Reviving the Gillard-era mining tax and slashing income taxes should be on the Albanese government's agenda to boost Australians' living standards, the International Monetary Fund has declared.

In its annual assessment of the Australian economy on Thursday, the influential Washington-based body gave Labor and the Reserve Bank the tick of approval for economic performance, saying the nation was successfully managing a soft landing amid global uncertainty.

Inflation was down, the labour market was strong and growth was proving resilient.

The IMF applauded the federal government's nascent efforts to boost Australia's particularly weak productivity, repair the budget bottom line and ensure economic resilience.

But deeper reforms were needed to improve living standards and mend intergenerat

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