Australian economy to grow 3.25% in 2010-11

SYDNEY, (AFP) -The Australian economy is set to grow 3.25 percent in the 2010-2011 financial year, Treasurer Wayne Swan said Tuesday in his mid-financial year economic outlook.

Swan also said despite a surging Australian dollar, which is trading at its highest levels since being floated in 1983, cutting into tax revenues, the government was on track to return the budget to surplus in 2012-2013.

“This mid-year update confirms that our budget is in fantastic shape with the fastest positive turnaround in the budget on record and public finances the envy of the developed world,” Swan said.