Shane Oliver Strong Quotations

Global share markets appear to have entered a period of correction after most markets had a fairly strong start to the year.

Some have argued the fall in the Australian dollar at a time when commodity prices are still strong is telling us global growth is about to collapse. However, there are few indicators of any impending collapse in global growth or commodity prices. In fact, global growth seems to be strengthening thanks to stronger growth in Europe and Japan.

Long-term economic growth is not sustainable if it's coming mostly from remittances. To maintain a strong living standard, the Philippines needs to encourage investment and that will build productive capacity and sustain consumption over the long-term.

So on this basis, and thanks to very strong earnings growth, the Australian share market is still cheap.

The China growth story, which has been driving commodity prices, remains as strong as ever,