Australian Economy Has Emerged From Global Recession

“Australia has emerged from the global recession with one of the strongest economies in the developed world,” Rudd said in a speech in Melbourne today, according to a government transcript. “We must now work hard to capitalize on that position as we move through the economic recovery phase and return to economic growth.”

Rudd, 52, said the government will cap its spending and concentrate on infrastructure, skills and productivity to create a “sustainable economic future.”

Australia’s economy grew at its fastest pace in almost two years in the fourth quarter, boosted by government spending and surging business investment. The Reserve Bank of Australia this month raised borrowing costs for the fourth time in five meetings.