August International Data Comparison

6 August 2009

IDC provides an easy-to-read comparison of Australia’s performance and position across a range of key economic and financial related indicators. This IDC has been updated to include data and information effective to 31 July 2009.

Download the August 2009 International Data Comparison (PDF)

Points of interest in August 2009 IDC include:

• Economic Resilience Strong. The 2009 World Competitiveness Yearbook release by the Institute for Management Development (IMD), reveals that Australia’s ability to withstand adverse changes in economic cycles is one of the best in the world. In the IMD latest survey, Australia is ranked the third most resilient economy in the globe, higher other economies such as Singapore (14th), Hong Kong (15th), Japan (36th), USA (40th) and UK (49th).
• Economic Outlook Improves. Australia’s real GDP is forecast (by the EIU) to contract 0.4 per cent in 2009. Australia’s downturn has been milder than in most other advanced countries. This is because of strong commodity exports, a flexible exchange rate, a healthy banking sector, and a timely and significant macro policy response.
• Australian central bank keeps rate unchanged. At its meeting on 4 August 2009, the Reserve Bank of Australia (RBA) left the overnight cash rate target at 3.00 per cent. This latest decision was in line with market expectations. Monetary policy decisions are expressed in terms of a target for the cash rate, which is the overnight money market interest rate.
• Australia's Inflation Lower. The latest inflation figure released by the Australian Bureau of Statistics saw the annual Consumer Price Index (CPI) inflation ease to 1.5 per cent in the June quarter 2009 from 2.5 per cent in the previous quarter. The annual inflation figure remains within the 2-3 per cent target set by the RBA. 
• Australia's e-readiness Remains High. The 2009 e-readiness rankings have been released by the Economist Intelligence Unit (EIU), ranking Australia sixth globally. The report ranks countries on a range of categories including: technology infrastructure, business environment, social/cultural/legal environments, government policy and consumer/business adoption. 
• A High Quality of Life Continues in Australia. The most recent quality of life rankings released by the IMD place Australia sixth globally. The report focused on infrastructure, health and the state of the environment.

Other monthly economic and financial statistics, such as FDI stock levels, exports and imports, stock market performance and exchange rate changes have also been updated.

Please note that the Austrade IDC is updated on a quarterly basis with the next scheduled release in November 2009.