Secret to Oz success in surviving financial crisis

Australians proved to be adept at cutting back on personal spending in order to survive the global financial crisis, according to new figures.

Official Budget figures for the last financial year have suggested that Australians cut back on drinking beer, smoking and driving, the Daily Telegraph reported.

According to the report, excise collected by the government on beer, cigarette and petrol sales during the global economic downturn was millions of dollars lower than had earlier been estimated.

Figures released by treasurer Wayne Swan showed that the loss of revenue was $50 billion for the financial year 2209-10 when compared to forecasts issued in 2008.

However, despite the fall, the figures show that the government is se to return to surplus by 2013.

"The central objective for advanced economies was to halve their Budget deficits by 2013 – we are coming back to a surplus by 2013," Mr Swan told the newspaper.

"When this economy was threatened we took very decisive, swift and effective action that produced outcomes here that are truly the envy of the rest of the world."

This article is brought to you by Mozo – Helping you compare savings accounts