Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Aust Cannot Avoid It; Rudd Admits Action Won't Stave off Recession

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Aust Cannot Avoid It; Rudd Admits Action Won't Stave off Recession

Article excerpt

IN his strongest language yet, prime minister Kevin Rudd has admitted it is "virtually impossible" for the Australian economy to avoid recession.

It's a tacit acknowledgement that government action - including pumping more than $50 billion directly into the economy since December - won't be enough to stave off recession.

"It's clear that the impact of a worsening economic global recession will make it virtually impossible for Australia to sustain a positive economic growth for the period ahead, with impacts, of course, for budget and employment, which underlines the importance of global action in response to the global recession," Mr Rudd told the Nine Network.

Australians, however, will have to wait months to know if the nation is technically in recession - conventionally considered to be two quarters of negative economic growth. March quarter national accounts figures are due for release on June 3.

While opposition leader Malcolm Turnbull agrees those figures are likely to show Australia is in a technical recession, he still believes the government is mistaken in talking down the economy. …

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