16 Nov 2012

3.25% growth for Australia seen by IMF

8:05 pm on 16 November 2012

The International Monetary Fund is forecasting growth in Australia of 3.25% in 2012 - faster than any major advanced economy.

The report - the 2012 IMF Article IV Staff Report and Financial Sector Assessment Programme - also found that Australia's financial regulatory and supervisory framework exhibited a high degree of compliance with international standards.

However, AAP says the report makes it clear that Australia is not immune from the fallout from future intensification of the European debt crisis, or turmoil in international financial markets.

Treasurer Wayne Swan says the IMF is very supportive of government budget rules that strike a balance between the benefits of reducing public debt and the need to contain any adverse impact on economic growth.

"The government understands that not everyone is doing it easy, but reports like these demonstrate why all Australians can be proud of what we have achieved working together in the face of acute global challenges," Mr Swan said in a statement on Friday.