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Australia: Resilient to Global Instability |
| Source: |
fijitimes.com |
| Source Date: |
Saturday, August 25, 2012 |
| Focus: |
ICT for MDGs
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| Country: |
Australia |
| Created: |
Aug 28, 2012 |
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AUSTRALIA'S economy is in a strong position to weather uncertain conditions offshore, Reserve Bank of Australia governor Glenn Stevens has said. Speaking to a House of Representatives Economic committee yesterday, Mr Stevens said changes to Australian banks following the global financial crisis had made Australia more resilient to recent global instability. "Our reliance on foreign funding for banks is lower than four years ago because of how banks have changed their funding structure," he said. "We're well equipped to handle things that could go wrong.
Bad things can happen, but we should have quiet confidence that we should manage." Mr Stevens said although house prices remained high in Australia, household debt was being managed well.
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