Hours and pay down in Oz

Australians are working substantially fewer hours and earning less income in the current economic downturn, Treasurer Wayne Swan says.

An OECD report, released on Wednesday, says the federal Government's A$42 billion ($51.5 billion) stimulus package has minimised job losses.

Between 150,000 and 200,000 jobs would have been shed in 2009, the OECD believes, had the stimulus measures not been applied.