The International Monetary Fund has advised the Reserve Bank of Australia to lift interest rates further and the Albanese government to deliver spending cuts in order to reduce inflation. The IMF also recommends comprehensive tax reform to address weak labour productivity growth.
The Reserve Bank of Australia should lift interest rates further and the Albanese government must deliver federal and state spending cuts to reduce inflation to target before 2026, the International Monetary Fund has advised. In a major review of the economy, the IMF ramped up calls for “comprehensive tax reform ” to fix weak labour productivity growth .
An optimal tax package for growth and equity would include relying more on the GST, taking pressure off personal income tax paid by workers and cracking down on capital gains tax breaks, it recommended. In a bombshell finding after meeting with the RBA, IMF staff said interest rates should be “tightened further to ensure inflation comes back to target earlier than 2026” – slightly later than the RBA’s forecast of inflation scraping below 3 per cent in late 202
Reserve Bank Of Australia Interest Rates Albanese Government Inflation International Monetary Fund Tax Reform Labour Productivity Growth
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UN Urges Australia to Curb Number of People in Jails and Ban Spit HoodsThe United Nations' anti-torture watchdog has urged Australia to curb the extraordinary number of people awaiting trial or sentencing in jails and ban the use of spit hoods. A report, released by the UN subcommittee on the prevention of torture (SPT) this week, also called for the limiting of routine strip-searches.
Read more »
Australia rejects subsidising weight-loss drug Wegovy for second timeAustralia has refused to subsidise the blockbuster weight-loss drug Wegovy for a second time, delaying its introduction to the country while consumers pursue back-door methods to get their hands on the medication.
Read more »
Australia's Education System in Crisis: Urgent Action NeededAustralia must lift its disastrous education system out of its slump that has left kids lagging behind our international peers on so many fronts. Recent NAPLAN results have shown a sharp increase in students struggling with literacy and numeracy, highlighting the urgent need for action.
Read more »
US and Australia Warn Houthi Rebels in Red SeaThe United States and Australia have issued warnings to Houthi rebels in the Red Sea, threatening consequences if attacks on vessels continue. The tensions in the region are part of a wider escalation of hostilities in the Middle East.
Read more »
Monarchist claims Australia's Head of State is Governor General, not King Charles IIIThe head of a prominent monarchist organisation has insisted Australia's Head of State is Governor General David Hurley, not King Charles III. Former Tasmanian Senator and Australian Monarchist League Chairman Eric Abetz made the claim during a spirited debate about the future of the Monarchy.
Read more »