The OECD's latest economic survey of Australia released today shows once again that our economy stands tall amongst its peers, with 21 consecutive years of growth, robust economic fundamentals and a positive outlook in the face of acute global challenges.
The OECD finds that, unlike many developed economies, the Australian economy remains resilient, with successful macroeconomic management contributing to solid growth, low unemployment, contained inflation, and strong public finances.
The OECD commends the Government's "exemplary handling of the global economic and financial crisis" avoiding recession in 2008-09.
Although the OECD notes our economy is not immune from risks in the global economy, the survey notes that "[t]he current monetary and fiscal policy mix is appropriate to sustain recovery, and Australia is in a good position to respond to risks."
The report also highlights that the Government's fiscal consolidation is part of a rebalancing of policy which "implies less pressure on interest and exchange rates, thereby alleviating adjustment difficulties for the exposed non-mining sector."
While we understand that not everyone is doing it easy, this OECD report today is another reminder that Australians have a lot to be proud of and confident about.
The OECD welcomes the Government's policies to improve environmental outcomes, noting that the Government's Clean Energy Legislative Package marks a "decisive step forward in Australia's policy on climate change".
The report also welcomes many of the structural savings measures that the Government has introduced, noting that "several savings measures have been introduced that will steadily build over time, providing ongoing improvements to the budget position".
The OECD report highlights the huge opportunities that the continued development of our region offers for Australia, and commends the Government's plans for all Australians to benefit from this Asian Century.
To make the most of these opportunities, the Government is committed to boosting productivity by investing in the five pillars of productivity - skills and education, innovation, infrastructure, tax and regulation – as set out in the Australia in the Asian Century White Paper.