Australian PM warns of more economic turmoil

Australian Prime Minister Kevin Rudd said the world faces a repeat of the current economic turmoil unless the Group of 20 countries tackles the need for financial regulation reform.

Mr Rudd told Parliament today that he had recently written to leaders of the G20, a group of the world’s biggest economies that includes Australia, highlighting the need for further coordinated action on the current crisis.

The group will meet in Sao Paulo, Brazil, on November 8 and 9 to address the crisis.

“Unless this is coordinated through a mechanism such as the G20, our concern in Australia is once we see our way through this particular storm, if fundamental institutional reform questions are not dealt with, then in turn we face a repeat of this storm in the future,” Mr Rudd told Parliament.

As important as regulation, Mr Rudd said the G20 must reach agreement on “a coordinated global economic stimulus in the face of slowing economic growth”.

More in this Section

Coronavirus: Ibec demands faster reopening of the economy and reduction of two-metre ruleCoronavirus: Ibec demands faster reopening of the economy and reduction of two-metre rule

Diane Dodds – Furlough changes incredibly difficult for some firms in NIDiane Dodds – Furlough changes incredibly difficult for some firms in NI

Businesses in UK told to start paying furlough bill from AugustBusinesses in UK told to start paying furlough bill from August

Amazon in talks for new 750-worker Dublin office despite virusAmazon in talks for new 750-worker Dublin office despite virus


Lifestyle

Even in the drug-filled, debauched annals of the rock and roll memoir, Mark Lanegan's Sing Backwards And Weep stands out.Mark Lanegan: Drugs, Liam Gallagher and me

Donal Dineen was the man who first brought David Gray and many other emerging artists to our ears. He’s had a lower profile in recent years, but has returned with a new podcast, writes Eoghan O’SullivanDonal Dineen: Pushing the buttons on a new podcast

Is there are science to back up some of the folklore we have grown up with?Appliance of Science: If a cow sits down does that mean it will rain?

This time last year Whiddy Island in West Cork was bustling with people who had caught the ferry for the short trip from Bantry to ramble the island’s boreens as part of the Bantry Walking Festival. Not so this year.Islands of Ireland: Whiddy in the same boat

More From The Irish Examiner