"We have been characterised and traumatised by the last economic cycle - a massive boom and a massive slump"

So says economist David McWilliams, who spoke to Ivan today about the Central Bank's Quarterly Assessment.

However, he says that we should be "reasonably confident" because what makes an economy deeply fragile is debt, both on the way up and on the way down.

Out debt levels in the last 10 years shows very little new debt, despite the legacy debt.

"We haven't been betting the house again on houses. We haven't been borrowing for current expenditure on holidays... so that fragility that was so clear to me 10 years ago isn't there"

This is a more cyclical smooth upswing-downswing trend.

Listen back for more expert insight from David.