By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) — The Australian Treasury released information from the brief — or so-called Red Book — it prepared for an incoming Labor Government on Friday, which said that the government is starting its second term with an economy performing strongly and approaching full employment.
The Treasury said that it decided to make the information publicly available “in light of the demonstrated public interest in the Red Book.”
In the document, the Treasury said, “While there is still some near-term weakness in parts of the economy, and risk of further weakness as fiscal and monetary stimulus is withdrawn, conditions should strengthen.”
The Treasury said that a continuing priority for the government will be to implement reforms it has already started, including tax reform.
It also said that it expects the Australian economy to return to full capacity over the next year.
“There are upside inflationary risks that will require coherence and consistency between the stance of monetary and fiscal policies,” it noted.
It said that it also received requests to release the brief prepared for an incoming coalition government, or the Blue Book. However, the Blue Book was not finalized and will not be published, it said.
The Labor government won a second term by the narrowest of margins just weeks earlier on Sep. 7.
