This snapshot offers an overview of Australia's economic situation, GDP and inflation projections, growth prospects and structural reform priorities. It highlights major economic trends and key policy recommendations for sustainable and inclusive growth. It includes a special feature on revitalising competition in the Australian economy.

The Mid-Year Economic and Fiscal Outlook (MYEFO) provides updated information on the Government’s economic and fiscal outlook since the previous budget. This outlook focuses on a budget with lower deficits and less debt over the forward estimates. It has delivered improvements to the budget despite challenging global conditions.

OECD countries face rising public debt, ageing populations, and growing demands on health, social care and defence. Effective budgeting is critical to ensure sustainable public finances. This report highlights the importance of transparency, parliamentary oversight, and collaboration between finance ministries and line ministries – helping governments spend better for long-term impact.

This paper contributes to the debate on fiscal rules by discussing their nature and purpose, reviewing the history of their use in Australia and internationally, and proposing a set of rules suitable to the fiscal challenges of the times. It finds economic management in Australia currently lacks the guardrails provided by quantified fiscal rules.

Ahead of the upcoming Australian Government's Economic Reform Roundtable, this policy report highlights relevant research and potential policy directions aimed at achieving the Roundtable’s stated goals of improving resilience, productivity and fiscal sustainability. It provide policymakers with recommendations in four key areas.