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Australia: Economic Growth Key on Rudd's Agenda |
| Source: |
skynews.com.au |
| Source Date: |
Friday, September 23, 2011 |
| Focus: |
ICT for MDGs
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| Country: |
Australia |
| Created: |
Sep 26, 2011 |
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Australia's Foreign Minister Kevin Rudd has told the United Nations the world's leaders need to look beyond the next election cycle and take the measures necessary to rebuild sustainable economic growth.
As the Australian stock market slumped on Friday after a brutal overnight sell-off on Wall Street, Mr Rudd also talked up the importance of the Asia-Pacific region as the new engine room of global prosperity.
In a speech to the UN General Assembly in New York on Thursday night in New York (Friday AEST), he said the 'global institutional order' was under threat.
Unless together we can craft a path to sustainable global growth, and unless we avoid rolling economic crises and the continuing spectre of global recession, we will cut from underneath us the economic foundations of all that we seek to achieve through the global institutional order,' he said.
Mr Rudd pointed to an International Monetary Fund outlook released earlier this week which said the world economy was entering a 'dangerous new phase' in the aftermath of the 2008-2009 global financial crisis.
He called for the implementation of measures under the Basel II recommendations to protect global taxpayers from having to bail out irresponsible financial institutions.
He also said leaders must support free trade and resist an 'outbreak of protectionism' while the major economic powers repaired their budget balance sheets and backed a greater contribution by China.
'What is therefore required is global and national political leadership capable of looking beyond the next electoral cycle,' Mr Rudd said.
'To look to the long term over the short term.'
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Australia: Economic Growth Key on Rudd's Agenda Australia's Foreign Minister Kevin Rudd has told the United Nations the world's leaders need to look beyond the next election cycle and take the measures necessary to rebuild sustainable economic growth
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