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The Australian economy and the global downturn, Part 1: Reasons for resilience

  • Tony McDonald

    (Treasury, Government of Australia)

  • Steven Morling

    (Treasury, Government of Australia)

The Global Financial Crisis was followed by the deepest recession in the world economy since World War II. The Australian economy slowed, but did not fall into recession, performing better during this period than most other advanced economies on nearly all relevant indicators. This article documents the financial and economic developments during that episode and examines a range of factors that have been put forward for the relatively strong performance of the Australian economy.

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File URL: http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2011/Economic%20roundup%20issue%202/Downloads/01_Part1_Resilience.ashx
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File URL: http://www.treasury.gov.au/PublicationsAndMedia/Publications/2011/Economic-Roundup-Issue-2/Report/The-Australian-economy-and-the-global-downturn-Part-1-Reasons-for-resilience
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Article provided by The Treasury, Australian Government in its journal Economic Roundup.

Volume (Year): (2011)
Issue (Month): 2 (September)
Pages: 1-31

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Handle: RePEc:tsy:journl:journl_tsy_er_2011_2_1
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  1. Nicholas S. Souleles & Jonathan A. Parker & David S. Johnson, 2006. "Household Expenditure and the Income Tax Rebates of 2001," American Economic Review, American Economic Association, vol. 96(5), pages 1589-1610, December.
  2. Susan Black & Tom Cusbert, 2010. "Durable Goods and the Business Cycle," RBA Bulletin, Reserve Bank of Australia, pages 11-18, September.
  3. Sumit Agarwal & Chunlin Liu & Nicholas S. Souleles, 2007. "The Reaction of Consumer Spending and Debt to Tax Rebates-Evidence from Consumer Credit Data," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 986-1019, December.
  4. Anthony J. Makin, 2010. "How Should Macroeconomic Policy Respond to Foreign Financial Crises?," Discussion Papers in Economics economics:201006, Griffith University, Department of Accounting, Finance and Economics.
  5. Tony McDonald & Steven Morling, 2011. "The Australian economy and the global downturn, Part 2: The key quarters," Economic Roundup, The Treasury, Australian Government, issue 2, pages 33-60, September.
  6. Anthony J. Makin, 2010. "Did Fiscal Stimulus Counter Recession? Evidence from the National Accounts," Discussion Papers in Economics economics:201008, Griffith University, Department of Accounting, Finance and Economics.
  7. Anita Wölfl & Isabelle Wanner & Tomasz Koźluk & Giuseppe Nicoletti, 2009. "Ten Years of Product Market Reform in OECD Countries: Insights from a Revised PMR Indicator," OECD Economics Department Working Papers 695, OECD Publishing.
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