Australian PM Confirms Country’s Looming Financial Danger

May 4, 2009

Australia’s Prime Minister Kevin Rudd admitted for the first time that his country will most likely be unable to withstand the current worldwide recession.

“The worst global economic recession in 75 years means it’s inevitable that Australia too will be dragged into recession.”

Mr. Rudd’s comments followed those by Australian Reserve Bank Governor Glenn Stevens, who said Australia’s financial situation depends on how well overseas economies can recover (ABC News).

Last month, the nation’s unemployment rate increased more than it has since 1991.