Australian finance officials put up a brave face in light of economic woes and hard-hit exchange traded funds (ETFs).

Despite concerns of a possible recession, reserve bank governor Glenn Stevens has claimed Australia is better off than most countries in defending itself against the global crisis, reports Peter Martin for Stock & Land.

Recent international economic and financial events have made Stevens believe Australia may experience a more significant slowing than previously planned for. He believes that an entire financial system collapse with worldwide repercussions would be unlikely.

Their fear is of pessimistic descent among its citizenry would decrease consumer spending in an attempt to conserve wealth which could create an environment of unnecessary economic weakness.

Australia has already provided a fiscal stimulus program of $10.4 billion. They are following policies that will provide for a better long-term outlook and not just a simple short-term boost for its aggregate demand.

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