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Rudd Meets With Vietnamese Prime Minister

The Prime Minister, Kevin Rudd, has met with his Vietnamese counterpart, Nguyen Tan Dung, in Canberra.

The two leaders held a joint press conference this morning.

  • Click the Play button to listen to the press conference (35m)

Transcript of Joint Press Conference with His Excellency Mr Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam Prime Minister’s Courtyard, Parliament House.

RUDD: The Prime Minister of Vietnam, Prime Minister Dung, will make some remarks and then as is the custom, we’ll invite a couple of questions each from the Australian side and from the Vietnamese side. [Read more…]

Details Of Rudd Government Actions To Deal With Financial Crisis

This is the text of a media release from the Prime Minister, Kevin Rudd. It details the measures announced today to deal with the global economic crisis.

Global Financial Crisis

Global financial markets are experiencing some of the most challenging conditions ever witnessed.

In recent days, as global financial conditions have deteriorated markedly, governments around the world have taken unprecedented steps to guarantee the liabilities of their financial systems.

The Australian financial system is demonstrating its resilience to the international financial market turbulence. Australia’s banking institutions remain sound, well-capitalised and profitable with high asset quality.

The Australian financial system is however being affected by global events. Recent developments in the international wholesale funding markets have created acute funding pressures that now pose potential risks to the total supply of finance to the Australian economy. [Read more…]

Global Financial Crisis: Federal Government Guarantees All Deposits For 3 Years

The Rudd Government is to guarantee all deposits in Australian banks and financial institutions for the next three years.

The decision was announced by the Prime Minister, Kevin Rudd, at a press conference in Canberra this afternoon.

Rudd described the international financial emergency as the equivalent of a full-blown national security crisis.

  • Listen to Rudd’s press conference – transcript below (24m)

Media release from Prime Minister Kevin Rudd.

Global Financial Crisis

Global financial markets are experiencing some of the most challenging conditions ever witnessed. [Read more…]

G7 Communique Pledges Action To Restore Credit Flows

The G7 Finance Ministers, meeting in Washington, have pledged to take “urgent and exceptional action” to “stabilize financial markets and restore the flow of credit”.

What is the G7?

The G7, Group of Seven, is made up of the finance ministers of the United States, the United Kingdom, Germany, Italy, France, Japan and Canada. They meet periodically to discuss economic issues.

The G8 consists of the heads of governments of the same countries, plus Russia.

[Read more…]

‘We Are Acting Aggressively,’ Bush Says

President George W. Bush has sought to reassure a nervous American electorate that his administration has taken aggressive action to restore stability to financial markets.

Bush delivered a 10-minute address to the nation in the grounds of the White House.

  • Listen to Bush (8m)

Transcript of President Bush’s remarks on the financial crisis.

Good morning. Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being. [Read more…]

Liberals Offer Three-Point Plan For Financial Crisis

The Federal Opposition has offered a three-point plan for strengthening the Australian economy.

As Australian and international stock markets spiralled downwards today, the Leader of the Opposition, Malcolm Turnbull, has called for the Rudd Government to:

  • Increase the proposed Government backed deposit guarantee scheme to cover deposits up to a minimum of $100,000;
  • Increase the investment into AAA rated Residential Mortgage Backed Securities through the Australian Office of Financial Management to at least $10 billion;
  • Announce it will not implement the Emissions Trading Scheme prior to 2011.

[Read more…]

Financial Crisis: Malcolm Turnbull Address To Queensland Liberal National Party

The Leader of the Opposition, Malcolm Turnbull, has delivered a speech on leadership and action in response to the international economic crisis. He addressed the first annual conference of the newly-formed Liberal National Party in Queensland.

[Read more…]

Swan Lauds Australia’s Economic Reforms

The Treasurer, Wayne Swan, has lauded Australia’s economic reforms of recent years in a speech to the Brookings Institution in Washington DC.

Swan said: “Over the past 25 years, Australia has done much to liberalise the financial sector.  But in doing so we were careful to develop a model that regulated systemically important institutions and that centralised regulation of deposit taking institutions.  In doing so we ensured clear responsibilities within our system.  This meant we were better placed than most to respond when the crisis emerged.” [Read more…]

“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. [Read more…]

COAG Meets In Shadow Of Global Financial Crisis

The Council of Australian Governments met in Perth today. It was the first meeting since the election of the Rudd Government which included a Liberal Premier, Colin Barnett, from Western Australia.

A statement issued after the meeting said: “COAG agreed that the present unprecedented upheaval in global financial markets and renewed international scrutiny of their regulation underlines the importance of pressing forward with the COAG reform agenda to enhance the productive capacity and flexibility of the Australian economy. Building on its agreement in July 2008, COAG endorsed an implementation plan to strengthen the Australian financial services and credit regulation framework.” [Read more…]