Australia: 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion;

August 7, 2009

Preview Citation

Format: Chicago

Australia: 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion;, (USA: International Monetary Fund, 2009) accessed December 22, 2024

Summary

This 2009 Article IV Consultation highlights that following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia’s economic growth well below trend. The turmoil sparked by the collapse of Lehman Brothers in September 2008 had an immediate impact on Australian markets. Executive Directors have commended the authorities for their timely policy response, which has effectively cushioned the impact of the global financial crisis on the Australian economy. Directors have also welcomed the Reserve Bank of Australia’s early reductions in the policy rate.

Subject: Balance of payments, Banking, Commodity prices, Currencies, Current account deficits, External debt, Money, Prices, Public debt

Keywords: Australia and New Zealand, Authority, Commodity export, Commodity prices, CR, Currencies, Current account deficits, Equity price, General government, Global, ISCR, Liability positions vis, Rate, Reserve bank of Australia, Resilient banking sector, Short-term debt, Social security fund, Vis nonresident

Publication Details

Pages:

50
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/248
Stock No:

1AUSEA2009001
ISBN:

9781451802207
ISSN:

1934-7685

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