Swan recognised as finance minister of the year
Euromoney has named Treasurer Wayne Swan finance minister of the year due to his strict handling of the economy through and beyond the financial crisis, becoming the second Australian to have ever won the prestigious award.
The London-based finance magazine acknowledged Swan’s “careful stewardship” having been instrumental to the success of Australia’s economy and recognised Swan carefully positioned the economy to grow in the midst of a global economic downturn.
“Australia’s sustained expansion has been the most impressive performance of any member of the developed rich countries club,” said the magazine.
“Its banking system is strong and the envy of many other developed nations.”
“Its economic foundations are sound, with strong exports, low unemployment and rising incomes.”
The magazine paid particular attention to Swan’s controversial step to stimulate the economy in 2007/2008 despite strong opposition.
It said he had “succeeded in getting most of the important decisions right” and had a “fiscal discipline that many other finance ministers refuse to adopt”.
Swan used the award to recognise the broader Australian population.
“This is a real tribute to the millions of ordinary Australians whose hard work and resilience have made our economy one of the strongest in the developed world,” Mr Swan said.