Prime Minster Kevin Rudd has flagged fresh stimulus measures to kick start Australia’s stalling economy after warning that economic conditions would get worse before getting better.
At an Australia Day reception at Kirribilli House last night Mr Rudd said the impact of the global economic slowdown would be big “but so will our response”.
According to The Australian, the Government has estimated the cost of steering the economy out of the crisis at $36 billion. It has so far spent $10.4 billion in its first stimulus package announced late last year.
Mr Rudd has also extended a plea to businesses to avoid sacking staff and asked employees to curb wage demands in a bid to weather the current downturn, The Daily Telegraph reported today.
“In these times, employers must do their utmost to protect their workers from dismissal, knowing that these workers will serve them well when times turn good again. Workers too must restrain any wage claims.
“Right now it’s jobs that matter most because the global financial crisis has been the destroyer of jobs,” he said.
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