kevin rudd eyes off coalition surplus

I need an early night, previous subject header was a shocker :)
Repost:

This may explain why Kev, was summoned to the U.S.
mmmm I smell a Rat!!


SOME Australian financial institutions could become involved in the proposed $US700 billion Wall Street bailout as US legislators threatened to block payments to foreign banks.

After meetings in New York with Federal Reserve vice-chairman Donald L. Cohn and financial companies, including Goldman Sachs, Morgan Stanley and Macquarie Capital (US), Kevin Rudd refused to rule out involvement of Australian finance companies in the world's biggest financial rescue.

He confirmed that Treasury and the Reserve Bank of Australia are discussing the details and implementation of the Bush administration package with the US Treasury and Federal Reserve Bank.

Mr Rudd said the Government was revising the financial crisis daily and would be prepared to make more policy changes if appropriate.

In meetings during breaks from the UN General Assembly session, Mr Rudd also met News Corporation chairman Rupert Murdoch, who said he believed the financial crisis could get worse.

Mr Rudd said Australian banks were strong and so were their balance sheets, the Australian regulatory system was strong and the economy was well founded.

He also endorsed the $700 billion rescue package and urged US Senators and Congressmen to quickly pass the plan and stabilise the international financial system.

When asked if any Australian banks or lenders could be involved Mr Rudd would not rule it out and refused to make any further comment.

Our own Treasury and our own central bank are currently in discussions with their American counterparts about the full and final detail of this package and how it will be implemented. We will reserve further comment to that, Mr Rudd said.

I've already said that we welcome this package and think it is a good and strong measure from the US administration when the global financial markets are under considerable stress.

I've also noted some debate between moral hazard on the one hand and the financial crisis on the other, can I say that at a time like this when you have the global financial system in severe crisis the important and enduring consideration is to act decisively to stabilise the system.

Mr Rudd said the International Monetary Fund had said Australia is well placed to see ourselves through the current storm” and that “Australia's main banks are seen to be strong and robust.

World Bank president Robert Zoellick said the bank wanted to highlight the ripple-through effect on the developing world, which faced the double jeopardy of rising food and fuel prices.

Mr Rudd said: The key challenge for us all is to have a coherent strategy to deal with this crisis.

Despite the likelihood of slower growth due to the financial crisis, Mr Rudd said he still intended introducing a carbon emissions trading system in 2010 and that he was talking to leaders at the UN about climate change measures Australia was taking.
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Kevin Rudd please explain !!
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