AUSTRALIA'S economy has overtaken Spain's to become the 12th-largest in the world, according to the Government's analysis of new International Monetary Fund (IMF) data.
Treasurer Wayne Swan has described the result as a "remarkable achievement" given Australia's relative population size.
"Since the Government came to office, Australia has moved up three places from 15th-largest economy to now be the 12th-largest economy in the world," Mr Swan said.
"Since 2007, Australia's economy has surpassed the economies of South Korea, Mexico and now Spain.
"These are three very different economies from three very different parts of the world, further highlighting the exceptional performance of our economy."
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