Be happy boom didn't turn to bust: report

Prominent economist Chris Richardson says people shouldn't be too downhearted by the state of the economy, because it could be worse.

The director of Deloitte Access Economics says while "below trend growth" sounds disappointing, people should actually be cheering.

"History and economics both say Australia's largest ever boom could have ended in our biggest bust," he said in his latest business outlook released on Monday. "Be happy it didn't."

His comments come after two consumer sentiment readings last week showed a tumble in confidence, after fears that financial problems in China and Greece could further undermine the Australian economy.

Mr Richardson admits there are higher than usual uncertainties, but he says it means lower interest rates will be locked in for longer.

"Cheap credit will be around for a while longer yet," he says.

However, he does not expect the Reserve Bank to cut the cash rate again, which is already at a record low of two per cent, because it has been spooked by housing prices.

He also believes that while the outlook for jobs growth is solid, recent official job numbers are looking a little too healthy given some of the other labour market measures.