Australia's Rudd Plans Third Stimulus, Report Shows
Australia’s Prime Minister Kevin Rudd has his eyes set on a third stimulus package for next month’s budget, the Australian newspaper reported today. The newspaper, however, acknowledged that their information could not be verified by either Prime Minister Rudd nor the Treasury department.
Acting Prime Minister Julia Gillard announced that unemployment would be rising above the 7.0% latest forecast given by their government. Treasurer Wayne Swan , on the other hand, said that he would “speculate about what( unemployment) levels will be in the forecasts in the May Budget” when speaking to the Australian Broadcasting Corporation last night. On Monday he said that “we’d expect there to be further slowing of growth and a further impact on employment,” in an interview given in Tokyo.
If true, the move would come after the unemployment rate soared tofour-year high. Any relief would help alleviate private sector credit, which came to a halt in February. The boost might actually help slumping sales figures, which came in at -2.0% in the second month 2009.