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Australia: Recent Economic Developments

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  • International Monetary Fund

Abstract

This paper reviews developments in the Australian economy during 1994–95. In 1994/95, real GDP grew by 4½ percent as growth in domestic demand accelerated sharply, rising by 6¾ percent, despite the impact of a severe drought on farm output. Business investment increased by 17½ percent with investment in plant and equipment rising by 21½ percent and that in nonresidential construction by 7¾ percent. Private consumption growth also rose strongly, by 5 percent, reflecting strong growth in employment and some acceleration in wage growth.

Suggested Citation

  • International Monetary Fund, 1996. "Australia: Recent Economic Developments," IMF Staff Country Reports 1996/037, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:1996/037
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=695
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    Cited by:

    1. Tang Tuck Cheong, 2017. "New Perspective on the ‘Net Errors and Omissions’ in Balance of Payment Accounts: An Empirical Study in Australia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 13(2), pages 27-44.

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