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Australia to seek growth in the 'Asian century'

Australia to seek growth in the 'Asian century' article image
Australian Treasurer Wayne Swan has called the 21st century the 'Asian century' and said the Government would position Australia to take advantage of the shift in power. Addressing the Canberra International CEO forum yesterday, Swan noted that the trend looked to shift economic power from developed nations to emerging economies. "Over the past 10 years the share of world trade accounted for by emerging economies has grown from less than one-quarter to almost 40 percent, with the growth in Asian trade being the key driver behind this," he said. "I'm focused not just on ensuring we weather these changes but that we are positioned to grab the opportunities of the Asian century." Swan also warned that the way ahead was challenging, now that the Australian economy could not rely on the previous highs of our terms of trade for commodities. His solution was to adjust our economy for more sustainable growth, decoupled from the fluctuations of commodity prices: "My three jobs for this next year are: one, to invest in our push for productivity; two, to deliver on fiscal discipline; and three, to keep up a program of vigorous global engagement."

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