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Australian Prime Minister Julia Gillard (C) acknowledges the standing ovation as Deputy Prime Minister and Treasurer Wayne Swan (L) and ALP President Jenny McAllister (R) look on during the 46th national conference of the Australian Labor Party (ALP)... View Photo »
A bottle of Foster's beer sits on the bar at the Drop Bear Inn in South Melbourne on November 25, 2011. Australia's government approved brewer SABMiller's Aus$9.9 billion (US$9.62 billion) takeover of Foster's, but with strict conditions that will see... View Photo »
(L to R) Inter-American Development Bank's President Luis Alberto Moreno, World Bank's Managing Director Sri Mulyani, U.S. Treasury Secretary Timothy Geithner, South Korea's Finance Minister Bahk Jae-wan and Australia's Finance Minister Wayne Swan arrive... View Photo »
(Top row, L-R) Wang Jun, deputy finance minister of China, stands with finance ministers Chularat Suteethorn of Thailand, Vuong Dinh Hue of Vietnam, Cesar Purisima of the Philippines, Hong Kong's financial secretary John Tsang, Lee Sush-der of Taiwan, Fumihiko... View Photo »
Australia's Finance Minister Wayne Swan attends the first ministerial meeting of APEC finance ministers at the APEC Summit in Honolulu, Hawaii. November 10, 2011. View Photo »
U.S. Treasury Secretary Tim Geithner, center, poses for the official photo with finance ministers, clockwise from top left, Vietnam Finance Minister Vuong Dinh Hue, Philippines Finance Minister Cesar Purisima, Hong Kong Financial Secretary John Tsang, Taiwan... View Photo »
Finance ministers and officials pose for the official photo during the Asia-Pacific Economic Cooperation summit Thursday, Nov. 10, 2011, in Honolulu. Front row, from left, are New Zealand Minister of Finance Gabriel Gabs, Russian Finance Minister Sergey... View Photo »
Australian Finance Minister Wayne Swan, left, Malaysian Second Minister of Finance Dato' Seri Ahmad Husni Mohamad Hanadzlah, center, and Brunei's Finance Minister Pehin Dato Adb Rahman Ibrahim talk as ministers and officials pose for the official photo... View Photo »
Australian Treasurer Wayne Swan (L) stands with Australian Foreign Minister Kevin Rudd (R) prior to the opening ceremony of the Commonwealth Business Forum in Perth on October 25, 2011 ahead of the Commonwealth Heads of Governments Meeting (CHOGM). The... View Photo »
Front row left to right, South Africa's Finance Minister, Pravin Gordhan, World Monetary Fund President, Christine Lagarde, India's Finance Minister, Pranab Mukherjee, Mexico's Finance Minister, Jose Antonio Meade, 2nd row left to right, Argentina's... View Photo »
Australia's deputy prime minister and treasurer Wayne Swan (C) and Italy's Minister of Economy and Finance Giulio Tremonti (L) arrive for a family photo before the International Monetary and Financial Committee (IMFC) meeting during the annual IMF-World... View Photo »
Australia's deputy prime minister and treasurer Wayne Swan (L) and Germany's finance minister Wolfgang Schaeubleat attend the International Monetary and Financial Committee (IMFC) meeting during the annual IMF-World Bank meetings in Washington September... View Photo »
Australia's Deputy Prime Minister and Treasurer Wayne Swan (L) and Brazil's Finance Minister Guido Mantega (R) attend a G20 development meeting during the annual IMF-World Bank meetings in Washington September 23, 2011. View Photo »
World Bank President Robert Zoellick of the US (4th from L) and Australian Federal Treasurer Wayne Swan (5th from L) with other delegates at the 19th Australian American Leadership Dialogue in Perth, 12 August. The Australian American Leadership... View Photo »
Wayne Swan, Deputy Prime Minister and Treasurer of Australia, addresses a press conference in Sydney on July 28, 2011. Federal Treasurer Swan has called for a speedy resolution to the political impasse in the United States over the nation's debt ceiling. View Photo »
