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The outlook for the economy has deteriorated but is not as bleak as some commentary suggests, Reserve Bank governor Glenn Stevens has assured.
Speaking at a dinner last night Mr Stevens conceded that Australia faced difficult times and growth was likely to be “at quite a slow pace” for a while but said prospects had not deteriorated “to the extent that might be suggested by some of the gloomy talk that is around”.
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Mr Stevens said policy makers and regulators would need to “stand ready to act promptly” when needed but warned Australia should not abandon its well-established policy frameworks that have positioned Australia so strongly.
“If businesses remain focuses on the long-term opportunities; if markets and commentators do the same; if banks remain willing to lend on reasonable terms for good proposals; if governments are able to so order their affairs as to continue supporting worthwhile...public investment...then Australia will come through the present period,” Mr Stevens said.
Published: 20-11-08
