06 August 2010

Treasurer says Australian economy in good shape

Australian Federal Treasurer Wayne Swan says the latest figures show the Australian economy is in good health.

Recently released data on inflation, job creation and interest rates have been called a "pretty good set of figures" by Mr Swan who says the Australian economy is in good shape considering the international environment.

"We certainly had a very encouraging inflation number last week, underlying inflation at 2.7 per cent. The fact that we've managed to avoid a recession, the fact that we've got record job creation, 350,000 jobs in the last year, would indicate that we've got a healthy economy,” he said this week.

Mr Swan said Australia has a pretty good set of figures when you look across the length and breadth of the economy.

With underlying inflation moderating, the labour market growing, official interest rates at 4.5 per cent and the budget heading back into surplus, the Australian economy was in good shape Mr Swan said.

The Australian economy avoided a recession, despite the global financial crisis, because of strong trade links with the growing Chinese economy and a timely government stimulus plan that invested AU$42 billion into the country.

"To have grown the economy in what has been one of the toughest years since the 1930s is a truly remarkable feat and the stimulus is providing a firm foundation for the economy," Treasurer Wayne Swan said earlier this year after Australia’s economy grew at its fastest pace in nearby two years.

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