Australia 'not immune' from crisis

AUSTRALIA is not immune to the volatility in the global economy, which is likely to continue, says Treasurer Wayne Swan.

In his weekly economic note, Mr Swan wrote that "bouts of volatility" were likely to continue on the back of problems in Greece and other European economies.

"Determined, consistent and continuing action will be required by European policymakers to deal with the sovereign debt crisis, get their budgets back on a sustainable footing, and restore growth.

"Data out during the week showed Europe's economy remained stalled in the March quarter, with solid growth in Germany offset by contractions in both Italy and Spain.

"Of course, Australia is not immune from events in Europe - as the Budget showed government revenues have been written down by a staggering $150 billion since the onset of the global financial crisis."

Despite the gloomy outlook, Mr Swan said it was important that "we don't lose sight of the fact that our economic credentials are among the strongest in the world".

"We have one of the lowest unemployment rates in the developed world, we have sturdy public finances with very low public debt, we have a AAA credit rating from all three major ratings agencies for the first time in our history, we have contained inflation, we have a huge pipeline of mining investment, and we have a budget returning to surplus next financial year ahead of every single major advanced economy," he said.

Topics:  australia, europe, global economy, wayne swan



Local Real Estate

finda logo
Featured Real Estate
IMMACULATE HOME IN... $279,000
House 3 1 1
Tweed River Frontage $399,000
House 3 1
Large Waterfront... $299,000
Residential Land 0 0
Large Home? or Great... Offers Over...
House 4 2 2

Featured Jobs

finda logo

Whitsundays jobs listed daily

Featured Jobs
MC TRUCK DRIVERS - TAKE... Proserpine Full Time
Casual Duty Manager Cannonvale Casual
DRILL FITTERS Mackay Contract
Sales / Tour Desk... Airlie Beach Full Time



Local Partners

Local Profile

Stay Connected

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Horoscopes

Virgo

By being clear and decisive in what you want today, you will free up a lot more energy for the things you really yearn for in your spare time.

read more

Marketplace

Special Offers & Promotions

Compare & Save