AUSTRALIA has been described as the "Iron Man" of the major industrialised nations, after producing 21 years of uninterrupted economic growth and building conditions that should help insulate it from future global challenges.
In its latest survey of Australia, the Organisation for Economic Co-operation and Development (OECD) says the nation weathered the 2008-2009 global economic crisis well, due to its sound macroeconomic policies and supporting demand from China.
"Australia's long period of uninterrupted economic growth makes it the Iron Man among OECD countries," OECD Secretary-General Angel Gurria said in a statement on Friday.
But the Paris-based institution said the federal government should be prepared to delay its promised 2012/13 budget surplus if conditions deteriorated, even though the current interest rates and fiscal setting were appropriate for sustained growth.
"While monetary policy should be the first line of defence, if a new, full-scale global crisis of a similar magnitude as in 2008-09 breaks out, fiscal expansion to support activity would be warranted," its said.
The OECD's assessment came as speculation continued to mount that the Labor government would ditch its forecast $1.1 billion surplus for this financial year because of the impact of falling tax revenues, against a backdrop of softer commodity prices.
Chief government whip Joel Fitzgibbon has fanned the flames by saying Australians would understand if the government gave up the surplus if conditions remained bad in the international market place.
Prime Minister Julia Gillard said Mr Fitzgibbon was entitled to his view, but she and cabinet decided policy.
She pointed to the surplus and trend growth forecasts in the mid-year budget update.
"We work with the Treasury forecasts," she told ABC radio.
Shadow treasurer Joe Hockey said Labor's surplus plans were in "tatters".
"The man who is meant to enforce discipline in their own ranks ... is even now breaking ranks with the government," he told reporters in Sydney.
The OECD said while Australia had a positive outlook, the potential for a worsening crisis in Europe would be a challenge.
Australia also faced risks from a substantial weakening of growth in China and other Asian countries.
"A sharper than expected slowdown in this part of the world would reduce exports, the terms of trade and, most likely, the real exchange rate," the OECD said.
It forecast the economy to grow at three per cent in 2013, after a robust 3.7 per cent expansion in 2012 and moderate growth of 2.3 per cent in 2011.
Treasurer Wayne Swan said the report was another reminder that Australians had a lot to be proud of.
"Once again our economy stands tall amongst its peers, with 21 consecutive years of growth, robust economic fundamentals and a positive outlook in the face of acute global challenges," he said in a statement.
The OECD made a number of recommendations, saying Australia should raise the GST rate and broaden its base, and expand the coverage of the mining tax beyond coal and iron ore.
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