywords (as listed)",
      "content": "- Subject: Banking, Housing, Housing prices, Inflation, Infrastructure, Labor, Labor markets, National accounts, Prices\n- Keywords: ABS implementation, Asia and Pacific, child care policy initiative, CR, Global, government, Housing, housing market, housing market correction, Housing prices, Inflation, Infrastructure, ISCR, Labor markets, liability positions vis-à-vis nonresident, monetary policy, state, trend estimate\n\n---\n\n Content in this bundle\n\n- Australia’s Housing Price Correction in Perspective\n  - Australia’s Housing Price Correction in Perspective (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Australia’s Housing Price Correction in Perspective (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 21, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484399019.002",
    "Australia experienced only a minor downturn after the end of the mining investment and commodity price boom, but the adjustment and rebalancing has been slow.",
    "The economy faces below-target inflation and low wage growth amid economic slack.",
    "Baseline forecasts entail a soft landing in the housing market, but a stronger market correction remains a risk.",
    "Near-term risks to growth are to the downside, mirroring the global risk picture; the impact of shocks could be amplified by high household debt.",
    "IMF staff welcomes the authorities’ continued commitment to working actively with international partners to promote the global multilateral trading system.",
    "Macroeconomic policy support should remain in place until full employment and inflation in the target range are firmly within reach.",
    "High household debt and low housing affordability have become major concerns after a recent housing boom.",
    "The baseline assumes a soft landing in housing, but a stronger market correction is identified as a significant risk that could interact with household leverage.",
    "The structural policy agenda appropriately targets:",
    "Progress has been limited in some areas.",
    "Policy recommendation: maintain macroeconomic policy support until labor market and inflation outcomes meet targets.",
    "Subject: Banking, Housing, Housing prices, Inflation, Infrastructure, Labor, Labor markets, National accounts, Prices",
    "Keywords: ABS implementation, Asia and Pacific, child care policy initiative, CR, Global, government, Housing, housing market, housing market correction, Housing prices, Inflation, Infrastructure, ISCR, Labor markets, liability positions vis-à-vis nonresident, monetary policy, state, trend estimate",
    "**Australia’s Housing Price Correction in Perspective**"
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