OECD economic surveys. Australia 2018.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Series:

OECD Economic surveys (Series)

Language:

English

Subjects (All):

Economic development--Australia.

Economic development.

Australia--Economic conditions.

Australia.

Australia--Economic policy.

Physical Description:

1 online resource (124 pages)

Place of Publication:

Paris : OECD Publishing, [2018]

Summary:

Australia's long span of positive output growth continues, demonstrating the economy's resilience. In the absence of negative shocks, policy rates should start to rise soon, as wage growth and price-inflation pick up. Fiscal discipline will nevertheless still be required to bring balances to surplus. Despite countervailing measures, the housing market and related debt pose macroeconomic risks. Furthermore, as flagged in previous Surveys, there is room to improve the tax system, notably through greater use of value-added tax and less use of inefficient and distorting taxes, such as real-estate transactions tax.

Levels of well-being are generally high but climate-change policy still lacks clarity and stability and there are socio-economic challenges. Some groups are at high risk of being disrupted by globalisation and technological change and this is the theme of this Survey’s in-depth chapter. Further reforms to education, including efforts to improve PISA scores and vocational education, and better target disadvantaged students, are important. So too is activation policy where there is scope to improve employment services, support for displaced workers and measures helping parents combine work and family life. Australia’s highly urbanised population means that good metropolitan transport, planning and housing policy can importantly boost labour-market flexibility, as well as living standards

Contents:

Intro

Basic statistics of Australia

Executive Summary

Key Policy Insights

Macroeconomy: a good near-term outlook but risks remain

Monetary policy, housing and financial markets: emerging from the low-interest rate environment

Policy-rate normalisation will ease tensions

Vigilance and policy action are still required on mortgage debt and housing

High-profile cases of misconduct in the financial sector have emerged

Fiscal policy: deficit reduction continues

Completion of "budget repair" is on the horizon

Progress on tax reform but room for more Efficiency in public services is increasingly important

Transport, urban environments and utilities: substantial ongoing challenges

A major push to improve urban transport infrastructure is underway

Urban environments would benefit from governance and land-use reform

Some underlying energy sector problems have yet to be resolved

Progress but also remaining challenges in ensuring access to low cost-high speed ICT

Skills: evolving to new needs

Inclusiveness: scope to narrowing gaps remains

Business policies: ensuring strong competition and boosting innovation Framework conditions: scope for improving market functioning remains

Targeted policy for business: a focus on innovation continues

Environmental policy: challenges in climate change and biodiversity

CO2 emissions remain high

Climate-change policy: clarity and stability are key

Biodiversity needs greater priority in decision making

References

Thematic chapter

Chapter 1. Benefitting from globalisation and technological change

Introduction

Technological change and globalisation have raised material living standards. but have also been a source of structural change and disruption

Job polarisation and changes in the demand for skill

Australian jobs have not become more precarious

Australia has been quite resilient despite structural change

The rise in income inequality has slowed

Income poverty has declined but certain groups face a high risk

Welfare and activation policies to help workers face change

Further improving services and outcomes for jobseekers

Facilitating job transitions of displaced workers

Further reducing the gender gap in labour-force participation Raising excellence and equity in education and skills

Boosting access to early education further

Raising excellence and equity in schools

Stabilising VET

Challenges in rapidly expanding higher education

Better information for decision making in education

Harnessing digital technologies for education

Potential for remote communities

Overcoming barriers to digital-technology solutions more generally

Strengthening adaptability to globalisation and technological change in metropolitan areas

Governance: strengthening direction and efficiency

.

Notes:

Description based on print version record.

Includes bibliographical references.

ISBN:

9789264308596 (PDF)

OCLC:

1225546934