Alan Joyce (R), CEO of Qantas Airways, and Wayne Swan (L), Deputy Prime Minister and Treasurer of Australia, arrive at Sydney International Airport on July 28, 2011. Joyce said the escalating fuel price will have a greater impact on Australian air... View Photo »
Australian Deputy Prime Minister and Treasurer, Wayne Swan, speaks on the latest Consumer Price Index (CPI) figures in Sydney on July 27, 2011. The Australian Bureau of Statistics data released on July 27 showed CPI rising 0.9 percent in the June... View Photo »
CANBERRA, AUSTRALIA - JULY 10: (L-R) Treasurer Wayne Swan, Australian Prime Minister Julia Gillard and the Minister for Climate Change and Energy Efficiency Greg Combet talk during the government's announcement of the Carbon Tax plan at Parliment... View Photo »
GOSFORD, AUSTRALIA - MAY 15: Wayne Swan, Deputy Prime Minister of Australia, meets the Australian players before the International friendly match betweeen the Australian Matildas and the New Zealand Football Ferns at Bluetongue Stadium on May 15, 2011 in... View Photo »
CANBERRA, AUSTRALIA - MAY 11: Treasurer Wayne Swan receives instructions from Maurice Reilly of the National Press Club before he delivers his fourth annual post-budget address to the media at Parliament House on May 11, 2011 in Canberra, Australia. ... View Photo »
Wayne Maxwell Swan (born 30 June 1954) is an Australian politician. He has been an Australian Labor Party (ALP) member of the Australian House of Representatives from 1993 to 1996, and again since 1998, representing the Division of Lilley, Queensland. Following Labor's win at the 2007 election, he became Treasurer of Australia in the Rudd Cabinet. Full Article
Australia's Finance Minister Wayne Swan attends the first ministerial meeting of APEC finance ministers at the APEC Summit in Honolulu, Hawaii. November 10, 2011.
View Photo »Australian Finance Minister Wayne Swan, left, Malaysian Second Minister of Finance Dato' Seri Ahmad Husni Mohamad Hanadzlah, center, and Brunei's Finance Minister Pehin Dato Adb Rahman Ibrahim talk as ministers and officials pose for the official photo during the Asia-Pacific Economic...
View Photo »Australian Treasurer Wayne Swan (L) stands with Australian Foreign Minister Kevin Rudd (R) prior to the opening ceremony of the Commonwealth Business Forum in Perth on October 25, 2011 ahead of the Commonwealth Heads of Governments Meeting (CHOGM). The CHOGM talks, to be opened by...
View Photo »Australia's deputy prime minister and treasurer Wayne Swan (C) and Italy's Minister of Economy and Finance Giulio Tremonti (L) arrive for a family photo before the International Monetary and Financial Committee (IMFC) meeting during the annual IMF-World Bank meetings in Washington September...
View Photo »Australia's deputy prime minister and treasurer Wayne Swan (L) and Germany's finance minister Wolfgang Schaeubleat attend the International Monetary and Financial Committee (IMFC) meeting during the annual IMF-World Bank meetings in Washington September 24, 2011.
View Photo »Australia's Deputy Prime Minister and Treasurer Wayne Swan (L) and Brazil's Finance Minister Guido Mantega (R) attend a G20 development meeting during the annual IMF-World Bank meetings in Washington September 23, 2011.
View Photo »World Bank President Robert Zoellick of the US (4th from L) and Australian Federal Treasurer Wayne Swan (5th from L) with other delegates at the 19th Australian American Leadership Dialogue in Perth, 12 August. The Australian American Leadership Dialogue is a private bipartisan...
View Photo »Wayne Swan, Deputy Prime Minister and Treasurer of Australia, addresses a press conference in Sydney on July 28, 2011. Federal Treasurer Swan has called for a speedy resolution to the political impasse in the United States over the nation's debt ceiling.
