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The Australian economy has enjoyed a record period of sustained strong economic growth with low inflation and falling unemployment over recent years. Following a slowdown in economic growth in the second half of 2000, growth is set to rebound during 2001-02.
Over the three years to mid-2000, Australia enjoyed a record period of sustained strong economic growth - in excess of 4 per cent per year - with unemployment falling to its lowest level in a decade. |
Australia experienced a record period of sustained strong growth through to mid 2000 |
A slowdown in the second half of 2000 is expected to be transitory and partially reflects the unwinding of record activity in residential construction ahead of the introduction of The New Tax System. |
the slowdown in the second half of 2000 is likely to be transitory |
Economic growth is set to rebound during 2001-02, with solid employment growth by the second half of the year holding the unemployment rate steady at around 7 per cent. |
a rebound in growth is expected in 2001-02 |
Residential construction is expected to recover strongly in 2001-02, assisted by the more generous First Home Owners Scheme and lower interest rates. |
residential construction is expected to bounce back |
Moderate growth in wages and an expected gradual easing in petrol prices will feed through to lower inflation. |
lower inflation |
The export sector is benefiting from the lower exchange rate, despite slower world growth, reducing the current account deficit to around the lowest level in a decade. |
the current account deficit is at decade lows |
Economic Forecasts(a)
(a) Percentage change from previous year, unless otherwise stated.