Australia: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion

October 28, 2010

Preview Citation

Format: Chicago

Australia: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2010) accessed November 21, 2024

Summary

The impact of the global crisis was milder in Australia than in other advanced economies owing to strong demand from Asia and decisive policy responses. Australian banks were resilient to the global crisis, and the labor market was flexible in the face of the shock. The exit from fiscal stimulus is appropriate as is the recent review of the tax system. Banks could adopt riskier strategies and require vigilance. The exchange rate is overvalued but will dissipate as interest rates in other advanced economies eventually normalize.

Subject: Balance of payments, Banking, Commodity prices, Current account deficits, External debt, International trade, Prices, Public debt, Terms of trade

Keywords: Asia and Pacific, Australia's terms of trade, Commodity export, Commodity prices, Cost of capital, CR, Current account deficits, Exchange rate, Executive board assessment, Global, ISCR, Monetary policy, Policy stimulus, Rate, Terms of trade, Timely unwinding

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/331
Stock No:

1AUSEA2010002
ISBN:

9781455208333
ISSN:

1934-7685

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