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Reserve bank deputy governor gives speech on central bank in which he says Australia will be unable to repay debt if interest rates rise Read more

Reserve bank deputy governor gives speech on cen구미출장마사지tral bank in which he says Australia will be unable to repay debt if interest rates rise Read more

“[A] central bank is very clear that if rates increase beyond the 3% range and are not eased and are now projected to increase to 6%, then we will be forced to borrow more to fund the current budget.

“We are not prepared to do that. And we will bm 카지노e forced to increase the debt that we are able to create and that debt will be repaid by the Federal budget, or in fact the federal debt.

“For some people, this is not very exciting. For them the interest rates are a shock. For others it’s not so bad.

“But for Australia, its debt problem is very big. In fact, it’s our largest sovereign debt problem. The government has $1tn in its balance sheet. We have $2tn in our balance sheet. That’s a massive debt. What we have on our foreign debt also a huge amount.

“So to think that interest rates in this country are going to rise that high is not an opportunity. If you ask me, if we were to do this tomorrow, I think it’s going to be much less effective. What we have to do, over the longer-term, is, I think, you have to think about how you keep the country running for the future, and that includes a balance sheet.”

Norman-Gillard acknowledged it was not easy, saying Australia did need to reduce the size of the budget deficit as well as the debt in order to pay off the debt.

In his speech on Friday, Noyce said there was “a reasonable case” to think central bank governor Glenn Stevens should step down and “immediately” be replaced to give the government “the confidence it requires to begin the process of raising the economy to the required size for the economy to function at a reasona영천출장마사지ble level” and “to continue to make this country competitive”.