FEDERAL Finance Minister Penny Wong says a strong budget position is critical to Australia's success in the Asian Century.
She told a conference in Melbourne on Thursday the Labor government won't allow itself to be deterred from its medium-term fiscal strategy, even in an election year.
"It is the foundation on which all the policies in the (Asian Century) White Paper stand and it is vital to securing Australia's prosperity in the Asian Century," Senator Wong told the AsiaLink business lunch.
"A strong budget position enables investments today in tomorrow's drivers of growth.
Senator Wong said the government stood by its fiscal plan to achieve budget surpluses over the medium term, keep taxation as a share of gross domestic product below the 2007/08 level and improve the government's net financial worth over the medium term.
"Despite the hyperbole from some, our budget position is shaped by revenue weakness, not a huge expansion in outlays," she said.
"We will ensure our fiscal settings are appropriate for our economic circumstances and to protect jobs."
But Senator Wong warned that Australia's geographic advantage wasn't a guarantee of success in Asia.
Australian must retain the open mindedness and cultural diversity that was fundamental to its society and economic prospects, she said.
"When we talk of the Asian Century, it is not an event in which we are spectators. Rather, we are part of Asia and therefore we will be part of Asia's growth."
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