Economic performance 'remarkably good'

Wednesday, 25 Jul 2012

Australia's economic performance has been "remarkably good" against a difficult international background, the Reserve Bank of Australia's governor Glenn Stevens has emphasised.

He explained that many visitors to the country are aware of this success and are therefore interested in making investments in Australia, which may positively impact the financial markets.

Addressing The Anika Foundation Luncheon, he noted that there are nevertheless some concerns about the future of the Australian economy.

"There are several themes to these doubts, but the common element is that recent relative success owes a certain amount to things that will not continue - to luck - and that our luck may be about to turn," Mr Stevens commented.

The governor emphasised that it may not be possible to turn around the views of the sceptics and that some of their views may be valid.

Leader of the opposition Tony Abbott recently applauded Australia's economic success while on a visit to the New York Stock Exchange.

He acknowledged that there are some "fundamental strengths" to the economy, despite some concerns being raised about the validity of government policy.