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Additional info for OECD Economic Surveys 2003: Australia
6RXUFH Australian Bureau of Statistics. 5 .. .. 3 .. 2 .. 8 .. 5 .. .. 3 Recent trends and short-term prospects © OECD 2003 Table 3. 1. Seasonally-adjusted. Source: Australian Bureau of Statistics. 35 Page 36 (1, 1) 36 OECD Economic Surveys: Australia The labour market Employment recovered in 2002 from its weak performance in 2001 (Table 4), to increase by 3 per cent through 2002. As in previous years, part-time employment was more dynamic than full-time employment, which even declined towards the middle of 2002 before picking up again.
International comparison of long-term interest rates Ten-year bond yield Per cent Per cent Australia New Zealand 10 Germany United States Switzerland Japan 10 8 8 6 6 4 4 2 2 0 1995 1996 1997 1998 1999 2000 2001 2002 Per cent 0 Per cent 4 4 Differential between Australia and United States 3 3 2 2 1 1 0 0 1995 1996 1997 1998 1999 2000 2001 2002 6RXUFH OECD. © OECD 2003 Page 51 (1, 1) Macroeconomic policies 51 interest differential between ten-year government bonds and three-month bank bills (the slope of the yield curve) turned from negative to positive, indicative of the changing monetary policy stance.
But the jury is still out as to whether the house price boom is a bubble that will burst, or whether it represents an adaptation to an era of high income growth and low interest rates. If the latter were the case, the projected weakening of residential investment could turn out to have been too pessimistic. Although the global recovery is generally seen to be slow and uncertain, economic growth in major trading-partner countries21 is projected to be robust and could gain additional momentum, thus generating somewhat stronger demand for Australian exports.
OECD Economic Surveys 2003: Australia by OECD