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This country note from Going for Growth 2015 for Australia identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
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.
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.
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 G20 needs to go structural, social, and green! With fiscal and monetary policy room nearly exhausted, structural reforms are the best choices, sometimes the only choice. The OECD battle cry in this regard has been unchanged since 2008: “go structural!”.
The 2013 edition of National Accounts of OECD Countries: General Government Accounts is an annual publication, dedicated to government finance which is based on the System of National Accounts 1993 (SNA 1993). It includes tables showing government aggregates and balances for the production, income and financial accounts as well as detailed tax and social contribution receipts and a breakdown of expenditure of general government by
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.
Governments are major issuers of debt instruments in the global financial market. This volume provides quantitative information on central government debt instruments for the 34 OECD member countries to meet the analytical requirements of users such as policy makers, debt management experts and market analysts. Statistics are presented according to a comprehensive standard framework to allow cross-country comparison. Country
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 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.