24 September 2009

Treasury Secretary announces Australian economy recovering

Australian Treasury Secretary Ken Henry has said the Australian economy would have contracted during the global economic crisis if the stimulus measures had not been put in place by the Rudd Government.

"If it were not for stimulus measures the Australian economy would have contracted, with GDP [gross domestic product] falling by 1.3 percentage points over the year," he said.

Mr Henry was talking at the Australian Institute of Company Directors function on Wednesday. He said there were signs that the downturn is likely to be less severe than first thought earlier in the year.

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