Glenn Stevens, the governor of the Reserve Bank of Australia, on Friday explained the uneven pattern of growth experienced in Australia following the rapid economic downturn and unprecedented response in emerging markets.

"What was striking about the recent downturn was the simultaneity of the collapse in demand for durable goods around the world at the end of 2008," Stevens said. "Suddenly, everyone, everywhere, felt much more risk averse - understandably so, as they watched governments have to