Context of Australia's Peer Review

The Commonwealth of Australia, a federal democracy with a population of 22.6 million in 2011, stands out among OECD countries for having experienced 21 years of uninterrupted growth up to 2012 (OECD, 2012). Annual growth in gross domestic product (GDP) was 2.2% on average in 2010 and 2011. The OECD Economic Survey concludes that Australia has been able to weather the global economic crisis thanks to sound macroeconomic policies and its proximity to a dynamic China, which imports large quantities of Australian resources – particularly iron ore and coal. The economic survey sees a positive medium-term outlook for the Australian economy (OECD, 2012).