Prime Minister Tony Abbott has urged Australians not to "hyperventilate" over the slump on global share markets.
Mr Abbott received a briefing from Reserve Bank governor Glenn Stevens and senior officials on Tuesday morning.
He told reporters on Thursday Island that stock market corrections were not unusual and called for calm, saying while the Chinese economy was slowing, the global economy was strengthening.
"I think it's important that people don't hyperventilate about these type of things," Mr Abbott said.
He doesn't expect any ramifications for Australia.
"While the Chinese economy is slowing, the rest of the world economy does appear to be picking up," he said.
"America is growing, not spectacularly but steadily.
"Europe certainly seems to have turned the corner ... and here in Australia, our fundamentals are strong."
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