This 2004 OECD Economic Survey of Australia presents a comprehensive overview of the Australian economy. It finds thanks to widespread and deep reforms in the 80s and 90s, economic performance for the past 13 years has been good, and the short-term outlook is for brisk, low-inflationary growth. However over the longer term, it faces problems related to the ageing population and low labour force participation and productivity. To address these problems, OECD carefully examines challenges for fiscal policy, product market competition, and the labour market, particularly unemployment and labour force participation, and makes a series of recommendations.