We negotiated the first two phases of the resources boom without major inflationary problems, and are part way through our adjustment to the third phase – so far without a major slump in overall economic activity.
However, the OECD has found that implementing reforms in different areas seem to provide significant synergies.10 For example, labour market reforms will facilitate the necessary reallocation of workers arising from product market reforms. The European Commission's annual Country-Specific Recommendations provide a thorough and tailored guideline for the serious reform agenda.