JOINT MEDIA RELEASE 

Wayne Swan MP

TREASURER

 AND

Bill Shorten MP 
MEMBER FOR MARIBYRNONG

UPDATE: STRONG NATIONAL ECONOMY SUPPORTS JOBS IN MARIBYRNONG

Federal Labor Member for Maribyrnong Bill Shorten has joined with Federal Treasurer Wayne Swan to update the  electorate of Maribyrnong* on the state of the national economy and what it means for local families and working people. 

The 2011‑12 Mid-Year Economic and Fiscal Outlook (MYEFO) released today forecasts solid economic growth, low debt and a return to surplus in 2012‑13, despite a significant deterioration in global conditions in recent months cutting $20 billion from government revenues, Mr Shorten said.

“Although the turbulence in the global economy is having an impact on Australia and our budget bottom line, Australia remains in a stronger position than just about any other developed economy.

“The Government’s strong and stable economic management means more people are in work and bringing home a weekly pay packet to their families in Maribyrnong.

“When my family watches the news and sees so many people out of jobs in Europe, we sometimes forget just how bad it could have been if it weren’t for the Government’s swift response during the Global Financial Crisis,” said Mr Shorten.

Federal Treasurer Wayne Swan said, “During turbulent global times, the Gillard Government has acted to keep people in jobs and keep the economy strong for low and middle-income Maribyrnong families.

 “The turmoil in Europe has meant we’ve had to tighten our belts and defer some spending so that our public finances remain strong – but we’re confident we’ve struck the right balance,” said Treasurer Wayne Swan

The MYEFO is available at www.budget.gov.au

* Suburbs in the Maribyrnong electorate include: Aberfeldie, Airport West, Albion, Avondale Heights, Brooklyn (part), Essendon, Essendon North, Essendon West, Kealba, Keilor East, Keilor Park, Maribyrnong (part), Moonee Ponds, Niddrie, St Albans (part), Sunshine, Sunshine North and Tullamarine (part).

[ENDS]

Media Contact: Kieran Barns-Jenkins (03) 9326 1300