Australian economy 'improving faster than expected'

An Australian government minister has said the country's economy is improving faster than predicted at the time of the last budget, something that may help boost the country's property market.

Treasury minister Wayne Swan said the figures in the Mid-Year Economic and Fiscal Outlook showed that the prospects for economic growth, employment levels and public debt have all got better.

Such an outlook "underscores Australia's position as the strongest performing advanced economy in the world", he said.

This will see economic growth of 1.5 per cent in this financial year and 2.5 per cent expansion in 2010-11, Mr Swan predicted.

People thinking of investing in property in Australia may be encouraged by the way the country has come through the downturn and is facing the future with optimism.

Last week, figures from Australian Property Monitors revealed that in the three months to September, the average house price in a state or territory capital city rose by 3.7 per cent, while units were up by 3.4 per cent.

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