AUG 7 — At the International Monetary Fund (IMF) and World Bank Annual Meetings in Bali, Indonesia in October 2018, a treasury working paper by the macro-economic group of the...
AUG 7 — At the International Monetary Fund and World Bank Annual Meetings in Bali, Indonesia in October 2018, a treasury working paper by the macro-economic group of the Australian Treasury was presented which examined Australia’s period of economic reform in a way that was intended to be useful both for Australian policymakers thinking about future reform, and for other countries considering their own reform programmes, while acknowledging their circumstances might be quite different to those...
A number of factors that contributed to the success of Australia’s programme of reform were identified. “Australia’s reforms have largely been implemented with substantive efforts to gain public support. Mostly, they have been implemented with support from the major political parties as well as business groups and the labour union movement, which is unusual when compared with the experience of similar countries.
In other cases, support was sought by using simple messaging to communicate complex economic problems. The importance of fairness alongside efficiency and growth is also a recurring theme of Australia’s reform story.
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