Fed: Economy not out of the woods yet says Swan
15 Jun 2009 11:55 PM
CANBERRA, June 15 AAP - Treasurer Wayne Swan has cautioned against believing Australia is out of the woods when it comes to trouble on the economic front.
Some experts are now suggesting Australia has shaken off the worst of the economic storms, after figures this month showed the economy continuing to expand.
"I still think we've got a long way to go through this global recession," Mr Swan told ABC TV.
Recent national accounts data showed there were still problem areas, such as the withdrawal of private sector investment.
"That will have a dramatic impact on employment in this economy and employment in other economies," Mr Swan said.
"The other problem we have to face is that our terms of trade are declining, effectively that means that national income is being cut.
"So for some time to come there will still be a rocky road ahead."
