FED:Swan: Aust economic fundamentals strong

AAP General News (Australia)
08-05-2011
FED:Swan: Aust economic fundamentals strong

The Australian share market fell by around four per cent at the open on Friday, following
similar falls overseas over rising fears of another economic downturn.

Mr Swan said growth in the Asia-Pacific region remained strong, and Australia's financial
institutions were robust.

"We are located in the right part of the world at the right time," he said.

He said economic power was shifting from the west to the east, and that would have
an important bearing on Australia amid times of economic uncertainty.

"We are being impacted upon by events elsewhere in the world and that's been obvious
on local share markets for some time," Mr Swan said.

"The fact is the share market in Australia is not back to levels prior to the global
financial crisis and now we're being hit by another bout of uncertainty."

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