Country Economic Forecasts - Australia
The recent run of data has surprised to the upside, suggesting that the Australian economy ended 2021 on a stronger footing than we had anticipated. Moreover, Covid cases peaked in mid-January, meaning the impact from the Omicron wave will be milder than was assumed a month ago. Earlier and faster inflation poses a slight risk to growth, but the RBA have signalled they will wait for faster wage growth to be entrenched before tightening policy. Based on stronger labour market data, we have upgraded our estimate for Q4 2021 growth and now expect the economy expanded by 4.3% in 2021. The outlook for 2022 has also brightened, and we have upgraded our GDP growth forecast to 3.8%.
- Australia: The following represents a general Table of Contents outline for the Country Economic Forecast.
- The actual report may cover any or all of the topics listed below.
- Highlights and Key Issues
- four/five paragraphs of analysis covering the main economic and political issues contained in the subsequent Economic Overview
- Forecast Table showing % changes for the country
- with 2 years of historical data and 4 years of forecast data for the following:
- Domestic demand
- Private consumption
- Fixed investment
- Stockbuilding (% of GDP)
- Government consumption
- Exports of goods and services
- Imports of goods and services
- Unemployment
- Consumer prices
- Current account balance (US$ and % of GDP)
- Government budget (% of GDP)
- Short-term interest rates (%)
- Long-term interest rates (%)
- Exchange rate (vs. US dollar)
- Exchange rate (vs. euro)
- Economic Overview
- two pages of events-driven analysis highlighting the most recent economic activity and, where relevant, political developments of the country, detailing significant changes to Oxford Economics' forecasts
- Charts and Tables
- covering a full range of economic developments relevant to the time period covered.
- These could include such topics as:
- Contributions to GDP growth
- Monthly industrial output
- Business and consumer confidence
- Unemployment rate
- Retail sales
- Prices and earnings
- Consumption and investment
- Government balance and debt
- GDP and industrial production
- Monetary policy and bond yields
- Background Information on the country
- One or two pages of text covering the main historical political and economic factors that determine the country's current position
- Key Facts on the country
- Map of the country
- Key political facts
- Long-term economic and social development
- changes since 1980
- Structure of GDP by output
- latest year
- Long-term sovereign credit ratings and outlook
- Corruption perceptions index- latest year
- Structural economic indicators
- changes since 1990
- Destination of goods' exports -prior years
- latest year
- Composition of goods & services exports
- latest year
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