Australia:2022 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Asia and Pacific Dept

Australia: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2023 Issue 050

Publication date: February 2023

ISBN: 9798400230127

$20.00

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , CPI expenditure weight , inflation expectation , CPI indicator , ABS implementation , liability positions vis-à-vis nonresident , volume terms , Inflation , Housing prices , Housing , Mortgages , Financial statements , Global , Asia and Pacific

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Summary

A strong post-pandemic recovery and favorable terms of trade have led Australia to a stronger cyclical position than most advanced economies. Tight labor markets reflect the strength of the recovery with labor and skills shortages, although wage growth has remained more subdued than in many other advanced economies. Inflation has risen to significantly above target, prompting decisive monetary policy tightening. Financial conditions have since tightened, and housing prices started declining from their peak.