Australia's 'nirvana' economy.

This article presents information on the economic conditions in Australia. The debate on economic reform is running hot and strong. The Reserve Bank Governor has spoken of Australia as experiencing an economic "nirvana." Domestically, productivity growth has slowed, and on some measures is negative. Australia's current account deficit remains far too large and this will worry international investors if there are other signs of weakness or serious political discord. Wages are beginning to stir, with the unions beginning to pick off their political brethren at the State levels. The shake-up to the industrial relations landscape is likely to have a surprising outcome as employers scramble to retain skilled workers.