Fed: Recession argument not the main issue: Turnbull

AAP General News (Australia)
04-22-2009
Fed: Recession argument not the main issue: Turnbull

SYDNEY, April 22 AAP - Policies to improve Australia's economy are more important than
arguing over the definition of recession, Opposition Leader Malcolm Turnbull says.

Reserve Bank of Australia (RBA) Governor Glenn Stevens says Australia is now in recession
while Treasurer Wayne Swan is still holding back on conceding the point.

Mr Turnbull said defining whether the national economy was in recession was a distraction
to the main fiscal problems.

"I don't think the question of whether we are technically in a recession today or not
is the real issue," Mr Turnbull told the Seven Network on Wednesday.

"The real issue is, what are we doing to get out of it?

"Where are the policies?

"Mr Rudd's had his two cash splashes. He said they'd create jobs. Have they created jobs? No.

"He said they would provide economic growth. Have they created any economic growth?

No, we're going backwards. We're continuing to go backwards."

Mr Turnbull said the past two stimulus packages had not worked.

"The only thing I'll guarantee you these cash splashes will deliver, is bigger and
bigger mountains of debt which will mean higher interest rates and higher taxes in the
future, but no jobs," he said.

AAP krc/evt/ldj

KEYWORD: ECONOMY TURNBULL

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