The Reserve Bank of Australia believes the Australian economy is resilient and will survive the US subprime crisis.

Reserve Bank board member, Roger Corbet has said the current economic crisis is serious but Australia has a great base for confidence and a unique economy.

Corbett has described the Australian economy as broad-based and has said the Australian situation is slightly different to what’s happening in the rest of the world.

He said he expected the G8 relations of nations and the relationship of monetary authorities around the world to bring about stability in the world financial markets.