The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This 2005 Article IV Consultation highlights that Australia has implemented wide-ranging structural reforms and strengthened the frameworks for monetary and fiscal policies over the past two decades. As a result, Australia's economic expansion is now in its 14th year, with growth averaging 3¾ percent owing to a combination of strong job creation and high productivity growth. Growth is expected to rise from 21/4 percent in 2005 to about 31/2 percent in the medium term, although this will require continued strong growth in productivity.