The Economic Outlook for Australia.

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      This article discusses the progressive changes taking place in the economy of Australia as a prospect of economic recovery. Australia's long anticipated return to satisfactory economic growth is now in full swing. Less welcome is an accompanying round of inflation which has ironically occurred under a Labor government. In the presence of Liberal -Party coalition, the inevitable braking effect on the economy occurred, production slowed and unemployment grew, interest rates were lowered, government expenditures were increased, and income taxes were reduced. However, as a sign of recovery, private fixed capital expenditures, down in 1972 by over 15 per cent from 1971, recovered in the latter half of 1973. For the present economic recovery to maintain its impetus, private capital expenditure will have to become more broadly based than it has been. Australia's trade prospects are good. Much of the present growth stems from the August 1972, election budget. The flow-on from Labor's election promises further stimulated the economic recovery over the past year.