The Australian economy and property market is in a relatively stable position compared to the high levels of volatility being seen elsewhere in the world, according to the governor of the Reserve Bank of Australia (RBA).
He dismissed the idea that the Australian property market is in a bubble and stressed the underlying strength of the country's economy.
"The ingredients we would look for as signalling an imminent crash seem, if anything, less in evidence now than five years ago," added Mr Stevens.
However, he suggested that Australian consumers and businesses can do several things to ensure the country's growth continues into the future.
"Acting sensibly with a long-term focus" will help Australia continue to develop strongly, concluded the governor, who was speaking at a luncheon event in Sydney.
Thomas Averill, managing director in Sydney at Rochford Capital, recently contradicted this when he told Bloomberg the Australian economy remains vulnerable to global risk factors.
Posted by Steve Douglas
