Australia is doing better than most other advanced economies in overcoming the effects of the crisis.
Bob Kyloh, Senior Economic Adviser at the ILO recently spoke with the Global Labour Column, coordinated by the Corporate Strategy and Industrial Development (CSID) Unit of the University of the Withwatersrand in South Africa. In his article, “Riding Your Luck and Adopting the Right Policies: Why the Australian Economy is Rebounding Strongly”, Kyloh highlights that the income led growth strategy Australia rapidly adopted in response to the recession helped to cushion its economy from the emerging global crisis. The fiscal stimulus measures, introduced in three stages in October 2008, February 2009 and May 2009 were broadly consistent with proposals made by the Australian Council of Trade Unions.
It is argued that Australia’s recovery is the result of the public policies that boosted the disposable incomes of low and middle income groups with a high marginal propensity to consume. This approach falls within key aspects of the ILO Global Jobs Pact and its emphasis on income led growth and improvements in the social floor.
For full information on the crisis in Australia, please visit the ILO Jobs Crisis Observatory webpage.
For more information on the ILO Global Jobs Pact, please contact firstname.lastname@example.org