THE NEWS WRAP: Swan hopes GDP growth figures will change economic conversation

Federal Treasurer Wayne Swan has claimed that yesterday’s strong GDP figures would put the “doomsayers” of Australia’s economy “back in their box.”

Swan said that he hoped the National Accounts figures, which showed the Australian economy grew by 1.3% in the March quarter, would help change the tone of conversation about Australia’s economic credentials.

However, the Coalition would not concede that the government should take any credit for the result, with shadow treasurer Joe Hockey saying: “”This does demonstrate the resilience of the Australian people in the face of a flawed government.”

Banks urged to pass on rate cut

The debate over whether Australia’s big banks will pass on interest rate cuts has fired up yet again, with politicians from both sides calling for the latest cut to be passed on in full.

However, Steven Munchenberg, chief executive of the Australian Bankers’ Association, told ABC News 24 that banks’ margins have been falling and they needed a “buffer” from the economic turmoil in Europe.

LinkedIn investigates password hack

Six million user passwords of online networking site LinkedIn have been leaked onto the internet, according to reports.

LinkedIn said it was investigating claims that it had been hacked into, with passwords published on a Russian web forum. 

Overnight

The Australian dollar was up to US99.27 cents.