CANBERRA, Aug. 2 (Xinhua) -- Australian Treasurer Chris Bowen said on Friday that the responses by the Chinese authority to the current economic situation are "responsible ones."

Bowen said the People's Bank of China and China's central government agencies "are making difficult decisions themselves and they are ensuring the growth is sustainable and structurally sound. "

"They are not letting the credit growth get out of control. They've taken difficult decisions. It was a decision which had an immediate effect but which is, I think, a responsible one to ensure that their growth is sustainable," he told Xinhua.

"It has some downside costs for them and for us and for everybody who has got connections with the Chinese economy in the short-term. But if it means China can continue to grow strongly, slightly less high rates, but continue to grow strongly, that's a good thing for China and a good thing for the world."

Bowen and Minister for Finance and Deregulation Penny Wong have jointly released the federal government's economic statement, lowering the forecast of Australia's economic growth from 2.75 percent in May to 2.5 percent.

Bowen said Australia is undergoing an economic transition, not a crisis, and the transition needs careful economic management.

"This transition is brought about by the Chinese mining investment boom coming to an end. It's brought about by growth in our biggest trading partner, China, beginning to slow. This needs careful economic management to ensure that we continue to grow, and grow strongly. That we continue to have low unemployment and strong growth," he said.