Hockey positive about market despite falls
Treasurer Joe Hockey says Australians shouldn't be worried about last week's massive losses on the share market, saying global economic growth is improving.
He called for more optimism, saying there was a positive mood about global growth at IMF and G20 meetings he had attended in Washington.
"So let's get rid of that pessimism and focus on what is good and if we do that then the rest of the world will share our positivity," Mr Hockey told ABC television from the US capital.
Around $34 billion was wiped from the Australian share market on Friday, its largest one-day fall in 15 months because of renewed concerns about global economic growth.
But Mr Hockey said while there had been an overestimation of the speed of global economic recovery, opportunities for Australia in China and India made him positive about the country's future.
"Growth today is better than it was in previous months and previous years and it will be better in the next few months and the next few years," he said.
"I emphasise that we have come through the worst of the global financial crisis and we expect there to be ongoing positive growth, particularly in the Asian region, but even in aggregate around the world."
