Fed: IMF figures show "recession inevitable", Swan says=3

AAP General News (Australia)
04-23-2009
Fed: IMF figures show "recession inevitable", Swan says=3

Mr Swan said governments of both persuasions had contributed to Australia's underlying
fiscal strength and policy framework that the IMF and OECD had ticked off on.

"I will give credit to Mr Howard, I will give credit to Mr Costello, I will give credit
to their predecessors who put in place a framework that has certainly put us in a stronger
position than many other countries," he said.

However, Mr Swan said one of Labor's tasks remained to repair damage caused by the
coalition government's failure to invest in infrastructure, skills and education.

He declined to say whether taxes would be raised in the May 12 budget.

"I don't speculate about what we are doing in the budget. The most important thing
that we will do in this budget is to continue to support jobs and employment and growth
by continuing stimulus," he said.

Mr Swan said under coalition proposals, the only way Australia could have avoided a
temporary deficit was by a savage cut in spending or a dramatic increase in taxes.

"That doesn't make sense in the middle of global recession," he said.

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KEYWORD: CRISIS IMF SWAN 2ND UPDATE 3 CANBERRA

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