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While business executives are preparing for the worst in 2009, treasurer Wayne Swan has urged Australians to remember the strengths of the domestic economy.
Dun and Bradstreet’s Business Expectations Survey released today showed Australian firms’ confidence levels have fallen to levels not seen since the recession in the early 90s.
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Treasurer Swan however said that while it would be a challenging year Australia was in a better position than most other countries in the world.
“The government has more flexibility in terms of the policy levers it can use and it is using them,” he said yesterday, according to The Australian Financial Review.
“And in addition to that we’ve got a fall in petrol prices and a depreciation in the exchange rate.”
Mr Swan said these factors, as well as the government’s stimulus package and the reduction in interest rates, would create demand and a boost to the economy in the two quarters ahead.
