IMF says Australia's economy strong despite global crisis

The International Monetary Fund (IMF) has said the Australian economy will withstand the global economic crisis, reports Macquarie National News, as financial regulators have been making wise decisions and protected the nation from the ill-effects of the global economic circumstances.

Opposition leader Malcolm Turnbull said Australians should have confidence that their national economy will continue to grow, after the Reserve Bank of Australia announced it will be dropping interest rates by one per cent to protect borrowers from the global financial turmoil.

"I'm confident that our regulators and our central bank are doing a good job and I think Australians should be confident in our financial system," Mr Turnbull told 2GB Radio this week.

The IMF have predicted Australia’s economy will continue to grow, albeit at a much slower rate, and the Prime Minister Kevin Rudd welcomed the news.

"The IMF states that the major advanced economies are already in, or close to, recession. For Australia the IMF World Economic Outlook document provides a much stronger prognosis," he told reporters.

Mr Rudd also had to answer claims that the migration quota for next year may have to be cut in response to growing unemployment; however, he told reporters the economic climate next year will be the deciding factor in how many people are allocated a visa for Australia during 2009-10.

The Australian Visa Bureau is an independent consulting company specialising in helping people apply for an Australia visa.

Article by Jessica Bird, Australian Visa Bureau.