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what's the panic for?
CANBERRA, Aug 16 AAP - Federal Treasurer Peter Costello says the Australian stock market is suffering one of its largest falls in a decade, but the financial system is not as exposed to the sub-prime market as the United States.
"A short time ago the All Ordinaries was down some five per cent. That is a very severe fall, and one of the largest falls we have seen in the last decade," Mr Costello told parliament.
He said the stock market was still higher than it closed at the end of 2005, some 17 per cent higher and still higher than its close in 2004 at around 35 per cent higher.
"The Australian financial system is not nearly as exposed to sub-prime or equivalent lending as the United States," he said.
He said sub-prime lending is about 15 per cent of mortgages in the US, while in Australia it is one per cent.
"The financial implications for the Australian economy is therefore much less as a consequence of sub-prime, or non-conforming loans."