Warwick McKibbin, a board member of the Reserve Bank of Australia, expects the country's economy to remain buoyant in spite of the recent market turmoil.

"If we have sensible policy stances in Australia and people don't panic, then we can ride through it, like we rode through the Asian currency crisis," McKibbin told Dow Jones.

McKibbin said that Australian economy's ability to survive the Asian crisis unscathed showed that it was "in a good position to withstand anything that comes our way."

"A