Australia better placed than most in financial crisis
While Australia will not be immune from the global economy crisis, it is better placed than most to withstand it, says Finance Minister Lindsay Tanner.
He told the Financial Services Symposium in Melbourne last week that at a time of international financial market turmoil “not seen for many decades”, the local sector and economy still has many strengths.
He says the International Monetary Fund’s World Economic Outlook released last week puts Australia fourth in the world for banking system security. In comparison, the US ranked 40 and the UK ranked 44.
“While noting that many of the ‘major advanced economies are already in or close to recession’, the IMF also forecasts ongoing growth for the Australian economy of 2.5% in 2008 and 2.2% in 2009,” Mr Tanner said.
He told the Financial Services Symposium in Melbourne last week that at a time of international financial market turmoil “not seen for many decades”, the local sector and economy still has many strengths.
He says the International Monetary Fund’s World Economic Outlook released last week puts Australia fourth in the world for banking system security. In comparison, the US ranked 40 and the UK ranked 44.
“While noting that many of the ‘major advanced economies are already in or close to recession’, the IMF also forecasts ongoing growth for the Australian economy of 2.5% in 2008 and 2.2% in 2009,” Mr Tanner said.