Treasurer Wayne Swan says the IMF's growth forecast for Australia is a big tick for the economy. Source: AAP
THE International Monetary Fund (IMF) has given the Australian economy a "big tick" in a new assessment, Treasurer Wayne Swan says.
However, the report also makes it clear that Australia is not immune from the fallout from future intensification of the European debt crisis, or turmoil in international financial markets.
Mr Swan said the IMF was very supportive of government budget rules that strike a balance between the benefits of reducing public debt and the need to contain any adverse impact on economic growth.
"The IMF projects a solid economic outlook for the Australian economy in the face of ongoing global headwinds," Mr Swan said in a statement on Friday.
The IMF is forecasting growth of 3.25 per cent in 2012, faster than any major advanced economy.
The report - the 2012 IMF Article IV Staff Report and Financial Sector Assessment Program - also found that Australia's financial regulatory and supervisory framework exhibited a high degree of compliance with international standards.
"The government understands that not everyone is doing it easy, but reports like these demonstrate why all Australians can be proud of what we have achieved working together in the face of acute global challenges," Mr Swan said.
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