Australia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

Australia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia
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Volume/Issue: Volume 2024 Issue 011
Publication date: January 2024
ISBN: 9798400262364
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Money and Monetary Policy , Public Finance , International - Economics , CPI expenditure weight , state government leader , CPI indicator , Mid-Year Economic and Fiscal Outlook , fiscal policy coordination , employment white paper roadmap , Inflation , Housing , Productivity , Housing prices , Global

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Summary

Australia’s post-pandemic recovery remained strong. However, growth is weakening on the heels of tighter macroeconomic policies and financial conditions. While inflation has peaked, it remains persistently high. Labor market shows signs of easing, and the positive output gap is narrowing. Increased cost of living started to weigh on household consumption. The economy remains resilient in the near term but confronts a secular productivity slowdown. Financial stability risks remain contained although pockets of vulnerability exist and risks of spillovers from global financial conditions have increased since the last Article IV.

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