Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia
IMF Staff Country Reports, September 30, 2015
Source details
- Canonical URL
- Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia
Other formats
Bibliographic details
- Published: September 30, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513543239.002
Economic transition and outlook
- The economy is facing a large transition as the mining investment boom winds down and the terms of trade has fallen back.
- Growth has been below trend for two years.
- Annualized GDP growth was about 2.2 percent in the first half of 2015.
- The FY2015/16 Budget projects a return to surplus in 2019–20.
Domestic demand, investment, and output gap
- Final domestic demand was particularly weak in the first half of 2015.
- Public and private investment were declining.
- Capacity utilization and a soft labor market point to a sizeable output gap.
Labor market, wages, and inflation
- Nominal wage growth is weak.
- Weak nominal wage growth is contributing to low inflation.
Subject areas and keywords highlighted
- Subject: Banking; Capital adequacy requirements; Financial regulation and supervision; Housing; Housing prices; Income; Inflation; National accounts; Prices.
- Keywords include: Asia and Pacific; Capital adequacy requirements; consumer confidence; consumer confidence confidence indicator; CR; financial market volatility; Global; house price inflation; Housing; Housing prices; Income; Inflation; iron ore price; ISCR; liability positions vis-à-vis nonresident; market expectation; price.
International Monetary Fund. "Australia: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia", September 30, 2015.