ITR-Australia Will Still Avoid Recession-JanEngland ITR Australia for InTouchRadio.net UK GLOBAL

Jan England InTouchRadio.net Australia for InTouchRadio.net UK GLOBAL

Australia Will Still Avoid Recession:

Tanner

By Online parliamentary correspondent Emma Rodgers
December 2, 2008

Source: ABC

Finance Minister Lindsay Tanner says the Government does not believe Australia will slip into recession, despite worsening global economic conditions.

Overnight the National Bureau of Economic Research, which is charged with officially designating whether or not the US, said the US country had been in recession since December 2007.

Mr Tanner says the Government's economic stimulus measures are acting against the threat of recession in Australia.

"It's not exactly big news that the US economy in difficulties - this is a central part of a spreading global downturn that is putting very substantial negative pressure on Australia's economy," he told Sabra Lane on ABC's AM program.

"But we don't believe we'll head into recession."

The Reserve Bank of Australia is expected to cut interest rates by a further 75 basis points today and Mr Tanner says it will be "disappointing" if the banks don't pass on the cut.

He has also urged banks to keep lending to small businesses.

"Clearly lending to small business is a really crucial part of the overall economic situation," he said.

"I would certainly urge the banks to do everything they can to keep lending to small business, keep investing, to keep ensuring that all of our small businesses across the country can continue to go about their normal business and continue to create jobs."

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