The Labor federal government prevented the Australian economy from falling into a deep recession and a consequent huge rise in unemployment, a group of more than 50 academic economists say.

Read the letter

The group, which includes professors and lecturers from the nation's leading universities, today released an open letter supporting the fiscal stimulus measures taken during the global economic downturn.

The letter comes as Labor and the opposition each continue to claim the high ground on economic management.

Opposition Leader Tony Abbott today was still refusing a leaders' debate on the economy ahead of the federal election on Saturday, but described Labor's fiscal record as "laughable".