International Monetary Fund (IMF) issued a report on Wednesday showing that Australia is among the developed countries which managed to have a strong economy that would withstand any unexpected drops or instabilities in the global market.

The report came after series of attacks directed by the opposition toward Australia’s Labor, claiming that the Government has been overspending through the past year, thus threatening the safety of the country’s economy during recession.

The report also added that any increase in the number of indebted European countries does not show any prospect of increase, as most of the countries are now cautions of any repeated scenario of the earlier financial crisis.

The report was authored by Carlo Cottarelli, the Director of Fiscal Affairs, and Andrea Schaechter, a Senior Economist, who analyzed the data of countries with advanced economy. The main criterion that was under the heaviest deal of scrutiny was the debt limit and how Government adapted to maintain a reasonable budget within this limit. 

The report added that the US and the UK are not among the countries with ‘stable’ economy, stating, "An absence of fiscal space should not be taken to mean that some form of fiscal 'crisis' is imminent, or even likely, but it does underscore the need for credible adjustment plans".