(8 August 2011 – Australia) An International Monetary Fund (IMF) report on Australia’s economy should boost confidence Treasurer Wayne Swan said on Friday.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.
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.’
Mr Swan said in his weekly economic note: ‘Our job right now is to position the country to make the most of the opportunities and meet the challenges that lay 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.’