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INVESTMENT
the future
looks bright
The Australian economy looks set for a fast recovery from
the recent financial downturn.
Recent reports have shown that the outlook for the be minor and recovery strong in relation to the rest of
global economy is slowly improving. Australia has the developed world and past recessions experienced
survived the recent Global Financial Crisis in good by Australia. Australia’s finances won’t be as badly
shape and though affected, has already started wounded by the credit crunch and the cost of ‘stopping
opinion
to bounce back. Particularly in relation to other the rot’ as other markets.
economies, Australia’s economy has weathered the
economic storm exceptionally well.
Dramatic improvement
Positive forecasts by the IMF are not overly impressive by
sunshine ahead
the standards of previous years, but in the context of the
The Australian economy foresees a prosperous future. present and projected international economic climate,
The OECD and IMF have predicted that Australia will realisation of these statistics will be a considerable
have the best performing economy among the world’s achievement and represent significant economic
major economies in 2009-10, with a significant rebound recovery. It will demonstrate a major improvement from
next year. If forecasts are accurate, growth will improve, predictions of earlier in 2009 and suggests that debt and
unemployment will be lower than in previous years and federal deficit might be better than previously outlined
inflation will be down. by the 2010 Budget papers. The OECD has predicted
dramatic improvement in unemployment, reaching
strong recovery
as high as 7.7 per cent, but much lower than recent
The IMF, OECD and World Bank all suggest that the expectations.
world economy seems to be steadying. The US Federal
Reserve has also suggested that the American economy
Protecting the economy
is steadying and that the Australian economic slump will The OECD and the IMF have both highlighted the quick
movements of the Australian Government and the
Reserve Bank to stimulate and protect the economy
Positive forecAsts
with spending packages and rapid rate cuts. The IMF
The IMF said Australia’s economy will shrink 0.5%
also noted the commitment to return the budget to
this year, compared with a 1.4% drop predicted in surplus, stating that ‘few other advanced economies
the Fund’s April Global Outlook.
have adopted such a clear commitment’.
1
The OECD
The Fund said it saw the economy growing
elaborated on this, suggesting more money be spent
by about 1.5% in 2010, compared with the April
forecast for growth of 0.6%.
and monetary policy eased – ‘to mitigate the impact
The OECD said growth will slow to a contraction
of the crisis, the authorities need to maintain the
of 0.5% this year, before rising to around 1.4% next
expansionary thrust of their economic policy – monetary
year. In the domestic economy the swing will be
policy could be loosened further’.
2

more dramatic. The OCED sees domestic demand
falling by a solid 2.1% this year, before bouncing to
a growth of 1.4% in 2010.
FOOTNOTES:
1
Australian Investment Review, (2009). The Australian Economy Will Do
Australian Investment Review, (2009). The Australian Economy
Better. Issue 253, available at www.aireview.com.au
Will Do Better. Issue 253, available at www.aireview.com.au 2
Australian Investment Review, (2009). The Australian Economy Will Do
Better. Issue 253, available at www.aireview.com.au
22 INVEST IN AUSTRALIA – INDIA
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