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Treasurer Wayne Swan has confirmed the economic crisis will send the federal budget into deficit however the International Monetary Fund (IMF) has endorsed a budget deficit and expressed its confidence in Australia’s ability to endure the year ahead.
Ray Brooks, IMF head of Asia-Pacific, told The Australian Financial Review today that Australia’s strong track record of prudent fiscal policy positioned it strongly to weather the looming economic challenges.
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“Australia is in an enviable position on the debt front,” he said. “There are not many countries in a similar position. The responsible fiscal policy over the last 10 or 15 years has left Australia in a very strong position to react.”
The federal government is expected to announce a second stimulus package as soon as today to rejuvenate the weakening economy.
