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The economy is adjusting to the post mining-boom era. Long-term prosperity requires macroeconomic policy settings and structural reforms to focus on ensuring a successful rebalancing of economic activity towards non-resource sectors.
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The tax burden in Australia increased by 1 percentage point from 26.3% to 27.3% in 20121. The OECD average was an increase of 0.4 percentage points from 33.3% to 33.7%. The Australian standard GST rate of 10% is one of the lowest in the OECD. The average VAT/GST standard rate in the OECD was 19.1% on 1 January 2014.
There are now 42 signatories to the OECD Declaration on Green Growth. Lithuania has joined Costa Rica, Colombia, Croatia, Latvia, Morocco, Tunisia, as well as OECD members in having adhered to the declaration. Latest reports are now available on Slovak Republic, Slovenia and Korea.
Permanent migration under Australia’s Migration and Humanitarian Programmes rose by 7.7% in 2012-13 with 214 000 visas issued.
Leaders of the G20 countries meeting at their Summit in Brisbane, Australia, have called on the OECD and IMF to monitor their commitment to boost economic growth and create jobs.
Mr. Angel Gurría was in Brisbane to attend the G20 Leaders' Summit on 15-16 November. Prior to the Summit, the Secretary-General attended a G20 Finance Ministers Meeting, as well as L20 and B20 meetings.
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This country profile describes in details the Australian pharmaceutical system, including decision-making processes for regulatory approval, reimbursement and pricing; assessment guidelines; institution and stakeholders involved and specific policies for new high cost drugs, when available.
We must be careful to ensure that G20 growth strategies not only boost growth and jobs, but also address inequalities. This requires win-win policies that combine strong economic growth with improvements in all those aspects of life that matter for people’s wellbeing – good health, jobs and skills, and a clean environment, security, civic engagement, work-life balance, etc...
The world economy is still suffering from the strains of the longest crisis of modern times, and nowhere is this more evident than in the high unemployment numbers. In this OECD Observer Roundtable, we asked a cross-section of ministers: “What actions are you taking to create more and better jobs in your economy?”
Each G20 presidency faces its own challenges. A presidency must respond to global economic conditions, it must build on previous work, and it must seize opportunities to progress with reforms where members can reach consensus.