Get notifications in real-time for staying up to date with content that matters to you.
Economic growth and household incomes will slow over the coming years but Australia remains well poised to avoid recession according to the RBA.
Reserve Bank deputy governor Ric Battellino said yesterday that while the economic outlook remained uncertain there was no evidence that Australia was falling into recession.
“Australia managed to sidestep the 2001 global recession. Can it do that again?
“That is certainly what we are aiming for and there is nothing in the data to date to suggest that we are off track,” he said.
Mr Battellino said it was important to remain optimistic and urged people to remember the nature of economic cycles.
“While nobody can predict accurately all that lies ahead it is important not to become too pessimistic because fundamentally household finances and the economy more generally remain in good shape,” he said.
“The truth is that the economy cannot always grow above average and it certainly cannot maintain the pace of the past five years.”
“These periods [of below average growth] provide the economy with the breathing space to sustain the expansion,” he said.
Published: 31-10-08
PROMOTED CONTENT
Today's other news
The non-major bank has teamed up with a credit reporting firm to ...
At-risk women living in SA will be given access to free financial...
Napoleon Finance broker and director Sam Carello has revealed his...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Do you expect mortgage applications to increase or decrease over Summer?
