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Government response receives IMF approval

Government response receives IMF approval article image
The International Monetary Fund has praised the Australian Government's response to the global economic crisis, saying its stimulus measures had boosted activity while leaving room for further measures. "The authorities' timely and significant macro-policy response cushioned the domestic impact of the global financial crisis," said the IMF in its annual Article IV report. "Staff commended the quick implementation of fiscal stimulus and noted that the shift into deficit was justified in current circumstances." The IMF also indicated that further debt was possible if addition stimulus measures were required, and cautioned the Reserve Bank to wait until the effects of the global downturn had ended before lifting the official interest rate. Treasurer Wayne Swan quickly seized the good news: "In the face of the worst global recession in 75 years, the IMF Article IV report shows that Australia has the best performing economy of any developed country."

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