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IMF to release annual report on Australia

 

The Turnbull government will be hoping for a more upbeat report on Australia when the International Monetary Fund releases its preliminary annual report on the economy on Monday.

In the few paragraphs set aside for Australia in last month's IMF World Economic Outlook, the economy failed to live up to the Washington-based institution's earlier expectations.

It downgraded Australia's growth outlook at a time when it was upgrading its global forecast.

It expected economic growth in Australia to slow to 2.2 per cent in 2017 compared to 2.5 per cent in 2016 - a downgrade from the earlier 3.1 per cent prediction made in April.

The IMF blamed bad weather in the first half of the year for undermining Australia's housing investment and mining exports.

It expected the economy to grow by 2.9 per cent in 2018.

However, the IMF hadn't foreseen last week's drop in the jobless rate to 5.4 per cent until late next year.

The IMF will conclude its annual visit to Australia with a media conference in Sydney at 3pm (AEDT).