IMF Calls on Australia to Curb Spending and Raise Rates to Fight Inflation
• IMF says Australia needs to raise interest rates further and cut government spending to curb inflation • Budgets headed for slight "loosening" in 2023-24 and 2024-25 when inflation still high • IMF calls for restraining social services and infrastructure spending • Shift tax burden from income tax towards less damaging taxes like GST • Replace stamp duty with land tax to promote housing affordability and labour mobility