Treasurer to continue stimulus spending

16 09 2009


Wayne Swan is under pressure to wind back the Government’s $43 billion economic stimulus program, despite the release this week of figures that shows that Australia is one of the only developed countries to dodge the recession after the global financial crisis.

Economists believe Wednesday’s GDP figures for the third quarter of this year will show another period of growth, confirming the economy is growing faster than the Treasury Department forecasted when they gave their May Federal Budget.
The Treasurer was uncompromising yesterday saying that the Government was committed to its spending plans, which he credits with helping Australia avoid recession which so many economies were decimated by.

He said although Australia had outperformed most developed countries, there was no room for smugness.

“The road to economic recovery will be long and very bumpy as the global recession plays out, which is why you can rest assured the government is 100 per cent determined to keep implementing our stimulus to support Australian businesses and jobs,” Mr Swan said.

However, he said the Government would consider re-thinking the program if necessary, but without reducing its overall size.






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