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International Monetary Fund. External Relations Dept.

, the Commonwealth Government of Australia stressed that its major aim is to help the inhabitants of the Territory to become self-governing as soon as possible and to ensure that when this aim is reached the Territory will, to the greatest extent feasible, be able to stand on its own feet economically. The report makes recommendations for a substantial increase in agricultural output, which for a long time will have to make by far the largest contribution to economic growth. Livestock and forestry also have considerable potential for development. Some scope exists for

International Monetary Fund

budget. Similar arrangements were established in Austria in the early 1970s when local authorities undertook to pursue a restrictive expenditure policy and to refrain from raising fees and charges. Also in Austria, local government shares in federal taxes were temporarily frozen as special deposits in the central bank to be used for countercyclical purposes. In Australia, where the local government sector is relatively large, five-year agreements are made about commonwealth government financial assistance to the states. However, even in countries with large local

International Monetary Fund

/01 10 as well as higher-than-expected income tax and petroleum tax revenues resulting from stronger economic and employment growth and the run up in crude oil prices. The higher revenues are expected to be only partially offset by higher expenditures—associated with higher than expected spending on one-time savings bonuses for some retirees and on private health insurance rebates, as well as new discretionary measures. Based on the current projections, the staff estimates that the Commonwealth government’s structural surplus in 2000/01 would be about ½ percent of GDP