Treasurer Wayne Swan said that Australia is facing the current global economic turmoil from a position of strength, with low unemployment, a strong banking system and a big investment pipeline. The fact that the international economy has entered a dangerous new phase and that Australia’s response has been successful means that their fundamentals are rock solid. David Murray, chairman of Australia’s Future Fund attributed the sovereign debt crisis in Europe to governments’ lack of understanding and discipline.
The Australian economy is being benefitted form demand from developing nations like China and India for iron ore, coal and natural gas. The gross domestic product expanded in Australia more than economists forecast last quarter and the economy will grow by 1.8 percent. The Australian economy has grown over 5 percent since the crisis struck while many other countries haven’t made up the ground they lost.
The Australian economy is being benefitted form demand from developing nations like China and India for iron ore, coal and natural gas. The gross domestic product expanded in Australia more than economists forecast last quarter and the economy will grow by 1.8 percent. The Australian economy has grown over 5 percent since the crisis struck while many other countries haven’t made up the ground they lost.
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