Australias economy is a tower of strength after two respected international reports confirmed it continued to lead the developed world.
The first from the International Monetary Fund added its weight to mounting evidence that Australia was powering ahead of its rivals during the worst downturn since the Great Depression.
It yesterday upgraded its outlook for the Australian economy, tipping it to retreat by only 0.5 per cent this year before growing by 1.5 per cent next year. It earlier forecast a contraction of 1.4 per cent.
The report followed an Organisation for Economic Co-operation and Development report that commended the Government’s stimulus measures.
“We currently, among the major advanced economies, have the fastest growth. We have also the second-lowest unemployment levels and the lowest debt,” Prime Minister Kevin Rudd told Parliament.
All sounds good Kev, but I guess based on recent news most folks would just like to get in first!