View Photo »Alan Joyce (R), CEO of Qantas Airways, and Wayne Swan (L), Deputy Prime Minister and Treasurer of Australia, arrive at Sydney International Airport on July 28, 2011. Joyce said the escalating fuel price will have a greater impact on Australian air travel than the federal government's...
View Photo »Australian Deputy Prime Minister and Treasurer, Wayne Swan, speaks on the latest Consumer Price Index (CPI) figures in Sydney on July 27, 2011. The Australian Bureau of Statistics data released on July 27 showed CPI rising 0.9 percent in the June quarter, with a headline inflation rate...
View Photo »CANBERRA, AUSTRALIA - JULY 10: (L-R) Treasurer Wayne Swan, Australian Prime Minister Julia Gillard and the Minister for Climate Change and Energy Efficiency Greg Combet talk during the government's announcement of the Carbon Tax plan at Parliment House on July 10, 2011 in Canberra,...
View Photo »(L to R) Inter-American Development Bank's President Luis Alberto Moreno, World Bank's Managing Director Sri Mulyani, U.S. Treasury Secretary Timothy Geithner, South Korea's Finance Minister Bahk Jae-wan and Australia's Finance Minister Wayne Swan arrive to pose with their counterparts for...
View Photo »(Top row, L-R) Wang Jun, deputy finance minister of China, stands with finance ministers Chularat Suteethorn of Thailand, Vuong Dinh Hue of Vietnam, Cesar Purisima of the Philippines, Hong Kong's financial secretary John Tsang, Lee Sush-der of Taiwan, Fumihiko Igarashi of Japan, (bottom...
View Photo »U.S. Treasury Secretary Tim Geithner, center, poses for the official photo with finance ministers, clockwise from top left, Vietnam Finance Minister Vuong Dinh Hue, Philippines Finance Minister Cesar Purisima, Hong Kong Financial Secretary John Tsang, Taiwan Finance Minister Lee Sush-der,...
View Photo »GOSFORD, AUSTRALIA - MAY 15: Wayne Swan, Deputy Prime Minister of Australia, meets the Australian players before the International friendly match betweeen the Australian Matildas and the New Zealand Football Ferns at Bluetongue Stadium on May 15, 2011 in Gosford, Australia.
View Photo »CANBERRA, AUSTRALIA - MAY 11: Treasurer Wayne Swan receives instructions from Maurice Reilly of the National Press Club before he delivers his fourth annual post-budget address to the media at Parliament House on May 11, 2011 in Canberra, Australia. Swan emphasised positioning...
View Photo »CANBERRA, AUSTRALIA - MAY 11: Treasurer Wayne Swan delivers his fourth annual post-budget address to the media at Parliament House on May 11, 2011 in Canberra, Australia. Swan emphasised positioning Australia for consumer growth in Asia and focus on returning to a budget surplus by...
View Photo »Australian Treasurer Wayne Swan delivers the Budget 2011-12 to the parliament in Canberra May 10, 2011. Australia's minority Labor government delivered its first budget on Tuesday, setting a course for a small surplus in 2012-13, while seeking to alleviate labour shortages that threaten...
View Photo »Australian Treasurer Wayne Swan delivers the Budget 2011-12 to the parliament as Prime Minister Julia Gillard looks on in Canberra May 10, 2011. Australia's minority Labor government delivered its first budget on Tuesday, setting a course for a small surplus in 2012-13, while seeking to...
View Photo »Australian Treasurer Wayne Swan holds a copy of the Budget 2011-12 at its news conference at Parliament House in Canberra May 10, 2011. Australia's minority Labor government delivered its first budget on Tuesday, setting a course for a small surplus in 2012-13, while seeking to...
View Photo »Australian Treasurer Wayne Swan talks to the media at the Budget 2011-12 press conference at Parliament House in Canberra May 10, 2011. Australia� minority Labor government delivered its first budget on Tuesday, setting a course for a small surplus in 2012-13, while seeking to alleviate...
