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Australia; Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia

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  • International Monetary Fund

Abstract

This 2013 Article IV consultation highlights Australia’s below-trend GDP growth and the beginning of the decline of the investment phase of the mining boom, which has passed its peak. A key issue now is how Australia can manage the mining-production/export phase and encourage broader-based growth. The main external risks include a slowdown in China over the medium term and surges in global financial market volatility. The pickup in housing market activity, though welcome to date, could pose a future risk if prices accelerate and lead to overshooting. The financial sector is resilient and has strengthened in recent years, although banks’ reliance on offshore funding will continue. The emphasis on tight lending standards and intensive supervision should help limit financial sector risks.

Suggested Citation

  • International Monetary Fund, 2014. "Australia; Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia," IMF Staff Country Reports 14/51, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:14/51
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    References listed on IDEAS

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    1. Bryn Battersby & Michael Kouparitsas & Josiah Munro, 2015. "Uncovering the Sources of Sectoral Employment Fluctuations," The Economic Record, The Economic Society of Australia, vol. 91(295), pages 477-494, December.
    2. Ellis Connolly & David Orsmond, 2011. "The Mining Industry: From Bust to Boom," RBA Research Discussion Papers rdp2011-08, Reserve Bank of Australia.
    3. Michael Francis, 2008. "Adjusting to the Commodity-Price Boom: The Experiences of Four Industrialized Countries," Bank of Canada Review, Bank of Canada, vol. 2008(Autumn), pages 31-43.
    4. Ellis Connolly & David Orsmond, 2011. "The Mining Industry: From Bust to Boom," RBA Annual Conference Volume,in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.
    5. James Bishop & Christopher Kent & Michael Plumb & Vanessa Rayner, 2013. "The Resources Boom and the Australian Economy: A Sectoral Analysis," RBA Bulletin, Reserve Bank of Australia, pages 39-50, March.
    6. Douglas Laxton & Susanna Mursula & Michael Kumhof & Dirk V Muir, 2010. "The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure," IMF Working Papers 10/34, International Monetary Fund.
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