Swan says Australia will survive crisis

Treasure Wayne Swan has said that Australia will survive the world financial crisis and will come out of it more prosperous.

Mr Swan believes that Australia’s strong financial system will put the economy in a better position than other nations.

“While there are no quick fixes to this global recession, with the right action globally and here at home, we can come through this stronger and more prosperous than before,” the treasurer said in an economic note.

However, Julia Gillard is urging a wage restraint as the economy slows. As told to ABC TV on Sunday, Gillard urged the Australian Fair Pay Commission to consider the link between pay rises and job losses, before it makes a decision on the minimum wage due in July.

“In a slowing economy there is more reason to be concerned about the nexus between wages and employment. We’ve put that point squarely before the Fair Pay Commission.”

The ACTU has commissioned for a $21 a week increase in the minimum wage to help low paid workers cope with cost of living pressures.

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