The appointment of Mr. Stephen Koukoulas as macroeconomic adviser Australian Prime Minister Julia Gillard's administration seeks to address the current economic situation in the country.

The role of Mr. Koukoulas, who replaced Mr. Andrew Charlton, as macroeconomic policy adviser to Prime Minister Gillard will be to address what she calls "patchwork economy, where regions exposed to mining are booming while others languish."

Formerly the head of global foreign exchange and fixed income at Toronto-Dominion Bank in London, this will not be the first time that Mr. Koukoulas serves in government. He worked with the Department of Treasury before heading to London. He, however, refused to be interviewed.

The Prime Minister is also concerned as to how the increasing value of the Australian dollar has hurt the exporters and farmers.

In a statement, PM Gillard called for a broader economic framework that goes beyond the gains of being the world's largest coal and iron ore exporter.

Economic growth in Australia is expected to pick up from its current rate of about 3.25 percent to closer to 4 percent "over the next couple of years," central bank Deputy Governor Ric Battellino said last week.

After the Aug. 21 election delivered the closest result in 70 years, Gillard formed a minority government with three independents and one Greens lawmaker.