The Federal Government has announced a five-point plan to battle inflation and ease the stress of rising interest rates on struggling home buyers, The Sydney Morning Herald reported today.
According to the daily, Prime Minister Kevin Rudd said that while the RBA has complete control of interest rates, the Government is doing the best it can to battle inflation.
“I believe there is a strong economic case for budget belt-tightening by the national Government if we want to do our bit in budget policy to make the job of the Reserve Bank easier over the course of 2008 to keep interest rates as low as possible,” Mr Rudd said.
Mr Rudd said the plan will involve producing a very big budget surplus for the coming budget.
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