. BusinessDay economic survey: Low dollar the bright spot in ordinary year ahead

Leading economists have rejected the federal government's claims of a ''budget emergency", saying it is only a medium-term "problem" rather than a crisis, which should be dealt with sooner rather than later.

"Australia is not facing a budget or a public debt crisis right now": AMP Capital chief economist Shane Oliver. Credit:Nic Walker

The economists who took part in BusinessDay's midyear economic survey also rejected the notion of a "debt crisis''. One said it was an abuse of the language to apply the term to Australia.

Fairfax Media surveyed 25 of Australia's leading economists late last month, drawing on the expertise of big banks, universities, private wealth funds, unions and industry groups.