Treasurer nails financial progress figures


AAP FactCheck Investigation: Is Australia’s financial system rising at a sooner price than any G7 nation, bar the US?

“… We (Australia) are rising sooner than any G7 nation, besides the US …”

Treasurer Josh Frydenberg. April 16, 2019.

True – The checkable claims are all true.

Treasurer Josh Frydenberg claims Australia’s financial system is rising sooner than any nation within the G7, bar the US. [1]

AAP FactCheck contacted Mr Frydenberg’s workplace to confirm the supply of his declare. The treasurer’s workplace mentioned the supply for the Australian figures was the 2018 calendar yr Nationwide Accounts.

Australia’s financial system grew by 2.7 per cent within the calendar yr 2018, in line with the Nationwide Accounts. [2]

The Group of Seven or G7 is a discussion board arrange in 1975 of the world’s largest developed nations – France, Germany, Italy, Japan, the US, the UK and Canada. The G7 is taken into account the very best framework for international financial coordination. Since 1987, G7 finance ministers and central financial institution governors have met twice a yr. [3] [4]

Utilizing Worldwide Financial Fund information to match Australia’s financial progress with G7 nations for 2018, Mr Frydenberg’s declare is right.

Australia’s progress of two.7 per cent final yr outstripped Canada (1.Eight per cent), France (1.5 per cent), Britain (1.Four per cent), Germany (1.Four per cent), Italy (0.9 per cent) and Japan (0.Eight per cent). The US was the very best performer with financial progress of two.9 per cent. [5]

Utilizing the 2018 calendar yr as a measure, Mr Frydenberg’s declare is correct.

True – The checkable claims are all true.

1: ‘Federal election 2019: Coalition surplus forecasts ‘heroic’, thinktank says – politics stay’, by Amy Remekis. The Guardian. April 16, 2019: https://www.theguardian.com/australia-news/stay/2019/apr/16/federal-election-2019-tax-health-labor-liberal-coalition-morrison-shorten-politics-live?web page=with:block-5cb5129a8f08ce46f07f00c9#liveblog-navigation

2: ‘Nationwide Accounts- December Quarter 2018’, by Josh Frydenberg MP. Press Launch. March 6, 2019: https://joshfrydenberg.com.au/wp-content/uploads/2019/03/Treasurer-Media-Launch-Nationwide-Accounts-December-quarter-2018.pdf

3: ‘A Information to Committees, Teams and Golf equipment’. Worldwide Financial Fund. March 8, 2019: https://www.imf.org/en/About/Factsheets/A-Information-to-Committees-Teams-and-Golf equipment#G7

4: ‘Function of the G7’. European Fee: https://ec.europa.eu/data/food-farming-fisheries/farming/international-cooperation/international-organisations/g7_en

5: Worldwide Financial Fund: https://www.imf.org/en/International locations/DEU#countrydata

https://www.imf.org/en/International locations/JPN#countrydata

https://www.imf.org/en/International locations/GBR#countrydata

https://www.imf.org/en/International locations/CAN#countrydata

https://www.imf.org/en/International locations/FRA#countrydata

https://www.imf.org/en/International locations/ITA#ataglance

https://www.imf.org/en/International locations/USA#countrydata

https://www.imf.org/en/International locations/AUS#countrydata

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