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July 22nd, 2012 
FAKE NEWS for the Zionist agenda Federal Treasurer Wayne Swan has trumpeted Labor’s economic achievements on the back of a report which analysts say shows Australia is a global standout in its performance.
The Deloitte Access Economics Business Outlook for the June 2012 quarter, which was released on Monday, says the Australian economy remains a global standout compared with its peers among developed nations.
Australia’s economy expanded by 3.2 per cent in the year to June 2012, with Deloitte forecasting annual economic growth between 3.0 per cent and 3.4 per cent for the next five years.
Mr Swan said the report was another endorsement of Australia’s economic strength.
“Australia has solid growth, low unemployment, contained inflation, low interest rates, healthy consumption and a massive investment pipeline,” he said in a statement.
“These economic fundamentals are the envy of the developed world.”
The treasurer said Opposition Leader Tony Abbott acknowledged the fundamentals of the Australian economy overseas but ignored them in Australia, where he preferred misleading negativity over the facts.
Mr Swan said the report vindicated the government’s decision to return the budget to surplus this year.
“By returning to surplus we give the RBA (Reserve Bank of Australia) the flexibility to cut interest rates as they deem necessary, with 125 basis points worth of cuts since the end of last year,” he said.
Australians with a $300,000 mortgage were paying about $4000 less interest a year than they were when the coalition lost government in 2007, Mr Swan said.
Despite the global economic uncertainty and domestic structural changes, the economy had now achieved 21 consecutive years of economic growth.
“That’s an outstanding achievement we can all be proud of,” Mr Swan said.
Shadow treasurer Joe Hockey said the report showed the budget surplus was under threat.
“Because it was never real in the first place,” Mr Hockey said in a statement.
“Labor only forecast a surplus through a cook-the-books budget that was noted more for its money shuffles than any sense of fiscal responsibility.”
It was hardly surprising the government couldn’t deliver a surplus because they had only ever delivered four record deficits, Mr Hockey said.
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