In a renewed bid to combat the global financial crisis the Group of 20 met in Washington over the weekend with the consensus that further fiscal stimulus is essential to support economic growth and protect against widespread job losses.
This could see a second stimulus package for Australia as soon as January or February next year, with the government to make an assessment of the first package after Christmas, according to The Australian.
Finance minister Lindsay Tanner said the government would be ready to draw upon its surplus to provide further stimulus as required, the paper reported.
“We have to leave all options open. We have to be prepared to move if and when required,” he said.
Other recommendations to come out of the weekend summit included more resources to be dedicated to the International Monetary Fund, increased oversight of ratings agencies and a pledge to maintain international trade.
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