Friday, 22 August 2014 Sydney
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Economic Policies::

Advance Australia – the upward trajectory of Australia’s place in the world

For a country which just 25 years ago which poor record of economic growth and where industry shelters behind prohibitive tariff walls (thinking only of the domestic market), and the exchange is fixed every morning by officials of the central bank and the Treasury and international trade is an afterthought, Australia has undergone a veritable metamorphosis.

 

Australia - Fact Sheet

OVERALL ECONOMY

 

The Australian economy experienced a growth phase for 17 consecutive years before the recent onset of the global financial crisis. To offset the negative effects of the worldwide economic meltdown, the Australian Reserve Bank cut interest rates, while the Rudd government implemented a generous fiscal stimulus package worth over US$50 billion. These policies, along with continued demand from China and other Asian countries, contributed to the Australian economy’s quick rebound. Ultimately, the economy grew by 1.5% during the first three quarters of 2009 - the best performance of any OECD nation.