Fed: Australia well placed to weather crisis: Bowen
07 Jan 2009 1:54 PM
SYDNEY, Jan 7 AAP - Retail sales figures for November show the Australian economy is well placed to weather the financial crisis, Assistant Treasurer Chris Bowen says.
The latest sales data released by the Australian Bureau of Statistics on Wednesday showed an increase of 0.1 per cent in November sales or 1.9 per cent over 2008.
In seasonally adjusted terms, November recorded an 0.4 per cent rise or two per cent over last year.
"These figures are a reminder that Australia is very well placed to get through this international (financial) crisis, but the situation will be tough for the Australian economy over the next year," Mr Bowen told reporters in Sydney on Wednesday.
Mr Bowen said the figures showed the necessity of the government's $10.4 billion economic stimulus package which flowed into public pockets last month.
"These figures underline the importance of the government's security package and underline that the stimulus package undertaken by the government is particularly important in the current environment," Mr Bowen said.
