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Australia has weathered the global economic crisis relatively well and enjoyed robust growth in per capita income, fostered by favourable terms of trade and high employment rates. However, productivity gains have slowed in recent years and the level remains below that of leading OECD countries.
Australia’s productivity growth has decelerated markedly around the turn of the century. Part of the decline is probably temporary, but raising multifactor productivity is key to ensure that living standards continue to grow strongly, especially if the currently strong terms of trade weaken over time.
The priority for Australia is to adapt to fast-developing Asia which opens vast new opportunities but also imposes strains. This adjustment will require flexible labour and product markets and lifting productivity growth.
The Australian economy is robust and faces a solid short-term outlook, but it must continue adapting to ensure that its privileged place in the Asia-Pacific region contributes to long-term sustainable growth, according to the OECD’s latest Economic Survey of Australia.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
Australia faces the mutually reinforced challenges of boosting labour supply and promoting social inclusion. Labour underutilisation is especially prevalent among groups such as lone parents, people with disability, and Indigenous Australians.
- Economic Survey of Australia 2010
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Overview - Australia Economic Review 2010
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
Economic forecasts for GDP, unemployment, inflation and fiscal balance.
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