OECD Economic Outlook supports stimulus
The latest Economic Outlook report by the Organisation for Economic Cooperation and Development (OECD) has supported the Federal Government’s stimulus measures, saying it has worked to keep Australia in a relatively strong economic position during the global downturn.
The average OECD unemployment rate is expected to come close to 10 percent; Australia’s is just 5.8 percent in comparison, according to the Australian Bureau of Statistics. The OECD report says unemployment would have been almost two percent higher without the government’s stimulus actions.
However underemployment, where employees work less hours than they want to, may be a future problem.
“Many of the critics of the stimulus package underestimate this impact out there of reduced hours,” said Treasurer Wayne Swan.
“That’s just another reason why we must keep in place the measures to support the economy that we’ve got in place over next year, and it’s why we must strive to make every effort to strengthen our economy given the weakness of the global economy.”
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