Treasurer Wayne Swan says Labor's management of the budget has paved the way for interest rate cuts. Source: AAP
TREASURER Wayne Swan says the federal government's "responsible budget management" has helped save the typical mortgage-payer around $4500 a year in repayments.
Mr Swan used his weekly economic note to draw attention to the International Monetary Fund's (IMF) assessment of Australia's economy, released last week.
"(The IMF) makes the point the forecast return to surplus gives the Reserve Bank more room to move on interest rates," the treasurer said on Sunday.
"That's something that has been demonstrated time and time again over the past year with the equivalent of six cuts to the official cash rate."
Mr Swan pointed out that for a family with a $300,000 standard variable mortgage, the government's "responsible budget management" had helped deliver a saving of around $4500 a year in repayments compared to when the government came to office.
Meanwhile, government data released on Friday showed the budget deficit in August was $398 million wider than the Gillard government had forecast in its May budget.
CommSec chief economist Craig James said the data suggested the government had some work to do to reach its goal of delivering a budget surplus in 2012/13.
"The prime minister has referred to Australia's budget as the seventh economic wonder of the world," Mr James said in a statement.
"Certainly if the government does achieve the feat of returning the budget to surplus this year, it will be remarkable - even with accounting tricks - but there is still a long way to go to reach the aim."
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