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OECD: Australia A Standout Economy

The OECD’s latest economic survey says Australia’s 21 years of uninterrupted growth “stands out among OECD countries”.

The Organisation for Economic Co-operation and Development, an organisation representing 34 of the world’s richest and most developed countries, says Australia’s growth performance “has been sustained by sound policies” and the Asian commodities boom.

The OECD says the main challenge for Australian economic policy is “to manage a sustained recovery, while promoting important structural changes in the economy.”

OECD reports are usually written with input from the Treasury. Amongst the report’s policy recommendations, it says: “The current shift in the policy mix is appropriate. If the cycle weakens, ease monetary policy and let the automatic stabilisers work. Whilst monetary policy should be the first line of defence, if a full-scale global crisis of similar magnitude as in 2008-09 erupts, be ready to adopt prompt fiscal expansion.”

The report also urges a reduction in company tax and a broadening of the mineral resource rent tax (MMRT).

The Secretary General of the OECD, Jose Angel Gurria, described Australia as the “iron man” of the OECD. He was interviewed by ABC News24’s Scott Bevan:

Text of a media release from Treasurer Wayne Swan.

OECD survey shows Australian economy a standout

The OECD’s latest economic survey of Australia released today shows once again that our economy stands tall amongst its peers, with 21 consecutive years of growth, robust economic fundamentals and a positive outlook in the face of acute global challenges.

The OECD finds that, unlike many developed economies, the Australian economy remains resilient, with successful macroeconomic management contributing to solid growth, low unemployment, contained inflation, and strong public finances. [Read more…]

Swan Lauds Australia’s Economic Reforms

The Treasurer, Wayne Swan, has lauded Australia’s economic reforms of recent years in a speech to the Brookings Institution in Washington DC.

Swan said: “Over the past 25 years, Australia has done much to liberalise the financial sector.  But in doing so we were careful to develop a model that regulated systemically important institutions and that centralised regulation of deposit taking institutions.  In doing so we ensured clear responsibilities within our system.  This meant we were better placed than most to respond when the crisis emerged.” [Read more…]

Pauline Hanson’s Speech to Parliament on the MAI

The Multilateral Agreement on Investment (MAI) was an attempt by the Organisation for Economic Co-operation and Development (OECD) to develop rules on international investment.

The draft treaty was released in 1997 and immediately became the subject of vigorous debate around the world. In 1998, France withdrew its support for the agreement, effectively blocking it under OECD rules.

Speech to the House of Representatives by Pauline Hanson on the MAI.

APPROPRIATION BILL (No. 1) 1998-99 Second Reading

HansonMs HANSON –I rise today to speak on a matter that has grave and wide-ranging consequences for all Australians. The matter is the ominous document entitled the United Nations Declaration on the Rights of Indigenous Peoples. This treaty is due to be signed by 2004. The complicity or, at the very least, the lack of will on the part of the federal government to encourage public examination and discussion on this threat to the Australian people is very similar to their reluctance to debate that other attack on Australians also sponsored by Labor and the coalition, the MAI.

Both of these treaties will take power and choice from the majority of our own people and place that power and freedom of choice firmly in the hands of foreigners and self-seeking minorities. Both of these treaties diminish Australia’s sovereignty and in the case of the so-called rights of the indigenous people could ultimately result in the disintegration of our nation. With the MAI now largely exposed — [Read more…]