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Out in front - economic forecasts show Australia leads the world
The Courier Mail | June 2009 AUSTRALIA'S economy is a tower of strength after two respected international reports confirmed it continued to lead the developed world. As national politics was again dominated by the Utegate saga, the International Monetary Fund added its weight to mounting evidence that Australia was powering ahead of its rivals during the worst downturn since the Great Depression.
The IMF yesterday upgraded its outlook for our economy, tipping it to retreat by only 0.5 per cent this year before growing by 1.5 per cent next year. It earlier forecast a contraction of 1.4 per cent. ''We currently, among the major advanced economies, have the fastest growth. We have also the second lowest unemployment," Prime Minister Kevin Rudd told Parliament ''We have the lowest debt We also have the lowest deficit."
Mr Rudd and Treasurer Wayne Swan welcomed the signs of a recovery despite again having to fend off Opposition attacks over allegations Mr Rudd's office asked a senior Treasury official to help John Grant, a mate of Mr Rudd's, gain access to car industry finance.
The ploy backfired on the Coalition when the email at the centre of the scandal was found to be a fake. But Opposition Leader Malcolm Turnbull is continuing to pursue Mr Swan over claims he gave special treatment to Mr Grant, a car dealer and neighbour of Mr Rudd who loaned the Prime Minister a $5000 Mazda Bravo ute.
Mr Swan denies the allegations. Parliament now goes into a six week winter break and most MPs are today in their electorates to be greeted with concerns on the economy. Yesterday's positive IMF forecast followed an Organisation for Economic Co-operation and Development report that commended the Government's stimulus measures.
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