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Australia will avoid a recession, says PM Rudd
 PRIME Minister Kevin Rudd says he agrees with deputy Reserve Bank governor Ric Battellino that Australia can avoid a recession.
Mr Battellino said in a speech yesterday that Australia is well placed to cope with the global downturn and is on track to avoid a recession, albeit growing at 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,'' Mr Rudd told the Fairfax Radio Network today. "This will be tough, very tough because most other developing economies around the world are either in recession or heading there right now, and we are part of a global economy.'' 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 $10.4bn economic stimulus package. Mr Rudd said he is confident families, pensioners and carers will spend their one-off cash payments wisely and expects a "fair whack'' to go on bills. "Working families and pensioners and carers ... spend their money wisely,'' he said. "If you are putting the equivalent of about $10bn into people's pockets ... we're confident that a fair whack of that will be used to pay the bills.'' |
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