The 2015 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 2008 (SNA 2008) for all countries except Chile, Japan, Korea and Turkey (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 function, according to the harmonised international classification, COFOG. These detailed accounts are available for the general government sector. Data also cover the following sub-sectors, according to availability: central government, state government, local government and social security funds.
The data in this publication are also available on line via www.oecd-ilibrary.org under the title OECD National Accounts Statistics, General Government Accounts (http://dx.doi.org/10.1787/na-gga-data-en and http://dx.doi.org/10.1787/na-gga08-data-en).
This review particularly recommends shifting away from income taxation to indirect taxation, for instance by raising more revenue from the Goods and Services Tax.
The government’s current review of the federal system, focusing on both spending and tax responsibilities, is welcome, as is the “whole of government” approach to the process.
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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!”.
Australia has recently seen a slowdown in growth, with declining resource-sector investment, weak commodity prices and hesitant investment elsewhere in the economy, although the exchange-rate depreciation is helping the economy to adjust.
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.