Australia's Swan named world's top finance minister

Australian Treasurer Wayne Swan was named Euromoney's Finance Minister of the Year for his work in steering the country through the global financial crisis. The accolade was bestowed by the London-based finance and banking publication, with the Labor politician due to receive the award at a ceremony in Washington on Sunday ahead of a meeting of the International Monetary Fund. Mining-driven Australia was the only advanced economy to weather the global downturn without entering recession, thanks largely to the resilience of key export markets such as China. It is only the second time an Australian has won the award in its 29-year history, with Paul Keating the other recipient in 1984. In a statement, the magazine on Wednesday said Swan was chosen for his "careful stewardship" of Australia's finances and economic performance both during and since the global crisis. "Throughout that time, Australia has not only avoided falling into recession, but has been the best performing of the world's developed market economies," Euromoney said. "Australia's position within the global financial community has never been stronger than it is today." Swan acknowledged the part played by the economic reforms of the previous administration of John Howard and Peter Costello, but said it was Australian people and businesses who had made the economy one of the world's strongest. "I think the most important thing today is to acknowledge what this award is all about, and what it's about is all of those Australians who stayed in work because of what Australia did during the global financial crisis," he said. "It's all those small businesses that kept their doors open. That's what it's about. It's not about individuals; it's all about what we did together." World Bank president Robert Zoellick said the accolade was a "significant and deserved" honour, and a "tremendous achievement" under tough economic conditions. "Australia's economic fundamentals are strong, strengthening Wayne Swan's global influence," he said. Swan has been treasurer since Labor came to power in November 2007. But opposition treasury spokesman Joe Hockey said it was hard to take the award seriously. "The real recipient of this award should be Peter Costello, who laid the groundwork for Wayne Swan," he said. "If it wasn't for the heavy lifting done by the previous government, the Australian economy wouldn't be in the position it's in today."