Sydney, May 6, 2009 – Prime Minister Kevin Rudd is up for a challenge. He told reports in Sydney on Wednesday that “Australia’s net debt will be the lowest of any major advanced economy in the world for the next decade.” Rudd welcomes a debate on debt and deficit following revelations that the federal budget deficit for the next financial year will be around $70 billion.

Australia’s deficit strategy is creating a strong footing for the country despite the global economic crisis that Rudd describes as “the worst in three quarters of a century”

“It is responsible for us to have embraced such a (deficit) strategy to deal with the challenges presented to us and other economies with the global recession and to do so within that responsible framework.”

Source:
news.com.au