SYDNEY - AUSTRALIA on Thursday welcomed a 'big tick' on its efforts to beat the global downturn after receiving glowing progress reports from the Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF).

Treasurer Wayne Swan said the reports endorsed Canberra's moves to slash interest rates and implement a massive spending boost, which have already helped the country avoid a technical recession.

'The IMF report makes it absolutely clear that the Australian government put the stimulus packages in place at the right time and (at) the right strength', he said.

The IMF raised its growth forecast for Australia to negative 0.5 per cent this year - up from negative 1.4 per cent - and predicted a 1.5 per cent expansion for 2010.

Meanwhile the OECD said Australia's economy would contract just 0.4 per cent this year, the best among its 30 members.

'The Australian economy is the strongest performing economy of all major advanced economies with lower borrowings and lower deficits', Mr Swan told public broadcaster ABC.

'In effect, there's big tick for the economic stimulus package, particularly in the IMF report', he added.

Australia registered 0.4 per cent growth in the three months to March, defying widespread expectations that it would fall into recession, defined as two consecutive quarterly contractions.

The government has pumped more than US$50 billion (S$73 billion) dollars into the economy since late 2008 to fight the downturn, while the central bank has aggressively cut interest rates to spur demand. -- AFP