Treasurer Joe Hockey says Australia's economy has not been affected by the huge losses on China's sharemarket or the threat of Greece leaving the eurozone, despite billions of dollars being wiped from the value of Australian shares in recent weeks.

He said he welcomed the bailout agreement between Greek and European leaders that will keep Greece in the eurozone, but which economists warn will worsen Greece's economic depression – where unemployment is already at 26 per cent.

Treasurer Joe Hockey says the government's economic plan is still "on track". Credit:Bloomberg

Speaking on Tuesday, Mr Hockey said the government's economic plan was still "on track" because the impact of Greece's sovereign default and bank shutdowns on Australia's economy had been "minimal," while China's stockmarket crash had not been severe enough to convince Treasury to change their forecasts for Chinese growth in the Commonwealth budget.

"The economy is not affected by what's happening in either Greece or China," Mr Hockey said.