93. The broad measure of the money supply in Australia increased 4.3 percent over the 12 month period, while the M 1 measure increased by 11.4 percent.
The monetary initiatives did not yield all of the desired economic outcomes. Selected measures of Australia's economic performance over the November 1992 October 1993 period are presented in Table 1 which may be found on the following page.
Canada has pursued a monetary policy of stabilizing the dollar and maintaining the value of the Canadian dollar at approximately 80 percent of the value of the United States dollar. Monetary policy emphasized interest rates and money supply management. Interest rates (as reflected in the prime commercial rate) began the period at nine percent, but dropped to 7.5 percent in December 1992, to 6.75 percent in January 1993, to
Selected Measures of Australia's Economic PerformanceNovember 1992 October 1993
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PeriodEconomic Performance
Measure Nov92 Jan93 Feb93 Apr93 May93 Jul93 Aug93 Nov93
Gross Domestic + 1.4% + 2.8% + 2.5% + 5.0%Product
Industrial 3.4% +12.8% 12.5% +11.1%
Production
Unemployment 11.3% 11.0% 11.1% 10.9%
Consumer Prices + 1.9% + 3.8% + 1.5% + 1.5%
Wages/Earnings 0.4% + 1.0% +13.6% 0.5%
[sources: "Economic and Financial Indicators," 6 February
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