'Fortunate few' hit back as Wayne Swan digs in

WAYNE Swan will escalate his attack on Australia's richest people in a speech to the National Press Club in Canberra today,

WAYNE Swan will escalate his aggressive personal attack on Australia's richest individuals in a speech to the National Press Club in Canberra today.

The Treasurer will be pledging to continue his push to create policies that don't favour "the fortunate few".

Mr Swan was roundly criticised last week following the publication of his essay in The Monthly, in which he lambasted entrepreneurs Andrew Forrest, Gina Rinehart, and Clive Palmer for "undermining our equality and threatening our democracy" with "poison".

The Treasurer argued that Australia's prosperity was under threat from the nation's richest people pursuing their "vested interests", in concert with the media.

In his weekly economic note, Mr Swan said yesterday he would be "continuing the discussion" about his push for reforms that "build a stronger, fairer society".

"With the right policies and decisions, we can create an Australia with a prosperous future that provides more opportunities to more people, an Australia that gives everyone a decent shot at a decent life, and an Australia where all citizens share in the benefits of the Asian Century, not just the fortunate few," the Treasurer said.

But the fortunate few have also ramped up their campaign against Mr Swan, with Mr Forrest's Fortescue Metals Group taking out full-page advertisements in metropolitan newspapers today, labelling the Treasurer's attack as "unfair, untrue and divisive".

"For Mr Swan to demonise Andrew Forrest -- whose team built the fastest-growing mining and export company in the world from scratch -- for not paying taxes when there was no taxable income -- is an act of cynical hypocrisy," reads part of the advertisement, written by FMG deputy chairman Herb Elliott.

Mr Palmer went even further. Moments after being named a National Living Treasure at a ceremony in Sydney, the multi-billionaire said Mr Swan did not understand basic economic principles: "He doesn't know how the economy works, really. The Australian people will elect soon, at the next election, a treasurer who knows how to run the economy."

A spokesman for Mr Swan said Mr Palmer was a very big donor and supporter of the Liberal Party "and his views should be seen in that light".

Mr Swan also rubbished the advertisements by FMG. "Buying full-page ads in a major metropolitan newspapers to print a PR release devoid of critical analysis helps prove the point the Deputy Prime Minister is making," a spokesman for Mr Swan said.

"Vested interests can buy media space to get their agenda across -- working Australians don't have the same opportunity."

While Mr Palmer used yesterday's function to make a series of political points, the other newcomers to the group of 100 National Living Treasures took a less controversial stand.

Conservationist Harry Butler; creator of the cervical vaccine Ian Fraser; science guru Karl Kruszelnicki; three-time world champion Formula One driver Sir Jack Brabham; and singers Olivia Newton-John and Kylie Minogue were also recognised.