Australia: Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia

February 12, 2014

Preview Citation

Format: Chicago

Australia: Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia, (USA: International Monetary Fund, 2014) accessed December 21, 2024

Summary

This 2013 Article IV consultation highlights Australia’s below-trend GDP growth and the beginning of the decline of the investment phase of the mining boom, which has passed its peak. A key issue now is how Australia can manage the mining-production/export phase and encourage broader-based growth. The main external risks include a slowdown in China over the medium term and surges in global financial market volatility. The pickup in housing market activity, though welcome to date, could pose a future risk if prices accelerate and lead to overshooting. The financial sector is resilient and has strengthened in recent years, although banks’ reliance on offshore funding will continue. The emphasis on tight lending standards and intensive supervision should help limit financial sector risks.

Subject: Economic sectors, Exports, External debt, Housing prices, International trade, Mining sector, Prices, Terms of trade

Keywords: CR, Economy, Exports, Global, Holding, House price fluctuation, House price inflation, Housing prices, Investment, ISCR, Liability positions vis-à-vis nonresident, Mining investment, Mining investment boom, Mining sector, Price, Terms of trade, Terms of trade remain

Publication Details

Pages:

79
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/051
Stock No:

1AUSEA2014001
ISBN:

9781475555097
ISSN:

1934-7685

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