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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

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