Recession a long way off: RBA
A Reserve Bank official believes that a recession in Australia is not going to happen anytime soon, even with the recent Chinese share market turmoil.
Last week’s June quarter economic growth figures saw Australia clock up 24 years without a recession.
“It is kind of extraordinary to have gone that long without a recession. That’s been a great outcome for this country and it’s not something that other countries have replicated,” the RBA head of financial stability Luci Ellis told a conference in Sydney on Tuesday.
“Ultimately, it will happen and I guess it’s part of my job to make sure that the nation is resilient.”
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Ellis said that that doesn’t mean Australia is totally recession-proof, adding that a recession is still possible.
“One will happen in my lifetime, but I really don’t want to put my money on exactly when,” she said.
“I don’t put a lot of score on the idea it will happen imminently.”
– AAP
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