Australia's economic slump this year will be shallower than the International Monetary Fund expected just three months ago, but tax reform and the elimination of wasteful spending may well be needed to ensure record debt levels are serviceable.
The IMF has also forecast a bounce back in the price of base metals and food prices both this year and next year because of supply chain disruptions and recovering demand, which could bode well for Australia's mining and agricultural exports.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
