Australia

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Australia's 8.6 rating placed it 7th among the 123 countries rated.

Two core elements of Australia's high rating are: an established legal structure guaranteeing secure property rights and stable monetary policy, which maintains low inflation rates (1 percent for 1997).

Institutional arrangements provide for substantial capital mobility. Citizens are free to own foreign currency accounts, although some limitations in engaging in capital transactions with foreigners are imposed. In financial markets, the trend of replacing credit extended to the government with private investments is proceeding, with just 5.5 percent of the credit allocated to the non-private sector. Australia possesses a free and liberalized international trade sector; the few existing taxes and tariffs are almost negligible.

Although the share of government consumption is shrinking, transfers and subsidies have been increasing since the mid-1970s.

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Last Modified: Monday, January 10, 2000