Budget will pay for Gonski reforms: Swan

FEDERAL Treasurer Wayne Swan will outline the savings in May's budget to pay for the government's school reform plan.

Mr Swan says investment in education is a priority for federal Labor and Australia.

"As a country, we're kidding ourselves if we think we can stroll complacently into the Asian Century assuming we'll enjoy economic wealth without developing the skills we need to harness its opportunities," Mr Swan said in his weekly economic note on Sunday.

The treasurer said the government's proposed Gonski school reforms were central to improving skills and education.

"We will put in place the savings to ensure it's a key part of this year's budget," he said.

The treasurer will hand down his sixth budget on May 14.

The Gonski review proposed an extra $6.5 billion spending in total by the commonwealth, states and territories for schools.

Mr Swan is yet to outline the spending cuts or areas where more money will be raised to pay for Gonski and the National Disability Insurance Scheme.

He also lauded the latest economic growth data, which he said showed why Australia had one of the lowest jobless rates in the developed world.

Australia's economy grew by 0.6 per cent in the December quarter for an annual rate of 3.1 per cent, according to official data released last week.

Mr Swan said Australia's job market remained one of the most resilient among developed countries despite local firms becoming circumspect in employing more workers.

"We know that ongoing global uncertainty, the sustained high dollar and changing consumer patterns have made some businesses more cautious in their hiring," he said.

The eurozone's unemployment rate rose to a record 11.9 per cent in January, while the US rate was 7.7 per cent last month.

Local jobs data will be released on Thursday.

The market forecast is for 10,000 jobs to be added in February while the unemployment rate is tipped to rise 0.1 percentage points to 5.5 per cent.

Mr Swan again attacked the opposition for its plans to roll back income tax cuts linked to the carbon tax if elected in September.

"Under the Liberals' changes, seven million Australians will have their taxes hiked up," he said in a statement.

"For a mum and dad earning $65,000 each, the Liberals' tax hike would mean their family would pay $600 more a year in income tax alone, while Tony Abbott himself would only pay an extra $3."

The treasurer said the government would introduce legislation in the next fortnight to provide more funding for the independent parliamentary budget office to cost the policies of all political parties.

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