Australian Prime Minister Kevin Rudd said here on Friday he agreed with Deputy Reserve Bank Governor Ric Battellino that Australia can avoid a recession in the near future.
Battellino said in a speech on Thursday 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 Friday 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 10.4 billion dollars (6.4 billion U.S. dollars) 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.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article