The Governor of the Reserve Bank of Australia, Glenn Stevens, addressed the House of Representatives Standing Committee on Economics today and delivered an opening statement that was both sobering and relatively positive at the same time.
Citing the worst economic conditions in decades, and severe threats to the World's banking and financial system, he nonetheless indicated that Australia was relatively well placed after easing monetary policy by 400 basis points, and citing China's ongoing growth as a potential saviour.
For a full copy of the text of the speech, click here