View Photo »Front row left to right, South Africa's Finance Minister, Pravin Gordhan, World Monetary Fund President, Christine Lagarde, India's Finance Minister, Pranab Mukherjee, Mexico's Finance Minister, Jose Antonio Meade, 2nd row left to right, Argentina's Finance Minister Amado Boudou, ...
View Photo »Australia's Finance Minister Wayne Swan attends the International Monetary and Financial Committee (IMFC) meeting at the IMF headquarters building in Washington, in this April 16, 2011 file photo. The proposed ASX takeover experience has left Singapore Exchange (SGX) Chief Executive...
View Photo »(L-R) Australia's Finance Minister Wayne Swan, Belgian finance minister Didier Reynders and Britain's finance minister George Osborne speak at the beginning of the International Monetary and Financial Committee (IMFC) meeting at the IMF headquarters building in Washington April 16, 2011.
View Photo »Australia's Finance Minister Wayne Swan attends the International Monetary and Financial Committee (IMFC) meeting at the IMF headquarters building in Washington April 16, 2011.
View Photo »Australia's Finance Minister Wayne Swan attends the first ministerial meeting of APEC finance ministers at the APEC Summit in Honolulu, Hawaii. November 10, 2011.
View Photo »We simply can't squib the very large issues when it comes to building a prosperous future for our country
Hard-working small business owners have every right to be filthy with Tony Abbott and Joe Hockey for trying to block this big tax break for struggling small business, just so the Liberals can kneel at the feet of extremely profitable vested interests
Of course we can expect to see some lumpiness in investment as we go forward due to the massive scale of individual projects
We’re not immune from what’s going on in the global economy
We've taken the middle path between those who say we don't need a surplus, and those who say we should take a really big axe to spending
I want to make the point there's nothing particularly discretionary about the increase in deficit in 2011-12
I understand some people won't like this particular change but we are tightening our belt across the board, making our budget sustainable
What the Treasury does is makes its best judgment about the prospects for the year ahead, based on where we are at this point in time
It's a modest surplus, but it's one that's achievable given the growth forecast that we've got
Global economic and financial conditions have deteriorated markedly in recent months, and the risks to global stability from the European sovereign debt crisis have intensified ... Global growth prospects have been downgraded markedly in 2012, with the euro area expected to return to recession.
Global economic and financial conditions have deteriorated markedly in recent months, and the risks to global stability from the European sovereign debt crisis have intensified ... Global growth prospects have been downgraded markedly in 2012, with the euro area expected to return to recession.
The recent instability in the global economy has had obvious consequences for revenue
We are showcasing to the world the strong economic fundamentals of the Australian economy.
Committed as we are to the bonus, we decided we needed to make it sustainable over time, which is why we're resetting it at $5000
We think $5000 is a generous payment
When the baby bonus was introduced, I think it came in at about $3,000 and it's up to $5,000, so in a relatively short period of time there's been an increase of something like 70 per cent in the level of the bonus
We are experiencing the worst bout of global instability since the global financial crisis
At a time of heightened global instability, our fiscal discipline here needs to send a message to the world
No permanent resident legitimately using this tax exemption for accommodation and food expenses will lose any entitlements
Global developments have impacted on our share market, on trade outside of the mining sector and on confidence, with consumers becoming more cautious and businesses more reluctant to expand their workforce in the current uncertain global environment
I am a very strong supporter of the family payment system ... But these payments must be sustainable over time.
Despite the turbulence in the global economy, the OECD forecasts the Australian economy is still expected to grow substantially faster than its peers, with growth of 4.0 per cent in 2012 and 3.2 per cent in 2013
We need to strike the right balance between fiscal discipline and continuing to support job creation and growth, between those who say we should take an axe to the budget and those who tell us to forget about the surplus
Europe needs to understand that financial markets don't work on political timelines, and they are already a long way behind the curve
The major hit to revenues caused by Europe will obviously mean further savings in the Budget update, but we'll keep getting the balance right between fiscal discipline and supporting growth, jobs and confidence
