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
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
GDP growth2.63.23.6
Household savings ratio-2.2-1.3-1.0
Consumer price index2.73.13.9
Short-term interest rate (%)
Unemployment rate (%)
General government financial balance (% GDP)
Current account balance (% GDP)-5.8-5.2-5.2
Source: OECD© OECD Observer, No. 252/253, November 2005

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

OECD Observer Newsletter

Stay up-to-date with the latest news from the OECD by signing up for our e-newsletter :

Twitter feed

Digital Editions

Don't miss

Most Popular Articles

NOTE: All signed articles in the OECD Observer express the opinions of the authors
and do not necessarily represent the official views of OECD member countries.

All rights reserved. OECD 2020