OECD Economic Surveys.

Table of contents
 Basic statistics of Australia
 Executive summary
 Main findings
 Key recommendations
 Assessment and recommendations
 Box 1. Economic policies of the current government
 Post-boom adjustment is underway
 Figure 1. Output, employment and prices
 Figure 2. External developments
 Long-term economic, social and environmental challenges
 Figure 3. Housing market developments
 Table 1. Macroeconomic indicators and projections
 Figure 4. Long-term challenges
 Figure 5. Environmental challenges
 Figure 6. Australia\'s score in the Better Life Index. Ensuring price and financial stabilityInflation targeting continues to work well
 The composition of Australia\'s large and mostly private external debt has improved
 Table 2. Selected balance-sheet indicators
 Prudential oversight is focusing on the housing market
 Banks are strong, but the degree of concentration raises issues
 Figure 7. Banking sector indicators
 Recommendations on ensuring price and financial stability
 Pursuing fiscal consolidation and ensuring efficient tax and public spending
 A structural budget problem has emerged. Figure 8. General government revenues, expenditures and debtFigure 9. General government balance and net debt
 Figure 10. The Commonwealth government\'s medium-term fiscal outlook
 Options for embedding more disciplining mechanisms into federal-budget processes
 Figure 11. The impact of policy decisions and the economy on the Commonwealth Budget
 There is room for a more growth-friendly tax mix
 Figure 12. Deficit reduction according to the 2014-15 budget
 Reforming state-level financing --
raising autonomy and responsibility. Table 3. Notable measures proposed in the 2014-15 budget, impact on the fiscal balance, AUD billionsFigure 13. Tax revenue by sector relative to top OECD countries
 Figure 14. Fiscal decentralisation
 Figure 15. Vertical fiscal imbalance: A comparison with other federations
 Figure 16. Sub-central tax revenue
 Some shared federal-state service provision does not work as well as it could
 Figure 17. Decomposition of government expenditure by function
 There is room to further improve state-level performance indicators. Recommendations on pursuing fiscal consolidation and ensuring efficient tax and public spendingImproving framework conditions for business
 Infrastructure is receiving much attention
 A new campaign to cut red tape is underway
 There is room to rebalance business taxation and support schemes
 Figure 18. Indicators on business policy
 Ensuring strong competition will require continual attention
 Recommendations on improving framework conditions for business
 Encouraging employment, deepening skills and addressing inequality
 Mixed progress in improving households\' tax-benefit situation.