Treasurer Wayne Swan said that Australia's economic expansion was not based on luck but because of the government's efforts and its “foresight to do what was right.”

While the government continues to hold consultations and talks with the mining industry over the 40 per cent resources super profits tax, Mr. Swan told delegates during a Canberra International CEO Forum that major reform did not turn out quite easy.

The Australian economy will move into its 20th year of economic expansion. Mr. Swan said the progress was not because of good fortune or good luck.

"It's because governments - of both political persuasions - had the foresight and political courage to do what was right in the national interest."

He also attributed the major reform from the compulsory superannuation, from the strong Australian dollar, and the pull-out of tarrifs.

"It's because governments - of both political persuasions - had the foresight and political courage to do what was right in the national interest."

Mr. Swan also stressed that the super profits tax will boost Australia's economic foundation, uplift superannuation, build new infrastructure and make businesses more competitive.

Australia may also be enjoying a $6 billion investment fund for infrastucture during the next decade so that resource sector will grow sustainably.

"It will help ensure that as the next phase of our expansion takes hold, our ports won't be straining, our rail network won't be poor and our roads won't be so clogged," the Treasurer said.