"Recession possible" - Kevin Rudd (1 Viewer)

[chicky_pie]

KEVIN Rudd has conceded that the Australian economy is slowing and that the worst global economic conditions in 30 years could spark job losses and a recession.

With bank lending and retail sales figures slumping to recession levels this week, the Prime Minister also urged banks to pass on in full any rate cuts delivered by the Reserve Bank of Australia, The Australian reports .

Economists are tipping a rate cut, possibly as early as next week, after recent economic data pointed to a sharp slowing in the economy.

The official cash rate, which has risen to a 12-year high of 7.25 per cent, could be cut by as much as 0.5 per cent as the RBA tries to avoid stalling the economy.

Speaking on Melbourne's 3AW radio today, Mr Rudd refused to rule out a recession but argued Australia was in a better position than most other economies in the Western world to ride out the financial turbulence.

Asked if there were more job cuts ahead, after recent layoffs by major corporations including Qantas and Starbucks, Mr Rudd said: “Well, if you've got a slowing economy coming off the back of the highest inflation rate in 16 years and 12 interest rate rises in a row, then the flow-through to growth in the economy and the flow through to employment, one just follows the other.”

http://www.news.com.au/story/0,23599,24113890-2,00.html

Don't worry, he's just following Paul Keating's footsteps.

 

[Iron]

This is the recession Australia might have (in due season)

 

[Edward Teach]

Good, it'll be good for the environment :uhhuh:

 

[Iron]

That we'll have to boil our grass using the coal we dug up in the garden?

 

[beentherdunthat]

wash our hands with sand

 

[Snaykew]

Clearly Kevin Rudd is to blame for global economic conditions.

THIS IS WHAT YOU GET WHEN YOU VOTED OUT JOHN HOWARD.

 

[Aryanbeauty]

The Australian govt and RBA tried so hard to be like America and did everything they can to bring this country into recession.

 

[Enteebee]

KEVIN 07 RECESSiON 08

IT WAS TRUTH!

 

[Iron]

Australian working families chose their fate. That may surprise some people. Don't fool yourself. We didn't force the people. They gave us a mandate, and now their little throats are being cut

 

[Edward Teach]

people have realised their continued existence is harming the environment

we don't want recyclable shopping bags
or solar water heaters
or a corrupt carbon trading scheme

we want nothing short of total economic collapse and poverty

 

[Enteebee]

As long as Mi Goreng is cheap I don't see what anyone's whining about

YAH DATS THE FUNNY THING LYK WHILE OUR GROWTH IS STALLING OUR DOLLAR IS ALSO WORTH MORE SO IT'S LIKE OMGZ AUSTRALIA'S DOLLAR IS WORTH 10% MORE BUT THEY'VE ALSO HAD A 5% DECLINE IN GROWTH.... OMGZ THAT'S ACTUALLY A GAIN!!!!!!!!111111 - sum guy.

 

[Rafy]

Monetary policy has failed.

 

[badquinton304]

Kevin caused the sub prime mortgage crisis in the US.

 

[BackCountrySnow]

Kevin ganked Freddy mack and Fanny Mae.

 

[Snaykew]

As long as Mi Goreng is cheap I don't see what anyone's whining about

For breakfast, lunch and dinner. Not too bad of a depression.

 

[zstar]

It makes no difference who's in power.

Whether Australia goes to recession is not because of Howard or Rudd it's because of Bush, Bernanke, David Rockefeller and the Rothschilds.

Australia is a satellite of the American sphere of influence and if America goes down then Australia will fall to just like Cuba and North Korea that couldn't sustain itself because it was a Satellite of the USSR.

 

[withoutaface]

Don't blame me, I voted Liberal.

 

[JaredR]

It's the old case of the poor get poorer and the rich get poorer but still live quite comfortably.

Sucks to be an already "poor" person who voted Labor.

 

[lyounamu]

Since its monetary policy didn't prove successful, I guess the gov should work on its fiscal policy to fill the gap.

 

[bigboyjames]

screw climate change. if F*ck rudd didnt waste 6 months worried about the fucking sun, he couldve done his fucking job.