It is important to recognise the positives in the Australian economic situation despite the possibility of a lack of surplus next year as the mining boom slows down, an expert has warned.
The Deloitte Access Economics Business Outlook for June has predicted a drop in housing sales and falling mineral prices, sparking concern that the Australian economy could be weakening.
However, Deloitte director Chris Richardson stressed the positives in an interview with ABC News.
"We tend to forget growth has been good, unemployment is low, inflation is low, there's certainly challenges and arguably even growing challenges for Australia," he explained.
Mr Richardson stressed that mining will no longer be able to prop up the country's economy but suggested that this will be offset by improvement in other sectors.
This follows comments from opposition leader Tony Abbott on a visit to the New York Stock Exchange, where he praised the underlying strengths of the Australian economy.
Posted by Steve Douglas
