Europe's debt situation generates volatility in Australia's economy: Treasury

13:27, June 02, 2010      

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A senior Treasury official Wednesday told a Senate hearing the Australian economy could head either up or down because of global factors.

The fiscal situation in Europe could have an adverse effect locally while very strong data coming from Asia and India was an upside factor, Treasury's executive director David Gruen said.

The fiscal situation in Europe was clearly something that was going to play out over an "extended period of time" and generate bouts of market volatility.

"The fiscal situation in Europe is very serious and how that is resolved remains to be seen," Gruen told an estimates hearing in Canberra.

It was the largest obvious event that presented a downside risk to the Australian economy.


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(Editor:黄蓓蓓)

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