Australian Treasurer Wayne Swan said on Friday the Australian economy is faring better than other industrialized countries.

"There is resilience in the Australian economy that many other developed countries don't have. But having said that, because the rest of the world is contracting as sharply as it is, it does have impacts on this country," Swan said in a statement.

Swan was speaking to reporters on Friday after the announcement of an expansion project at the Arnott's Virginia bakery in Brisbane.

(Xinhua News Agency March 27, 2009)