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Treasurer confident but not complacent about economy

Treasurer confident but not complacent about economy article image

After favourable reports on the Australian economy by the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and World Bank, Australian Treasurer Wayne Swan has confirmed the government's strategy is working but warned against becoming too complacent. "It was encouraging to see that government efforts to stimulate the economy are working to position Australia as one of the best performing economies in the developed world, but there is no room for complacency when Australian jobs are at risk," said Swan in his latest economic update. Prime Minister Kevin Rudd said the three reports highlighted that Australia was faring comparably better than others: "These reports confirmed the global financial crisis has plunged much of the world into a deep and long recession, but they also confirmed that Australia continues to weather the storm better than most other countries." However, Swan predicted that the economy should expect a bit of turmoil as commodity prices fell from boom levels, which will affect export earnings in the coming year.

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