“It’s Really Bad, But Economy In Strong Shape,” Says Rudd

Kevin Rudd, has said the international financial situation is “really bad, let’s not mince words about it”.

But the Prime Minister emphasised the soundness of the Australian banking system, referring to a report from the World Economic Forum. He said: “Australia is ranked fourth out of 134 and to put that into context the UK ranks at number 44, the United States number 40 and Germany at number 39.”

Rudd said that the financial crisis would have a direct impact on superannuation funds.

The Prime Minister spoke this afternoon at a press conference with the Deputy Prime Minister, Julia Gillard.

Listen to Rudd and Gillard’s press conference:

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