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.

English Also available in: French

Fiscal Policy

Short-term Issues and Long-term Challenges

Consolidation was the primary objective of fiscal policy during the second half of the 1990s. The actual and structural net lending positions of the general government improved by 8.4 and 6.3 per cent of GDP respectively over the period 1992-1999 – well above the OECD average.1 In particular, the general government financial balance swung to a surplus of 2 per cent of GDP in 1999 from a deficit of...


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error