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Wayne Swan
Treasurer Wayne Swan has been named Euromoney's
Finance Minister of the Year, only the second time an Australian has won
the prestigious award in its 29-year history.
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The London-based finance magazine
has awarded Mr Swan the title for his "careful stewardship" of
Australia's finances and economic performance both during and since the
global financial crisis.
"Throughout that time, Australia has not only avoided falling into recession, but has been the best performing of the world's developed market economies," Euromoney said in a statement on Wednesday (AEST).
It said that performance was confirmed when Australia posted 1.2 per cent growth in the June quarter of this year.
Former Labor treasurer (and later prime minister) Paul Keating won the award in 1984 - and was later referred to in some quarters as the "world's greatest treasurer".
But Australia's longest serving treasurer, Liberal Peter Costello, was overlooked during his near 12-year tenure.
Mr Swan saw the 2011 award as an achievement for the country.
"This is a real tribute to the millions of ordinary Australians whose hard work and resilience have made our economy one of the strongest in the developed world," Mr Swan said.
World Bank president Robert Zoellick said is was a "significant and deserved" honour, and a "tremendous achievement" under tough economic conditions.
"Australia's economic fundamentals are strong, strengthening Wayne Swan's global influence," Mr Zoellick said.
The award will be presented to Mr Swan on September 25 at the World Bank/International Monetary Fund meetings in Washington.
Business leaders and bankers heaped praise on Mr Swan, who has been treasurer since Labor was elected to power in November 2007.
Morgan Stanley CEO Steven Harker said Mr Swan "successfully" led the economy through the most difficult economic period the world has faced since the 1930s, while Wesfarmers managing director Richard Goyder said it was both "great recognition" for the treasurer and a "vote of confidence" in the economy.
Euromoney said Australia's position within the global financial community has never been stronger than it is now.
Its banking system is strong and the envy of other developed countries, its economic foundations are sound, with strong exports, low unemployment and rising incomes, it said.
"The market has confirmed its positive view of Australia's relative economic strength through rising investment and the steady appreciation of the Australian dollar," it said.
While Mr Swan has been blessed with a number of advantages, including inheriting a sound economy and a bounty of natural resources that has allowed trade with China to boom, he has also succeeded in getting most of the "important decisions right", it added.
These included his swift response to the global financial crisis, putting in place an exit strategy for the stimulus and sticking to it, and imposing a fiscal discipline that many other finance ministers refuse to adopt.
"Swan has continued to deliver this strong and steady performance despite political difficulties at home, in which his Labor party has only the smallest possible majority through the support of independent MPs," Euromoney said.
Village Roadshow deputy chairman John Kirby said the award was more than deserved, given "he did as much as anyone to save Australia's bacon".
"It's an award for hard work, for intelligence, but most of all for tremendous humanity and understanding," Mr Kirby said.
"It's a victory for the good guys and for the country."
But coalition treasury spokesman Joe Hockey said it was hard to take the award seriously.
"Mr Swan has racked up $154 billion of deficits, he's yet to deliver a budget surplus and has turned $45 billion in the bank into a $110-billion-dollar credit card bill," he said in the statement.
"The real recipient of this award should be Peter Costello, who laid the groundwork for Wayne Swan.
"If it wasn't for the heavy lifting done by the previous government, the Australian economy wouldn't be in the position it's in today."
"Throughout that time, Australia has not only avoided falling into recession, but has been the best performing of the world's developed market economies," Euromoney said in a statement on Wednesday (AEST).
It said that performance was confirmed when Australia posted 1.2 per cent growth in the June quarter of this year.
Former Labor treasurer (and later prime minister) Paul Keating won the award in 1984 - and was later referred to in some quarters as the "world's greatest treasurer".
But Australia's longest serving treasurer, Liberal Peter Costello, was overlooked during his near 12-year tenure.
Mr Swan saw the 2011 award as an achievement for the country.
"This is a real tribute to the millions of ordinary Australians whose hard work and resilience have made our economy one of the strongest in the developed world," Mr Swan said.
World Bank president Robert Zoellick said is was a "significant and deserved" honour, and a "tremendous achievement" under tough economic conditions.
"Australia's economic fundamentals are strong, strengthening Wayne Swan's global influence," Mr Zoellick said.
The award will be presented to Mr Swan on September 25 at the World Bank/International Monetary Fund meetings in Washington.
Business leaders and bankers heaped praise on Mr Swan, who has been treasurer since Labor was elected to power in November 2007.
Morgan Stanley CEO Steven Harker said Mr Swan "successfully" led the economy through the most difficult economic period the world has faced since the 1930s, while Wesfarmers managing director Richard Goyder said it was both "great recognition" for the treasurer and a "vote of confidence" in the economy.
Euromoney said Australia's position within the global financial community has never been stronger than it is now.
Its banking system is strong and the envy of other developed countries, its economic foundations are sound, with strong exports, low unemployment and rising incomes, it said.
"The market has confirmed its positive view of Australia's relative economic strength through rising investment and the steady appreciation of the Australian dollar," it said.
While Mr Swan has been blessed with a number of advantages, including inheriting a sound economy and a bounty of natural resources that has allowed trade with China to boom, he has also succeeded in getting most of the "important decisions right", it added.
These included his swift response to the global financial crisis, putting in place an exit strategy for the stimulus and sticking to it, and imposing a fiscal discipline that many other finance ministers refuse to adopt.
"Swan has continued to deliver this strong and steady performance despite political difficulties at home, in which his Labor party has only the smallest possible majority through the support of independent MPs," Euromoney said.
Village Roadshow deputy chairman John Kirby said the award was more than deserved, given "he did as much as anyone to save Australia's bacon".
"It's an award for hard work, for intelligence, but most of all for tremendous humanity and understanding," Mr Kirby said.
"It's a victory for the good guys and for the country."
But coalition treasury spokesman Joe Hockey said it was hard to take the award seriously.
"Mr Swan has racked up $154 billion of deficits, he's yet to deliver a budget surplus and has turned $45 billion in the bank into a $110-billion-dollar credit card bill," he said in the statement.
"The real recipient of this award should be Peter Costello, who laid the groundwork for Wayne Swan.
"If it wasn't for the heavy lifting done by the previous government, the Australian economy wouldn't be in the position it's in today."
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