Reserve Bank Urges Australians to Avoid Panic

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Despite the many impending pressures imposed by the Global recession, the Reserve Bank remains optimistic about Australia’s financial future.

Rising unemployment, pricey living costs, increasing household debts; it all seems bad news for Australian household budgets. However the Australian Reserve Bank Governor Glenn Stevens urged consumers to have “quiet confidence” about their financial future.

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This comes as a welcome reassurance given the many stresses and strains which have resulted from the global economic crisis.

As Economic Correspondent Adrian Rollins concedes “The RBA has moved swiftly to ease financial pressure, implementing the sharpest period of rate cuts in 16 years”.

With a variety of economic rescue packages designed to stimulate Australian economy implemented by the Rudd Government, along with rate cuts from the reserve Bank that have seen mortgage interest rates slashed, sends a message to the Australian public; don’t panic.

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