World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

OECD Gives Australia Upbeat Report


OECD Gives Australia Upbeat Report On Economic Record

The OECD’s latest Economic Outlook provides a glowing assessment of the Australian economy with an expected continuation of strong economic growth over the next two years.

Announcing details of the assessment, the Australian Treasurer, Peter Costello, said that the OECD forecasts the Australian economy to grow by 3.6 per cent in 2004, in line with the OECD average. This follows three consecutive years where Australia’s annual economic growth has exceeded that of the OECD area.

Australia’s growth would increase by 3.8 per cent in 2005 and 3.6 per cent in 2006, stronger than the OECD average.

The forecasts for Australia incorporate some rebalancing of growth as improving net exports offset a projected weakening in household consumption and residential investment.

Strong economic growth was expected to be accompanied by further employment gains with forecasts that the unemployment rate would stay around 5.5 per cent.

Australia’s inflation levels were expected to remain within the 2 to 3 per cent medium-term target band. The projected fiscal surpluses for the consolidated general government sector over coming years are described as ‘cyclically prudent’.

Mr Costello said that the OECD’s assessment mentioned some risks to the outlook, such as disappointing rainfall and rising oil prices. The possibility of an abrupt fall in house prices was also mentioned as a risk, although the OECD assesses that the probability of this occurring would remain low.

The OECD stated that the global economic expansion was projected to continue over the next two years, albeit at a more moderate pace as the sharp increases in oil prices affect growth.

The OECD has revised up its forecasts for OECD area GDP growth in 2004 from 3.4 per cent to 3.6 per cent, while growth in 2005 has been revised down from 3.3 per cent to 2.9 per cent. The OECD is projecting GDP growth across the OECD area of 3.1 per cent in 2006.

CANBERRA 30 November 2004

© Scoop Media

 
 
 
World Headlines

 




UN: “COVID-19 Is Not Over”, Tedros Warns World Health Assembly

The head of the World Health Organization (WHO) told global health Ministers on Sunday that although reported COVID-19 cases and deaths have declined significantly, it is not time to lower the guard... More>>



UN: Bachelet Calls On Mexico To Step Up Efforts As Tragic Milestone Reached Of More Than 100,000 Disappearances

UN High Commissioner for Human Rights Michelle Bachelet on Tuesday called on the Mexican authorities to step up efforts to ensure truth and justice for victims of disappearances, who now number more than 100,000, according to official data... More>>


ADC: Statement On The Assassination Of Shireen Abu Akleh

Early this morning in Jenin, Occupied Palestine, revered Palestinian voice Shireen Abu Akleh, a Palestinian American journalist for Al Jazeera, was assassinated by Israeli Occupation Forces snipers...
More>>





Access Now: Elon Musk’s Twitter Buyout Must Not Come At The Expense Of Human Rights

Following today’s announcement that Elon Musk will acquire complete ownership of Twitter in a cash sale of around 44 billion USD, pending shareholder approval, Access Now urges Twitter’s Board, employees, and shareholders... More>>



UN: Biodiversity And Ecosystem Protection Highlighted On Mother Earth Day

Marking International Mother Earth Day, UN General Assembly President Abdulla Shahid urged on Friday, for collective action to safeguard biodiversity and protect ecosystems... More>>

Ukraine: Hundreds More Reach Safety After Fleeing Besieged Mariupol
In Ukraine, humanitarians said on Wednesday that hundreds of people have managed to reach safety after fleeing Mariupol, where there’s also been condemnation for the killing of Lithuanian filmmaker Mantas Kvedaravicius... More>>