25 March 2010

Australian economy praised as world beating

Australia’s experience of the financial crisis has been far from other developed nations, a report from the Australian Reserve Bank has said.

Australian economy

The Australian economy has been praised by the national bank of Australia.

The recent report gave a glowing assessment of the Australia economy, highlighting the impact of the swift stimulus package by the Federal Government and the national bank’s own interest rate cuts.

However, the bank has warned it also says there are a range of international risks still threatening global financial stability including an increase in the level of bad debts in the US.

In Australia, Disposable incomes per household have also increased by 3.5 per cent in real terms, and 6.6 per cent in nominal terms, boosted by accommodative fiscal and monetary policy settings.

The RBA report also says net worth per household increased by 11 per cent in 2009, driven largely by a 10 per cent increase in house prices which make up around 60 per cent of the nation's aggregate household assets.

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