RTTNews - Tuesday, Australian Treasury Secretary, Ken Henry reportedly said that the emergence of Australian economy from recession would be slower than in previous recoveries.
Henry added that policy maker faced special challenges in formulating the 2009-10 annual budget. He said in a speech that consumer confidence held up better than in many other countries.
Though the consumer confidence improved a little recently and was considerably better than in other countries, it remained well below average, the minutes of the Reserve Bank of Australia showed today. Members noted that consumers' stated views on the medium-term prospects for the economy remained quite optimistic.
In its annual budget, the government had estimated the economy to contract 0.5% in 2009/2010 before growing 2.25% in 2010/2011.
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