Australia 'well positioned' to cope with global turmoil

Thursday, 21 Jun 2012

Any future turmoil in the global financial markets is not expected to impact Australia as much as other nations, Martin Parkinson has explained.

The secretary to the Treasury told delegates at the CEDA State of the Nation 2012 conference how well the country is positioned to cope with change.

"This is due both to the underlying strength of the economy and to the significant resilience and flexibility we have across all arms of economic policy," he explained.

Dr Parkinson highlighted that some imbalances emerged in the economy over the past decade, but these are slowly starting to recede.

He urged Australians to show confidence in their economy as it is well placed to respond to volatility and continue its strong performance.

Parliamentary secretary to the treasurer Bernie Ripoll recently emphasised that bringing Australia's Budget back to surplus should help underpin the strength of the economy at a time of global turmoil.

He said at the launch of the ANZ MoneyMinded Impact Report that the Budget was designed to spread the benefits of the mining boom across the whole country to harbour sustainable growth.