30 March 2010

Australian economy has emerged from global recession says Prime Minister

The Australian economy has emerged from the global recession and the government’s stimulus program is being wound down, Prime Minister Kevin Rudd said in a speech in Melbourne.

Australian economy

The Australian economy has done better than most developed countries during the global recession.

The stability in the Australian economy will see the government cap its spending and concentrate on infrastructure, skills and productivity to create a “sustainable economic future.”

“Australia has emerged from the global recession with one of the strongest economies in the developed world,” Mr Rudd said.

“We must now work hard to capitalize on that position as we move through the economic recovery phase and return to economic growth.”

Government spending and growing business investment saw the Australian economy grow at its fastest pace in almost two years in the fourth quarter with the Reserve Bank of Australia this month raising borrowing costs for the fourth time in five meetings.

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