14 September 2009

Australian economy defying recession with budget windfall

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The Australian economy is expected to deliver a enormous $17 billion (£8.8 billion) annual cash windfall to the budget, slashing the expected size of the deficit and level of public debt by up to a third.

Australian economy

The Australian economy is expected to deliver a $17 billion windfall.

The Sydney Morning Herald reported that private sector economists predict the Federal Treasury will be forced to sharply upgrade its budget forecasts when it releases updated figures this year.

The expected cash windfall comes amid growing optimism about the outlook for the Australian economy, including data confirming the Australian economy is among the strongest in the developed world with modest growth rather than recession, high retail sales and a low 5.8 per cent unemployment rate.

Treasurer Wayne Swan said he welcomed "the fact our economic stimulus has seen Australia record a better economic performance than every other major advanced economy".


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