Reserve Bank of Australia Governor Glenn Stevens said economic growth following the mining boom has been a little disappointing but it is “quite respectable.”
“Inflationary pressure was relatively contained on the way up, and while aggregate growth has been a little disappointing for the past couple of years, in the circumstances we face – including very difficult global conditions in the aftermath of the financial crisis – the outcomes are, I think, quite respectable,” Stevens said in Perth.
The economy has adjusted to the shocks like falling commodity prices and weak mining investment. Looking ahead, the outlook appears to be for a continuation of moderate economic growth, he said.
The economy expanded at a faster pace of 0.9 percent in the third quarter from the second quarter, when it climbed only 0.3 percent, the Australian Bureau of Statistics said Wednesday. Compared to last year, gross domestic product grew 2.5 percent.
Further, he said domestic inflationary pressures are expected to remain subdued and the unemployment rate is projected to remain around 6 percent or a little above over the next year, before gradually declining.
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