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Australia's economy is supposed to grow at a moderate pace because poor wage surge is putting pressure on consumption, thus keeping the necessity for simulative monetary as well as fiscal policies, as the International Monetary Fund informed on Monday.
The IMF told that interest rates in this country happened to be appropriately accommodative.
By the way, the Reserve Bank of Australia has left its interest rates at a record minimum of 1.50% for more than a year. Core inflation has been staying below its 2-3% target range for two years.
With firm momentum in domestic demand as well as inflation close to the mid-point of the target band not yet secured, ongoing macroeconomic policy support is going to remain crucial, as the IMF told in a report having visited Australia.
With Australia's economic recovery lagging that of other key advanced economies, the country’s monetary policy needs to remain strictly focused on maintaining stronger sustained momentum in domestic demand and also inflation.
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