Finance minister expects rapid economic rebound
The Australian economy will receive a much-needed boost thanks to a "record mining boom", finance minister Penny Wong has said.
Speaking to Bloomberg Television, she said a A$430 billion investment injection into minerals and energy will play a central role in the country's economic growth – good news for Australians wanting to compare savings accounts.
She claimed that Australia's financial future is bright.
Although gross domestic product fell by 1.2 per cent during the previous three-month period, the largest decline since 1991, Ms Wong said: "We have to take a step back and look at what's coming."
She also explained that prime minister Julia Gillard's government wants to bring the budget back into the green by 2013.
Meanwhile, assistant treasurer and minister for financial services and superannuation Bill Shorten recently revealed that low-income workers earning up to A$37,000 a year will have their current tax contribution of 15 per cent refunded from July 2012.