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RBA Board Member Warns Against Explosive Federal Deficit
Friday, 15 May 2009 03:10:27 GMT
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Despite having a tight trading partnership with China, Australia's government should not allow it's budget to grow out of control, said Reserve Bank member Roger Corbett, according to The Australian newspaper. While he may agree with the first stimulus package approved by Kevin Rudd's government, he cautioned against the side effects associated with the passage of the second one. "I think the last lot were probably misdirected to a significant degree," he said. He also expressed his thoughts that there was some need for a stimulus, saying that "there has been a kick in retail sales." These comments came just three days after the Australian government forecast a record $57 billion deficit in its next fiscal year.
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