Australian PM says Australia can avoid recession
31/10/2008 17:30
Australian Prime Minister Kevin Rudd said in Canberra today he agreed with
Deputy Reserve Bank Governor Ric Battellino that Australia can avoid a recession
in the near future.
Battellino said in a speech yesterday that Australia was
well placed to cope with the global downturn and was on track to avoid a
recession, albeit growing at a below average pace for the next year or
two.
"I certainly agree with what the deputy governor said, because this is
the core challenge of the government to do whatever is necessary to support
positive economic growth," Rudd told the Fairfax Radio Network this
morning.
"This will be tough, very tough because most other developed
economies around the world are either in recession or heading there right now,
and we are part of a global economy," he said.
He said this is the reason why
the RBA cut its key cash rate by a full percentage point early this month and
why the government introduced its US$10.4 billion (US$6.4 billion) economic
stimulus package.
Rudd also said he was confident families, pensioners and
carers who got the money from the government stimulus package will spend their
cash payments wisely and expects a "fair whack" to go on bills.
Xinhua
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