As Australian markets brace for another volatile session over the Greek debt crisis, an Abbott government parliament secretary reminded investors our economy is more plugged into Asia and the US than the Mediterranean country.
Global stock markets suffered heavy losses as Greece heads towards default, and the Australian market looks set for another tumble after shedding $40 billion on Monday.
Senator Scott Ryan said while Australia has little direct exposure to Greece, it can't avoid the volatility of global markets.
But the global financial crisis showed the resilience of the economy.
"Australia has one of the world's most resilient, if not the world's most resilient, secure financial systems," Senator Ryan told Sky News on Tuesday.
The government was monitoring developments in Greece but he said it was a reminder of what happens when year after year governments lived beyond their means.
Labor frontbencher Amanda Rishworth said this was why the economy needed to be strong to stand up to such global shocks.
"Unfortunately under the Liberal Party's watch we have seen the (budget) deficit double, unemployment grow and confidence really smashed," she told Sky News.
