RTTNews - Tuesday, Australian Treasurer Wayne Swan told reporters in Brisbane that to withdraw stimulus measures would be utterly irresponsible and it would be a recipe for higher unemployment.
Swan said, ... the worst in the global economy may be behind us, but that we will live with the consequences of this global recession for some time to come. He added, The global recession will also lead to a reduction in private business investment over time. That's why our economic stimulus, particularly stages two and three - Nation Building for Recovery - is so important to support employment out there in the economy through the rest of this year and into next year.
Elsewhere, reports said Access Economics lowered the Australian jobless rate estimate. The economic consulting firm now expects the unemployment rate to peak at 7.5% for next year. Swan reportedly said the government is not revising its unemployment forecast. In its budget, the government had estimated the jobless rate to rise to 8.5% in 2010/11.
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