'My Heart Goes Out To You': Goldman Boss On Australia's Growing Economy

Australians are overly pessimistic about the local economy, according to Goldman Sachs CEO Lloyd Blankfein.

Addressing the Australian Institute of Company Directors in Sydney this morning, Blankfein was asked for his views on an Australian economic slowdown.

Here’s what he said, according to The Australian:

I’ve been coming here for a long, long time and during the last two decades of growth, growth, growth, people are always distraught, overwrought, wringing their hands about how horrible things are and to my observation, they don’t look that bad.


No, it’s awful – you’ve now sunk to a level that we’re trying to get up to. So, my heart goes out to you.

Blankfein said the US political environment was “very poisonous” in the wake of the GFC, and business confidence was low.

But he was optimistic about the global economy, expecting US QE tapering to be well-managed and the Chinese government to move towards more sustainable growth.

Australian business conditions sank to a 4-year low last month, according to NAB’s monthly business survey.

Now read: 8 Warning Signs Of A Recession And Why Goldman Sachs Thinks Australia Will Avoid One

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