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ISCOVER
Staff Reporter
Treasurer Wayne Swan has been awarded the title of world’s best finance minister for his work in successfully steering Australia’s finances through the depths of the GFC.
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The deputy prime minister was last night named as Euromoney’s Finance Minister of the Year 2011.
Mr Swan will be presented with the award at a reception held during the World Bank/IMF meetings in Washington on September 25th.
According to Euromoney, during his tenure Mr Swan has stopped Australia from falling into recession and helped turn the nation into one of the best “performing of the world’s developed market economies".
“That performance was confirmed in the second quarter of this year, with Australia’s GDP numbers showing an impressive growth of 1.2 per cent,” a statement from Euromoney read.
“Australia’s position within the global financial community has never been stronger than it is today. Its banking system is strong and the envy of many other developed nations. Its economic foundations are sound, with strong exports, low unemployment and rising incomes. The market has confirmed its positive view of Australia’s relative economic strength through rising investment and the steady appreciation of the Australian dollar.”
While Mr Swan has undoubtedly been blessed with a number of advantages, including inheriting a sound economy and a natural resources bounty, Euromoney said his decision to stimulate the economy in 2007/2008 despite strong opposition at home, was the right choice.
“Swan has continued to deliver a strong and steady performance despite political difficulties at home, in which his Labor Party only has the smallest possible majority through the support of independent MPs,” the statement read.
