A year that most of would rather forget is now fading fast.

But the Federal Treasurer, Wayne Swan, says we still have reason to be proud.

“It should remain a source of pride to all Australians that we have achieved what virtually no other country could over the past year,” Mr Swan said, in a statement he has just released.

In short, the Treasurer said, Australia had avoided a recession, and “some of the destruction” that goes with it, despite the financial meltdown at the start of the year.

He said, too, that:-”Employers and employees deserve credit for doing the right thing by each other and the nation.”

Employers had cut hours, rather than jobs, when the crisis struck.

That had prevented an even bigger rise in Australia’s unemployment.

Mr Swan said he would also like to acknowledge the dedicated work that people in his department, the Federal Treasury, had done over that time.

So what lies ahead?

Access Economics says Australia’s shopkeepers can expect no more than mixed results, from this year’s Christmas trading

In fact, Access said, the nation’s retailers had seen their Christmas early this year, when the Federal government’s $900 cheques spurred consumer spending.

There have been subsequent signs, too, that the nation’s shoppers are cautious.

The Roy Morgan organisation, for example, reports that consumer confidence fell by 4.4 points last week.

However, it noted also, that confidence levels are still 22.5 per cent higher than they were a year ago.