This means that we will need to continue to work hard to maintain competitiveness in these global markets. Conclusions The Australian economy has good prospects for growth over the longer term. Among other things, we have the advantage of a well-educated workforce, strong population growth and a robust institutional framework.
The UK has recently moved to a slightly more stimulatory stance, with its 2018 deficit rising marginally to 2% of GDP, but this remains a small budget shortfall relative to every other year of the past decade.2  A strong fiscal impulse in the US alongside low levels of unemployment and gradually rising inflation is providing the justification for further US monetary policy tightening.