The Reserve Bank of Australia (RBA) Governor Glenn Stevens said in a speech on late Tuesday evening that the Australian economy is respectable after a mining boom.

"Inflationary pressure was relatively contained on the way up, and while aggregate growth has been a little disappointing for the past couple of years, in the circumstances we face - including very difficult global conditions in the aftermath of the financial crisis - the outcomes are, I think, quite respectable," he said.

Stevens noted that he expects the Australian economy to continue to expand moderately.