SYDNEY, March 19 (Xinhua) -- Deputy Governor of the Reserve Bank of Australia (RBA) Philip Lowe said on Tuesday that the Australian economy has been performing "pretty well" over the past three years.
Addressing the Australian Industry Group 13th Annual Economics Forum in Sydney, Lowe said the Australian economy's output has increased by 9.0 percent since March 2010, according to media reports.
"The number of people with jobs has risen by over half a million," he said. "The unemployment rate today, at 5.4 percent, is exactly the same as it was three years ago."
Australia's underlying inflation has averaged 2.5 percent over the period, which is the midpoint of the medium-term inflation target.
"So over these three years we have seen growth close to trend, a stable and relatively low unemployment rate and inflation at target," the RBA deputy governor said.
"By the standards of most other countries, this represents a very good outcome and a high degree of internal balance."
Lowe said the Australian economic performance has been much better than many other countries and the country was well placed to benefit from the shift of economic weight towards the emerging market economies, particularly those in Asia.
The RBA deputy governor said monetary policy has also played some role in helping maintain the country's steady economic growth.
Since November 2011, the RBA has lowered the cash rate six times, by a cumulative 1.75 percentage points, which brought the rate down to 3.0 percent, the lowest level on record.
"The available evidence does suggest that lower interest rates are doing their work broadly as expected," he said.
Lowe said home prices has increased about 4.0 percent since the middle of 2012, after having declined for 18 months.
"Home lending approvals and auction clearance rates have both risen," he said.
Lowe said the stock market has improved since the middle of 2012 and consumer confidence is now well above its long-run average.