Australia's strong economy 'due to previous leaders'

Tuesday, 14 Aug 2012

Treasurer Wayne Swan has praised former Australian political leaders for the country's strong economic foundations.

He pointed out the problems foreign nations have had because they failed to make the difficult decisions necessary to ensure future growth, AAP reports.

According to Mr Swan, Australia's current economic power is due to the "far-sighted" politicians, who showed "guts and determination" to make reforms.

"In the years since the global financial crisis, we've seen ever more starkly in a number of economies around the world the painful long-term consequences of taking the politically easy, populist road," he explained.

Australia's economy has expanded for 21 years in a row and currently enjoys low inflation, interest rates and unemployment.

Mr Swan's comments were made at the annual Australian Davos Connection Leadership Retreat conference, where he reinforced the importance of European leaders tackling the eurozone financial crisis.

He added that there are many opportunities for Australia to expand in Asia, with China becoming a production powerhouse in the region.

It is not the first time this month that the treasurer has lauded the state of Australia's economy.

Last week, he described the country's financial standing as being "in a league of its own" following positive unemployment figures.