IMF gives thumbs up to Australian economy

SYDNEY - Australian Treasurer Wayne Swan said on Friday that the latest International Monetary Fund (IMF) assessment of Australia has given the country's economy a thumbs up.

"(It is) a vote of confidence in our economic fundamentals in this country, solid growth, low unemployment, strong investment pipeline, lower interest rates and rate of inflation," he told reporters.

"It sends a message to the world about the strength of our economy, it gives maximum flexibility to the Reserve Bank to adjust monetary policy."

He said that the IMF endorsed Australia to return the budget to surplus despite a sharp global economic downturn.

"If you read the IMF report, they've endorsed a return to surplus and the reasons for it," he said.