Against the backdrop of continued wide-ranging structural reforms as well as sound macroeconomic policies, Australia’s economic performance has been impressive since the last trade policy review in 2002, with annual average GDP growth of 3.2%, according to a WTO Secretariat report on the trade policies and practices of Australia.
The report notes that trade liberalization, much of it unilateral, has been an integral part of the structural reforms that have contributed to this performance, also stimulated by the global boom in demand for mineral products that accounted for 48.4 % of total merchandise exports in 2005. In addition, the high degree of transparency in the formulation and evaluation of Australia’s economic policies enhances government accountability and public debate over the merits of these policies. Consequently, transparency has contributed greatly to the continued process of reform.
The report also notes the need to press ahead with structural reforms as outlined in the National Reform Agenda, especially those concerning key infrastructure-related services such as electricity, water and transport, in order to raise productivity.
See full Press Release.
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