Australian Treasurer says Australia continues to outperform rest of world

08:19, December 14, 2009      

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Australian Treasurer Wayne Swan said on Sunday his country continued to outperform other nations even as the impact of the global financial crisis washes through the economy.

The Australian government will get a better picture of the economic outlook when growth figures are released on Wednesday, he said.

Economists expected the national accounts figures for the September quarter will show a rise in gross domestic product (GDP)of 0.4 percent, taking growth for the year to 0.7 percent.

In his weekly economic note, Swan used an analysis of national accounts data, released last week, to highlight the strength of the economy.

The Australian Bureau of Statistics release on the Australian System of National Accounts said the economy expanded by 1.1 percent in 2008-09.

"(The data) showed that the Australian economy continued to grow in 2008-09 at a time when every other major advanced economy experienced a deep recession," he said.

"Real GDP grew by 1.1 percent in year-average terms in 2008-09,confirming that the economy would not have grown throughout the global financial crisis without our fiscal stimulus," he added.

At its December 1 meeting, the Reserve Bank of Australia lifted the cash rate by 25 basis points to 3.75 percent, which is also a positive signal of a good economy in the country.

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