Nobel-laureate Joseph Stiglitz said on Friday that Australia has the Labor-led government to thank for when it steered the country out of harm's way during the 2008 global financial crisis, indicating that such track record is hard to ignore when the time comes for electing new set of leaders come the August polls.

The former World Bank chief economist said that the Labor Party carries the better economic credentials in leading the country again while he decried right-leaning politicians for their tendency to push Australia into financial downturn.

Professor Stiglitz told AAP that Labor did a fantastic job in saving the country's economy at the height of the worldwide economic crisis while those who criticise the government could not draw on any solid foundation for their arguments against the economic policies implemented by the party.

The former US economic adviser clarified that the election issues must all boil down into the question of who is likely to do a better job as Australia aims to move forward as he warned that economic advisers being praised by the other end of the country's political divide were the ones guilty of ushering the United States into its current economic woes.

Professor Stiglitz argued that praising the personalities "who were the architects of the global financial crisis suggests that your economic ideas might lead this country into difficulty."

He added that on the other hand, the Labor Party excelled especially at a time when the country needed firm and sound economic decisions, which eventually spared Australia from the financial ruins suffered by most economies.

Also, Professor Stiglitz voiced out his support for the federal government's proposed mining tax as he expressed no surprise that giant resource companies were raising howl on the tax measures.

He recalled that the US government had a similar experience during his stint with Bill Clinton's administration, as he dismissed the industry's protestations as mere reflection that "the mining companies do not want to pay their fair share," though he admitted that the resource sector had surprisingly pushed forward significantly strong arguments on their position against the minerals resource rent tax.