Australia's financial system is "strong and well placed to absorb shocks from abroad," Reserve Bank Governor Michele Bullock said in a speech in Melbourne on Thursday.

While uncertainties are likely to persist for some time, the ongoing market volatility has so far not displayed "the same degree of impact as previous market events like in 2008," Bullock added.

On monetary policy, Bullock said it is too early for the bank to determine the interest rate path.

"Our focus remains on our dual mandate for price stability and full employment," Bullock added.