IMF Staff Country Reports

Australia: 2024 Article IV Consultation-Press Release; and Staff Report

December 23, 2024

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Format: Chicago

International Monetary Fund. Asia and Pacific Dept "Australia: 2024 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2024, 360 (2024), accessed September 8, 2025, https://doi.org/10.5089/9798400297120.002

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Summary

The 2024 Article IV Consultation highlights that Australia’s economic growth slowed to 1.0 percent (y/y) in Q2 2024 from 1.9 percent a year prior, with private consumption growth dropping to 0.5 percent (y/y). Growth in private business investment also eased to 1.6 percent (y/y). Economic activity was bolstered by public demand and infrastructure projects. Growth is projected to pick up gradually, from 1.2 percent in 2024 to 2.1 percent in 2025. Real income growth from rising wages and tax cuts may boost private consumption, while public demand will remain strong. Australia's continued commitment to multilateral solutions, including the rules-based international trading system, is commendable. In order to avoid undue distortions, both domestically and internationally, green industrial policy initiatives should be confined to narrow objectives—where externalities or market failures prevent effective market solutions—and be consistent with the country’s international obligations. Additionally, Australia's voluntary participation in reviewing transnational corruption sends a positive signal that could inspire improvements in global governance.

Subject: Housing, Housing prices, Inflation, Labor, Labor markets, National accounts, Prices

Keywords: Article IV consultation discussion, Consultation cycle, FSAP mission, FSAP update, Global, Housing, Housing prices, Inflation, Labor markets, Upside inflation risk

Publication Details

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