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".

At the launch of Labor's election campaign in Brisbane, Prime Minister Julia Gillard said the economy had emerged from the downturn in a strong position.

The open letter on Labor's financial management was signed by 51 economists led by Raja Junankar, Emeritus Professor of the University of Western Sydney and visiting fellow at the University of NSW School of Economics.

It was also signed 15 other professionals in law, social policy and economics, as well as union advisers, taking the total signatories to 66.

"We the undersigned economists are convinced by the evidence that the coordinated policies of the Australian Labor government have prevented the Australian economy from a deep recession and prevented a massive increase in unemployment," the letter said.

It said the first stage of the stimulus, which involved cash handouts to taxpayers, had helped boost confidence in the retail sector.

The second stage, which included first home owners grant boosts and the Building the Education Revolution program, had supported construction and created jobs, it said.

"In almost all the OECD countries there has been a massive increase in unemployment and in budget deficits," it said.

"In Australia both have been trivial by comparison."

It added: "The performance of the Australian economy has been outstanding."

The letter comes after Nobel prize winning economist Joseph Stiglitz said Labor had "done a good job" during the crisis.

The academic economists who signed the open letter are from institutions including the University of Sydney, University of NSW, Curtin University, Macquarie University, Monash, La Trobe and the University of Western Sydney.

A total of 17 University of NSW academics signed the open letter, while the University of Western Sydney had 11 and University of Queensland and Sydney University each had four academics listed.

The list also included an economist from Imperial College London, another from University of Leeds and three from the each of the ACTU, Australian Manufacturing Workers Union and Australian Workers' Union.

AAP