Australia: Output likely to accelerate

Economic activity strengthened in the first half of 2005, primarily driven by business investment.
With non-residential investment expected to remain buoyant, the ending of the housing boom to be orderly and gradual, and the drag from net exports diminishing, output is likely to accelerate in 2006 and 2007. This should help to sustain the good labour market performance. Inflation may edge up somewhat in response to surging energy prices.To preserve price stability, monetary policy needs to remain on guard to prevent higher energy prices from feeding into core inflation. The stabilisation task should be facilitated by the projected steady fiscal surpluses over coming years. Rapid implementation of the planned industrial relations reform would also help as it would promote productivity gains and restrain growth in unit labour costs.
Population (000s), 200420 111
Area (000 sq km)7 687
CurrencyDollar
GDP (Billion USD), 2004617.2
Life expectancy at birth (Women, Men), 2003 82.8, 77.8
Total labour force (000s), 200410 180
Government typeIndependent Federal State, UK Monarch
Indicators% change unless otherwise indicated
200520062007
GDP growth2.63.23.6
Household savings ratio-2.2-1.3-1.0
Consumer price index2.73.13.9
Short-term interest rate (%)5.75.75.7
Unemployment rate (%)5.15.05.0
General government financial balance (% GDP)1.00.90.9
Current account balance (% GDP)-5.8-5.2-5.2
Source: OECD© OECD Observer, No. 252/253, November 2005


Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.9% August 2019 annual
Trade: +0.4% exp, -1.2% imp, Q1 2019
Unemployment: 5.1% August 2019
Last update: 9 September 2019

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