ID :
199625
Sun, 08/07/2011 - 16:22
Auther :
Shortlink :
https://oananews.org//node/199625
The shortlink copeid
IMF backs Aust economy: Swan
SYDNEY (AAP) - Aug. 07 - An International Monetary Fund (IMF) report on Australia's economy is a "glowing assessment" and should boost confidence, Federal Treasurer Wayne Swan says.
During the weekend the IMF endorsed the government's economic management and supported Labor's plan to price carbon and Mr Swan said its statement was a timely reminder of Australia's strong fundamentals.
"Australia is not immune from developments in the rest of the world but we should never forget our economic credentials are among the strongest in the world," the treasurer said.
"The IMF's views are yet another resounding endorsement of the government's reform agenda to build the high-skilled, high-productivity, low-pollution economy we need for the future."
The IMF says Australia's economic outlook is favourable, largely because of strong demand for commodities and investment in mining.
But it warned there could be a risk of global recovery stalling or Asian growth slowing that could impact on the demand for Australian resources.
In the statement, the IMF commended the government for remaining committed to returning the budget to surplus by 2012-13 despite the setbacks posed by natural disasters last summer.
"This consolidation is faster than in many other advanced economies and is more ambitious than earlier envisaged," the IMF said.
"We support the emphasis on expenditure control."
The statement recommended that the government continue the taxation reform started after the Henry review last year, with high priority given to removing inefficient imposts such as state stamp duties and insurance taxes.
In the treasurer's weekly economic note on Sunday, Mr Swan said that while Australia wasn't immune from international economic events the country faced fresh challenges from a strong position.
"Our job right now is to position the country to make the most of the opportunities and meet the challenges that lie ahead, such as the shift in global economic weight from west to east, the ageing of the population and the transition to a clean-energy future," he said.
During the weekend the IMF endorsed the government's economic management and supported Labor's plan to price carbon and Mr Swan said its statement was a timely reminder of Australia's strong fundamentals.
"Australia is not immune from developments in the rest of the world but we should never forget our economic credentials are among the strongest in the world," the treasurer said.
"The IMF's views are yet another resounding endorsement of the government's reform agenda to build the high-skilled, high-productivity, low-pollution economy we need for the future."
The IMF says Australia's economic outlook is favourable, largely because of strong demand for commodities and investment in mining.
But it warned there could be a risk of global recovery stalling or Asian growth slowing that could impact on the demand for Australian resources.
In the statement, the IMF commended the government for remaining committed to returning the budget to surplus by 2012-13 despite the setbacks posed by natural disasters last summer.
"This consolidation is faster than in many other advanced economies and is more ambitious than earlier envisaged," the IMF said.
"We support the emphasis on expenditure control."
The statement recommended that the government continue the taxation reform started after the Henry review last year, with high priority given to removing inefficient imposts such as state stamp duties and insurance taxes.
In the treasurer's weekly economic note on Sunday, Mr Swan said that while Australia wasn't immune from international economic events the country faced fresh challenges from a strong position.
"Our job right now is to position the country to make the most of the opportunities and meet the challenges that lie ahead, such as the shift in global economic weight from west to east, the ageing of the population and the transition to a clean-energy future," he said.
