Treasurer Wayne Swan says the central bank has confirmed Australia's underlying economic strengths, despite continued uncertainty in the global economy.
Speaking after the Reserve Bank of Australia's (RBA) latest quarterly statement on monetary policy, Mr Swan said the RBA had brought its forecasts into line with the government's mid-year budget update.
"Australia is at the front of the pack when it comes to our strong economy and budget," Mr Swan said in a statement on Friday.
"The ongoing tough times abroad reinforce that there isn't a country in the world you'd rather be in than Australia."
He said the RBA had confirmed the government's forecast for trend economic growth at around three per cent in 2012/13 and 2013/14, while underlying inflation will remain "well contained" within the two to three per cent target band over the entire forecast period.
However, the statement does note that global economic risks remain on the downside, amid the ongoing European debt crisis and impending US fiscal cliff, but with growth in China and our region stabilising.