CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Australian to press for global action to restore confidences: PM

09-28-2011 10:27 BJT

MELBOURNE, Australia, Sept. 27 (Xinhua) -- Australian Prime Minister Julia Gillard on Tuesday said the federal government will press for co-ordinated global action to restore the confidence financial markets need.

Echoing Treasurer Wayne Swan's demand for European governments to fix their financial problems, Gillard said while the developing world continues to grow, a loss in confidence is damaging advanced economies.

"Restoring sustainability to European public finances will take years," she told industry super fund managers in Melbourne on Tuesday.

"While that long-term repair begins, we need to see solutions emerging to restore the confidence that the markets need.

"European leaders are discussing the need for further changes to institutional frameworks to better align fiscal and monetary policies, including stricter fiscal rules.

"But the time for governments to act is now."

Gillard said Australians will not be completely protected from the uncertainty in world markets, but the nation is approaching the uncertainty from a position of strength.

She said the nation is the world's 17th biggest economy, and its fundamental was strong with low debt and unemployment.

She also added that government advice indicated no Australian bank was exposed to Greek public debt, and Australia's banks have "negligible direct exposures to peripheral European sovereign debt".

Swan earlier said some important policy steps have been taken in Europe and the U.S. to deal with their fiscal situations, but more reforms need to be implemented to stop the global economic from "falling off the edge again".

Last week, Australian dollar tumbled to a 10-month low below 97 U.S. cents, before making a partial recovery following one global rating agency affirmed Australia's AAA rating, and the central bank confirmed the nation's banking system remains in a relatively strong condition compared with some of those overseas.

Special Report: Global Financial Crisis

 

Editor:Zhang Rui |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program