IMF validates financial management says Swan
The International Monetary Fund (IMF) has released the 2012 Article IV Staff Report and Financial Sector Assessment Program, which Treasure Wayne Swan says is a 'big tick' for the Australian economy.
Mr Swan said the two reports provide an 'overwhelming positive assessment' of the economy, with low headline unemployment, a well managed financial system and contained inflation all showing its robust health.
"The IMF recognises that Australia is one of only a small handful of advanced countries to have avoided a recession during the global financial crisis and commends the Government's response," Mr Swan said in a statement.
The IMF specifies Australia's 'well co-ordinated response' to the global financial crisis as key to the economy's ongoing health.
"Five years on, both the economy and the financial sector continue to outperform most of their peers," the Article IV Staff Report said.
The IMF argues that this 'adept handling of the fallout from the GFC, prudent economic management, and strong supervision of the financial sector' has kept Australia 'on the dwindling list of AAA rated countries'.
The staff report can be found here