Australian Finance Minister Lindsay Tanner said here on Wednesday Australia can avoid an economic recession, but will be influenced by the actions other countries take to fight the global economic crisis.
In an interview with Sky News, Tanner said it will depend on just how strong the recession took hold in other major economies.
"The very big stimulus to the Chinese economy by the Chinese government that was announced only a few days ago will be a very, very powerful factor pushing in the other way. There are things that are yet to be determined in countries like the United States, particularly this new administration, that I believe will have a powerful positive stimulus as well," he said.
Tanner said the government's 10 billion Australian dollars (6.7 billion U.S. dollars) economic security package, guarantees for bank deposits, falling interest rates and a lower Australian dollar were all acting as a powerful stimulus to economic activity.
"So I believe we can avoid recession," he said.
Source: Xinhua
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