Australia: Recent Economic Developments

May 16, 1996

Summary

This paper reviews developments in the Australian economy during 1994–95. In 1994/95, real GDP grew by 4½ percent as growth in domestic demand accelerated sharply, rising by 6¾ percent, despite the impact of a severe drought on farm output. Business investment increased by 17½ percent with investment in plant and equipment rising by 21½ percent and that in nonresidential construction by 7¾ percent. Private consumption growth also rose strongly, by 5 percent, reflecting strong growth in employment and some acceleration in wage growth.

Subject: Competition, Expenditure, External debt, Financial markets, Income, Labor, National accounts, Wages

Keywords: Competition, CR, current account, East Asia, exchange rate, Income, interest rate, ISCR, labor market, monetary policy, output gap, participation rate, percent of GDP, private sector, real GDP, trade balance, Wages

Pages:
98
Volume:
1996
DOI:
https://doi.org/10.5089/9781451801934.002
Issue:
037
Series:
Country Report No. 1996/037
Stock No:
1AUSEA0011996
ISBN:
9781451801934
ISSN:
1934-7685

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Notes

This report was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.

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