Australia's economy in a position of strength: Treasurer

16:40, August 31, 2010      

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Australian Treasurer Wayne Swan said a range of upbeat data released on Tuesday showed that the Australian economy is in a strong position despite increased global uncertainty.

Tuesday's data showed a sharp reduction in the current account deficit in the June quarter due to a surge in exports, which will add to growth in Wednesday's national accounts.

More up to date data for retail spending and building approvals for July were also stronger than expected.

"This data shows that despite increased global uncertainty, Australia's economy is in a strong position and continues to benefit from the sound economic management that saw Australia fight off recession," Swan on Tuesday said in a brief statement.

"The data is yet another example of the strong foundations and good policy settings that mean Australia faces the global challenges ahead from a position of strength and stability."

Source: Xinhua

(Editor:祁澍文)

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