Treasurer Scott Morrison says the economy is still growing despite facing the strongest possible headwinds.
The economy is facing the impact of reduced commodity prices, a fall in the terms of trade, and the decline in mining investment.
"They were always going to have a very strong impact on our economy, but despite that we are growing," he told Sky News on Sunday.
In the last financial year, the economy grew by 2.3 per cent, more than twice what Canada is experiencing, he said.
He also talked up the effect Malcolm Turnbull becoming prime minister was having on business and consumer confidence.
"Malcolm has brought that energy back," the treasurer said.
His comments came after the Reserve Bank's quarterly monetary policy statement on Friday forecast economic growth at 2.25 per cent in 2015/16, the lower end of a previous two to three per cent predicted range made in August and below the long-term average of 3.25 per cent.
Finance Minister Mathias Cormann did not see this as a material change.
"They still remain within the range they put out earlier in the year," Senator Cormann told Network Ten.
But in the May budget, former treasurer Joe Hockey had forecast a 2015/16 growth rate of 2.75 per cent.
Treasury will use the September national accounts due on December 2 as the basis for Mr Morrison's first mid-year budget review a few weeks later.
Mr Morrison has downplayed expectations for the mid-year economic and fiscal outlook, putting more emphasis on the government's response to the Harper review into competition law and a proposed innovation statement.
"MYEFO is a budget update, that's all it is, that's what it has always been, I have no ambitions for it to be more than that," Mr Morrison told Sky News.
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