Australia PM: To Make Further Infrastructure Statement Friday
He declined to comment further on what the package may entail.
The government is under growing pressure to fill the void in private sector funding, and to address the issues faced by the country's state governments in raising cash amid the ongoing global credit crisis.
Recent moves by the government to guarantee banks' deposits and wholesale term funding has siphoned off much of the cash typically invested in states' main funding mechanism: state, or semi-government, bonds.
The prime minister expects the global financial system to face further stability issues in 2009, making it necessary for further government intervention.
Rudd also told Melbourne's 3AW radio that retail banks have more work to do in passing on the 300 basis points of interest rate cuts by the Reserve Bank of Australia in recent months, particularly in relation to business loans and credit card debt.
-By Rachel Pannett, Dow Jones Newswires; 61-2-6208-0901; rachel.pannett@dowjones.com
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Publié le 11 Décembre 2008 Copyright © 2008 Dowjones
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