Swan says economy in 'good nick' Federal Treasurer Wayne Swan insists the economy is in "good nick" even though the government has been unable to achieve a budget surplus. The economy had outshone "pretty much all others" in the developed world, he said. Mr Swan, in his sixth and possibly last budget on Tuesday, delivered another deficit on the back of a $17 billion hit to revenue forecasts. His first budget surplus is forecast for 2015/16 after a balanced result a year before that. But the treasurer argues the government's budget position is not a reflection of the Australian economy. "You can't say because we're in deficit now, although we're coming back into surplus, that the economy is not in good nick," he told the Nine Network on Wednesday. Mr Swan cited low unemployment, record low interest rates and strong investment as evidence of the economy's strength. As well, major ratings agencies had endorsed the government's fiscal strategy. "We've got a AAA rating from three major global rating agencies for the first time in our history," he said. Mr Swan defended government spending, saying it was running at about the average of the past 30 years. The treasurer said he did not accept the business community had lost confidence in him. "The sort of outcomes we've got here are recognised by senior business people in Australia as being outstanding," he told ABC radio. Mr Swan also denied his credibility was gone since it was previously tied to guaranteeing a budget surplus. "When conditions change in the global economy, responsible governments change as well," he told Fairfax Radio. I think we've got the big economic calls right, again, in the face of one of the biggest revenue writedowns in our history.