The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

10 October 2008

NO.113

OECD Highlights Strength of the Australian Economy

I welcome today’s release of the 2008 OECD Economic Survey of Australia, which highlights the strength of the Australian economy and strongly endorses the Government’s economic reform agenda.

The OECD Survey notes that “The economy has stood up well to the ongoing global financial market turbulence. So far, the financial sector has withstood the crisis thanks to prudent management, high profitability and strong capitalisation.”

The OECD notes that Australia will continue to benefit from the “rapid growth by the Chinese and Indian economies prompting strong demand for Australia’s mineral resources.”

The OECD has backed in the Government’s long-term reform agenda concluding that it will help build productive capacity and strengthen our economy for the long term.

The OECD endorses the Rudd Government’s nation building funds and agenda to invest in our nations human and physical capital to address capacity constraints and lift the long‑term potential of the economy.

The OECD commends the Government on its commitment to tackle climate change, and supports the introduction of a national carbon pollution reduction scheme. The OECD also notes that the Rudd Government’s reform of water management “represents a big step forward”.

The OECD endorses the Rudd Government’s approach to comprehensive taxation reform, noting that “The government has announced a broad review of the tax system, to be concluded by end 2009, with clear benefits compared to the piecemeal approach of the past years.”

The OECD endorses the Rudd Government’s close cooperation with the States and Territories in pursuing its ambitious reform agenda. The OECD points out “The recent changes to the federal-state relations to foster co-operation, rationalise the funding system and enhance accountability are commendable”.

The Government’ welcomes the OECD’s assessment, and will continue to work towards strengthening our economy so it can better withstand the difficult global challenges we face.

WASHINGTON D.C.

10 October 2008