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IMF report endorses strong economic framework.



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Wed, 24th September 2008 IMF REPORT ENDORSES STRONG ECONOMIC FRAMEWORK

The Hon Julie Bishop MP Shadow Treasurer Deputy Leader of the Opposition

Australians can be encouraged by the positive International Monetary Fund (IMF) report released today, which endorses the strong economic framework built on the back of a decade of economic reform under the Coalition Government.

The IMF’s Executive Directors “commended the Australian authorities on their impressive economic management in the fiscal, monetary, and structural areas, which has spurred a sustained and long-lasting economic expansion”.

Further, the Directors “considered that the sound macroeconomic framework should permit Australia to weather the global downturn and contain inflationary pressures”.

The IMF notes that “inflation has increased especially over the past year as resource pressures mounted.”

The task for the Labor government is to build on the Coalition legacy and match the previous government in achieving sustained economic growth and low unemployment while controlling inflation.

It is concerning that the IMF has forecast rising unemployment in 2009, while the Rudd Government has no strategy for job creation.