Wayne Swan claims Labor is responsible for the 3.3 percent growth in Gross Domestic Product in the Australian National Accounts data released by the ABS today.
The Australian economy grew by 1.2 percent in the June quarter, with growth through the year to June at 3.3 percent in figures released today by the ABS. Wayne Sway attributed the results to Labor’s good Governance in its last term in office.
“This is an outstanding outcome that all Australians can be proud of. It shows the Australian economy continues to benefit from strong economic management as well as the hard work and resilience of the Australian people. ” Mr Swan said in a statement.
“While output in six of the G7 economies is still lower than its pre crisis level, in Australia output has grown by 4.2 per cent since the middle of 2008.”
Mr Swan went on to emphasise Labor’s federal stimulus package as underpinning Australia’s growth since the GFC.
“Today’s data provide further evidence that a broad-based self-sustaining private sector recovery is gathering momentum as fiscal and monetary stimulus is withdrawn.” he said.
Australia’s Current Account Deficit shrunk in June quarter, with an increase of exports of some $12,747m (21 percent) with imports of goods and services increasing by only $3,041m (5 percent) over the same period.
Mr Swan then went on to make the very public case that Labor have been good economic managers, insinuating that Labor would provide the most stable and effective Government if it was able to form minority Government with the independents.
“These strong results provide another example of the sturdy economic foundations and effective policy settings that have seen Australia fight off recession and now recover much more strongly than other advanced economies.” he said.