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

24 November 2010

NO.087

Three Years of Keeping The Economy Strong, Creating Jobs

I'm proud of Australia's stunning economic success during the first three years of this Labor Government:

  • 650,000 more Australians in work
  • Unemployment of 5.4 per cent, almost half the rate of the U.S. and Europe
  • Net debt to peak at 6.4 per cent of GDP in 2011-12, compared to the 90 per cent average of major advanced economies
  • A Budget on track to be back in surplus by 2012-13

We acted quickly and decisively to keep our economy strong, protect jobs and keep customers walking through the doors of small businesses during the Global Financial Crisis.

We secured the stability of Australia's financial system against the worst effects of the crisis by introducing bank guarantees and investing in Residential Mortgage-Backed Securities.

We delivered the Nation Building Stimulus Program that supported 50,000 projects and helped prevent 200,000 Australians losing their jobs.

This helped Australia emerge from the GFC as virtually the only advanced nation to avoid recession and continue into its 20th year of continuous economic growth, a track record unmatched by our peers.

Labor is determined not to rest on its achievements.

We're doing the hard yards in areas such as tax reform and superannuation to broaden the economy and boost national savings.

We're investing in critical infrastructure and skills.

We're tackling climate change so we can support continued growth while reducing emissions.

We're building a National Broadband Network that is vital to the economy of the future.

The government is working hard to build on the success of the past three years to create prosperity and spread opportunity to all Australians.

CANBERRA
24 November 2010