As Australia emerges out of the recession and gets on the path to a strong recovery, Deputy Governor of the Reserve Bank of Australia, Ric Battellino has been quick to assert that the country has entered into a strong new growth phase and it is expected to run well into many upcoming years. The growth, which has been boosted by mining investments, population growth and rising per household earnings, is just what the country needed after struggling to stand firm amidst one of the worst global recessions.

Also, Governor Ric highlighted the growing strength of Australia's Asian trading partners, while stressing that for the coming years, not only will be the country's growth as strong as it is now, but will also improve.

"With the economy having only recently entered a new upswing, it is reasonable to assume that we will see this growth extended for a few more years yet", said Mr. Battellino. "While the world economy as a whole is forecast to remain relatively sluggish next year, economic growth for the group of countries that comprise our major trading partners is expected to recover to a relatively normal pace".

On the back of a rapidly growing economy, the RBA raised interest rates in October and November, going down in history as the first G20 bank to do since the recent financial crisis hit the world, and is also looking to lift its 3.5% cash rate in December.