Rudd announces rescue package

REUTERS: Australian Prime Minister Kevin Rudd has announced a new initiative to stave off the global economic crisis.

“Today the Federal Government is pleased to announce the establishment of Global Economic Crisis Watch,” Mr Rudd announced from UN headquarters.

“This new website will ensure that Australian working families can check on the Global Economic Crisis 24 hours a day. The fact is that balancing the household budget is getting harder and harder - with grocery bills, child care, petrol prices and housing. The Global Economic Crisis ought to be closely monitored,” he said.

“Federal Labor understands the financial pressures on Australian families. That’s why I am announcing plans that would see the Global Economic Crisis monitored for the first time” Mr Rudd added.

Under Kevin Rudd’s plan a Federal Labor Government will:

* Strengthen the role of the Reserve Bank to monitor the Global Economic Crisis to make sure that families are getting a fair deal; and

* Direct the Reserve Bank to conduct a Global Economic Crisis Inquiry to report to the Government within six months, taking submissions from working families.

"This act will serve to increase transparency in the market place and exert greater pressure on those recklessly engaging in Global Economic Crisis activity.

“To the Global Economic Crisis, the Federal Government says ‘no’,” Mr Rudd concluded.