Australian economy 'outstanding' Treasury secretary Henry says

Thursday 24 February 2011

Article by Mozo

Australia's economic performance has been 'outstanding' over the past couple of years, though much still needs to be done to ensure that this remains the case, Ken Henry has stated.

Australia's economy has been outstanding

Speaking at the Senate economic committee, the outgoing Treasury secretary noted that, while many countries around the world are still struggling to get their domestic economies back on track after the global downturn, Australia has been enjoying steady growth.

In particular, he noted that, in comparison to the likes of Greece, Ireland and Portugal, Australia has established itself as an attractive destination for international savers and investors, with savings accounts in the country offering good returns and, above all, a sense of stability.

Summing up before the committee for the last time, Mr Henry said simply: "Australia's economic performance has been outstanding in global terms, quite outstanding, but one should not get complacent about the risks that are out there in the global economy."

However, these comments come in the same week that the Reserve Bank of Australia governor Glenn Stevens warned that the mining-driven boom being enjoyed across Australia could one day come to an end.

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