Thankfully there's people who know what they're talking about so we can laugh at you uneducated ALP shills...
INTERNATIONAL MONETARY FUND 2021 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR AUSTRALIA Australia’s economy has weathered the pandemic comparatively well. Underpinned by sound macroeconomic fundamentals, large-scale fiscal and monetary policy support helped lift the economy out of its first recession in three decades in the wake of the initial COVID-19 waves in 2020. Economic activity recovered to well above pre-pandemic levels by the second quarter of 2021, faster than in most other advanced economies, with adverse distributional consequences remaining contained. New outbreaks related to the Delta variant since June 2021 have posed new challenges, with a sizable loss in economic activity in the third quarter of 2021 and some regions, sectors, and workers disproportionately affected. Australian banks have remained liquid and well-capitalized, and household and corporate balance sheets proved resilient. Surging house prices have raised concerns around affordability and financial vulnerabilities, and the authorities have tightened macroprudential policy. Quickly rising vaccination rates offer a pathway to a new normal as the country gradually lifts restrictions and reopens its borders. Accommodative fiscal and monetary policies should soften the near-term economic impact and lay the foundation for post-lockdown recovery, with economic growth expected at 3.5 and 4.1 percent in 2021 and 2022, respectively.
Executive Board Assessment2 Executive Directors agreed that Australia’s sound pre-crisis macroeconomic fundamentals and effective policy response helped cushion the pandemic’s impact and have supported the recovery. Directors encouraged accommodative and agile macroeconomic policies in the near term given the downside risks and uncertainty, complemented with structural reforms to boost productivity to lay the foundation for a sustainable, inclusive, and green recovery. Directors commended the strong fiscal support provided in the context of the pandemic and noted that Australia continues to have substantial fiscal space. They supported further stimulus should downside risks materialize and stressed the need to ensure adequate support to vulnerable workers and businesses, including through active labor market policies. They generally encouraged tax reforms to gain efficiency, with a few Directors highlighting the case for rebalancing the tax system away from direct taxes towards indirect taxes 1AUSEA2021001 (1).pdf
