Looking beyond the Asian gloom

Article Abstract:

Rising Australian demand and growing European and U.S. economies should help Australia weather the Asian recession that began in 1997. Due to Asia's falling currencies, the Australian dollar has improved against them, and Asian exported consumer goods will be more affordable for Australians. Although Australia's currency rate is currently 10% below those of Europe and the U.S., a global recession will be averted by their strong economies.

Column

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Public spending softens downturn

Article Abstract:

Even with a downturn in export levels, Australia's economy remains stable, driven by consumer spending, rising wages and employment, and an increase in Commonwealth spending and large tax cuts. The budget sets GDP growth in 1999-2000 at 3.0%. From 1998-1999, public spending accounted for 1.1% of the 4.9% growth in GDP. Public spending has prompted the Commonwealth to build up a surplus of tax cuts totalling $5 billion in 2000-2001.

Australia, Economic stabilization

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No insurance against a weak Australian dollar

Article Abstract:

Issues concerning planned interest rate rises in Australia resulting from an unpopular budget in 2000 are discussed.

Political aspects, Government spending policy, Income tax

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