Australia is ready to "face the music" of global economic turmoil, according to the chief of the Organisation for Economic Cooperation and Development (OECD).
Angel Gurria said Australia had been reforming its economy and fiscal situation for the best part of 20 years, which was now paying off.
"Today (Australia) can face the music better, it's stronger, it's well prepared, it has no debt that is pulling it down," Mr Gurria told ABC Television on Tuesday.
"I agree we are facing unprecedented and... uncharted situations, but Australia is well prepared.
"But it doesn't mean that you're immune."
Mr Gurria said he did not think the turbulent world economy would recover until 2010.
He predicted economic growth would remain rocky and flat this year.
Next year it would stay quite flat and in 2010 growth might return to normal, he said.
Mr Gurria is in Melbourne for Asia-Pacific Economic Cooperation group (APEC) meetings dedicated to removing international market barriers.