Despite facing significant and persistent headwinds, Australia's domestic economy has been rebalancing better than is widely appreciated, according to a UBS chief economist.
Speaking at the Financial Standard Chief Economists Forum, Australia and New Zealand managing director Scott Haslem said lower interest rates in Australia have helped cash-flow for consumers and supported the housing sector.
He said it had also helped push the Australian dollar lower and the combination eased some of the import competition that Australian businesses have been facing over the last few years. The lower currency has also provided support to key export sectors like education and tourism.
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