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2004 OECD Economic Surveys: Australia 2004

image of OECD Economic Surveys: Australia 2004

This 2004 OECD Economic Survey of Australia presents a comprehensive overview of the Australian economy. It finds thanks to widespread and deep reforms in the 80s and 90s, economic performance for the past 13 years has been good, and the short-term outlook is for brisk, low-inflationary growth. However over the longer term, it faces problems related to the ageing population and low labour force participation and productivity. To address these problems, OECD carefully examines challenges for fiscal policy, product market competition, and the labour market, particularly unemployment and labour force participation, and makes a series of recommendations.

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Economic Performance and Key Challenges

The Australian economy completed the thirteenth year of its expansion in the middle of 2004, marking the longest run of uninterrupted growth in Australia’s post-war history. Over this period, the growth of output averaged 3.5 per cent and that of real per-capita income 2.4 per cent, which compares favourably with the performance of most other OECD countries. The long expansion was...

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